Adding a Name on Existing Contract

Discussion in 'Purchasing DVC' started by LaNina72, Sep 16, 2012.

  1. LaNina72

    LaNina72 Mouseketeer

    Joined:
    Mar 8, 2004
    Messages:
    259
    I've had so much helpful information provided to me over the years that I thought I would pass along my experience of adding a name to my existing contract.

    I have a 56 point VWL contract with myeslf, DH, & DM as members. I would like to add my DB to the contract so that I can get him a DVC annual pass (now premium annual pass, Thanks Claire) at the discounted rate.

    Note: No dues or monies are owed for this property.

    #1) I contacted DVC by phone (7/20) and informed them that I would like to add DB name to my contract. They sent me a transfer request (7/23). I also confirmed that because we were adding a name my existing ressie would be safe.

    #2) Faxed back the completed transfer request (7/24), they needed names and addresses of current members, contract # and legal description of property. (ie., 0.1392% interest in unit 7A of Disney's Villas at Wilderness Lodge) As well as how the names should appear on the new deed. I also needed signatures of DH & DM as they are on the current contract.

    #3) Visited the Orange County Comptroller's web-site and printed out my current contract and a few others to get a feel for what is expected on the deed. Because I had just purchased this contract 2 years ago and had a title search done then, I didn't feel the need to pay any additional monies to have another title search done and I would re-write the deed myself.

    #4) Received the Waiver of Right of First Refusal from DVC (7/26). Also got a Change Request form to complete and send in later...

    #5) I created a new Warranty Deed, modeled after my existing deed updating the names and addresses exactly as they appeared on the Right of First Refusal (#4), which came from the transfer request (#2)... must be consistent. Had this notarized and witnessed at no cost in our town clerks office. I updated the price paid to $10 for the lunch my brother bought for me!

    #6) Mailed in the following to OCC along with a check (8/13):
    Warantee Deed - $18.50 2 pages
    Waiver - $18.50 2 pages
    Check is for $37.70, the additional $0.70 was for < $100 deed document fee.

    #7) Waited... and discovered I didn't pay for the additional names... oops! Misunderstood that part. :headache:
    On the Waiver there were 8 names... DVC then me, DH & DM as the Transferor... then me, DH, DM & DB as the Transferee. So that was an additional $4.
    On the Deed there were 7 names... me, DH & DM... then me, DH, DM & DB. So an additional $3.
    Re-mailed (8/26) everything with an additional $7 (OCC returned my $37.70 check). I also needed to send them a Documentary Stamp Tax Explanation Form... as to why the property was < $100.

    #8) Received all the original filed paperwork back from OCC (8/30) with the necessary document stamps. I was checking daily the OCC web-site so I had an idea that it was coming in the mail.

    #9) Mailed the following to DVC (9/10):
    Warranty Deed - copy
    Waiver - copy
    Change of request form (from #4) - original
    with signatures, addresses, phone #'s and copies of drivers license for all 4 of us.
    I believe at this point we would also have to mail a check for any outstanding dues or balances owed on the contract.

    #10) Wait for our new membership cards and prepare for our November trip!

    Overall the process was pretty painless... it would have been much faster if my DM & DB didn't live 3 hours away. But folks at both DVC and OCC were super helpful. (Even though I didnt "get" the pay more for more then 4 names on a document... even if they were the same names repeated twice. :bitelip:)

    So all in all the cost was under $50 to add a name and it only took 2 months. the things we do for our baby brothers.... :lovestruc
     
  2. Avatar

    DIS Sponsor The Official Ticket Center is Orlando’s #1 discount attraction ticket agency, selling millions of Walt Disney tickets around the world.



    to hide this adverts.
  3. DizBub

    DizBub Totally Addicted

    Joined:
    Dec 9, 2010
    Messages:
    2,189
    Interesting. Thanks for the step by step how-to. I'm very impressed that you were able to do this by yourself and that they (DVC) actually allowed it.
     
  4. gripp35

    gripp35 Mouseketeer

    Joined:
    May 22, 2009
    Messages:
    87
    Thanks for that tutorial!
     
  5. Deb & Bill

    Deb & Bill DVC-Trivia Contest, Apr-2006: Honorable Mention

    Joined:
    Mar 20, 2000
    Messages:
    45,258
    Hope your brother never has financial troubles. Because your DVC just became part of his settlement.
     
  6. tjkraz

    tjkraz <img src="http://www.wdwinfo.com/images/silver.jpg

    Joined:
    Feb 4, 2002
    Messages:
    13,355
    Yeah, definitely not a move to be made lightly.

    All owners have shared responsibility for dues. It is considered an asset for all owners and there could be repercussions in the event of a divorce, bankruptcy, etc. There have been reports here of situations where courts ordered a contract sold because just one owner was going through a divorce.

    People have had loan applications derailed by DVC ownership--either for forgetting to list the contract or because of its impact on the owner's net worth.

    Due to Florida law, the contract ultimately becomes property of the last living owner. If a family wants their kids to inherit the contract, they may never see it if Uncle Bill is the last surviving deeded owner.

    And if there is ever to be any transfer of ownership, all listed owners must sign away their rights. This could be anything from inconvenient to impossible depending upon the long-term relationship between all parties.
     
  7. rpk1951

    rpk1951 DIS Veteran

    Joined:
    Jul 14, 2008
    Messages:
    530
    I thought to get the annual pass all people had to live in the same house?
     
  8. tjkraz

    tjkraz <img src="http://www.wdwinfo.com/images/silver.jpg

    Joined:
    Feb 4, 2002
    Messages:
    13,355
    All deeded owners are entitled to DVC member perks, along with eligible relatives living in the same household.
     
  9. Irishmom23

    Irishmom23 DIS Veteran<br><font color=green>Some Tag Fairies

    Joined:
    Mar 15, 2002
    Messages:
    372
    Thanks for the info:thumbsup2 As each of my children leave the nest, I had planned on adding one of their names to one of my smaller contracts so they could continue to take advantage of the pass discount. So far their address is the same as mine as they are all in college, however that will change in the future as they graduate and move on. But they love WDW as much as I do and want those annual passes;)
     
  10. LaNina72

    LaNina72 Mouseketeer

    Joined:
    Mar 8, 2004
    Messages:
    259
    Yes!!! Thanks so much for the reminder... this is not something to be taken lightly. You really need to consider the financial security of the person as well as the person they (may) marry :bride:. As pointed out, my DVC is now part of DB's settlement property if there are any financial challenges. This is something that should be treated like any other real estate investment.

    Great observation, my understanding is that immediate family residing in the same house is entitled to the DVC perks. But our four owners reside at three different homes... if my DB still lived with my DM I wouldn't need to bother, but that isn't the case.

    What a wonderful gesture!! I'm doing it for DM & DB because they love Disney so much... and it makes me happy that I am able to do this for them. Good Luck!!
     
  11. Dean

    Dean DIS Veteran<br><a href="http://www.wdwinfo.com/dis

    Joined:
    Aug 19, 1999
    Messages:
    32,409
    Great, glad it worked out for you and the process was relatively painless.
     
  12. LaNina72

    LaNina72 Mouseketeer

    Joined:
    Mar 8, 2004
    Messages:
    259
    Thanks to you, Dean! Your input was so valuable, I only hope to "pay it forward"! :wave2:
     
  13. JoeCap393

    JoeCap393 Earning My Ears

    Joined:
    Sep 10, 2010
    Messages:
    2
    LaNina72 -
    First I wanted to say thanks for an excellennt post! I had two questions I hoped you couple explain further.

    - How did you determine how much to send in regard to the number of names on the Deed and FOFR? I checked the OCC website, and can't find refernce to those fees. My deed change will be going from just my name to mine and my spouses name.

    - Second, where did you get the "Documentary Stamp Tax Explanation" form? I figured I would fill this out before sending the forms in to be recorded, as it sounds like I will need it as you did.


    Again, what an excellent post!

    Thakns,
    Joe
     
  14. LaNina72

    LaNina72 Mouseketeer

    Joined:
    Mar 8, 2004
    Messages:
    259
    Joe - You are very welcome! Glad it was detailed enough so that you could benefit from my experience.

    - How did you determine how much to send in regard to the number of names on the Deed and FOFR? I checked the OCC website, and can't find refernce to those fees. My deed change will be going from just my name to mine and my spouses name.

    To my recollection you are allowed 4 names on a document. Anything over 4 you pay $1 a name. If I understand what you are doing, you will have the following:
    On the Waiver 4 names total, even if repeated:... DVC then you as the Transferor... then you & spouse as the Transferee.
    So that would be no additional charge.
    On the Deed there are 3 names total:... you then you & spouse.
    So that too would be no additional charge.

    - Second, where did you get the "Documentary Stamp Tax Explanation" form? I figured I would fill this out before sending the forms in to be recorded, as it sounds like I will need it as you did.

    When they returned my check with an explanation that more $$ was needed that is when they also sent along a form for the "Documentary Stamp Tax Explanation". Since there was no money changing hands they wanted a reason why. It was very painless, but I called for clarification to word correctly what was happening. (The OCC Customer Service folks are great! And very, very helpful.)

    So even if I did pay the correct amount I figure I would have gotten this explanation form sent to me.

    Good Luck!!
     
  15. JoeCap393

    JoeCap393 Earning My Ears

    Joined:
    Sep 10, 2010
    Messages:
    2
    Thank you so very much, this has been tremendously helpfull! I will send in what I have, and see how it goes!

    Thanks again!

    Joe
     
  16. Madelyn Wisby

    Madelyn Wisby Earning My Ears

    Joined:
    Apr 29, 2015
    Messages:
    1
    Thank you so much for your info. I was all ready to do it myself and just did a little more research- It's always nice to get reinforcements. Your step by step is invaluable. I'm doing this so my son can get the membership card for his honeymoon in October- Hopefully the paperwork will be completed by then. (It's April 29, 2015 today).

    Great job!
     
  17. LaNina72

    LaNina72 Mouseketeer

    Joined:
    Mar 8, 2004
    Messages:
    259
    Madelyn this is a great gesture to offer. The process is fairly easy, just time consuming. And I was able to complete this without much cost.

    Please send me a PM if you have any questions. While it has been a while, I did keep all my documentation.... I've since bought another contract too! Add-on-itis is a real thing!!
     
  18. Dean

    Dean DIS Veteran<br><a href="http://www.wdwinfo.com/dis

    Joined:
    Aug 19, 1999
    Messages:
    32,409
    I'm assuming you've already considered and accounted for the risks involved, while I did the same as you're planning, I consider it quite risky in general.
     
    LaNina72 likes this.
  19. disneyberry

    disneyberry Dreaming of adventure DVC Premium

    Joined:
    Apr 10, 2001
    Messages:
    1,745
    Would these be the same steps involved for me to change the name on our DVC from my maiden name to my married name? DH and I bought DVC before we were married. I asked about this a few years back and the response was it's too much hassle to be worth it, but it still crosses my mind sometimes.
     
  20. Dean

    Dean DIS Veteran<br><a href="http://www.wdwinfo.com/dis

    Joined:
    Aug 19, 1999
    Messages:
    32,409
    I've seen people says they were able to get DVC to change the name in this situation just by documenting the name change. I'd call member admin and see. I would not go through the hassle and expense if the only option you have is to change the deed.
     
    LaNina72 likes this.

Share This Page