Can I give my DVC contract to someone?

[mom2g3]

Another weird question....

If I don't want the DVC anymore when my son is over 18, can I give it to him and have him take over the MF? I know that I can let him do it, but I want it to be legally his.

 

[drusba]

Yes, you can give your contract to another as long as you do not have an outstanding loan on it (Disney would require the loan to be paid off if you want to transfer to another). Also, if you are on monthly payments for MF's you would need to pay off the MF's for the calendar year. The process requires a real estate transfer, meaning a closing and the creation of a new deed, and thus there is some cost. Also, you need to inform Disney you are doing so and have it waive its right of first refusal (it always does so for a gift transfer but you still need to go through the process so the public records reflect that Disney has waived any ROFR).

 

[mom2g3]

thank you!

 

[a742246]

Also, depending on how much the disney timeshare is worth. You may want to talk to your accountant so that no "IRS Gift tax" would apply.