If I were to purchase 100 points, how many contracts can I split it into?

Discussion in 'Purchasing DVC' started by Tigger1, Jun 20, 2013.

  1. Tigger1

    Tigger1 DIS Veteran

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    Can I purchase 100 points but split it 2 to 4 ways and have my name on all (2 or 4) and a different child on each split?
     
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  3. Deb & Bill

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

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    This would need to be purchased direct and would be separate member accounts. So unless you already had one with each child, you would not be able to do this. Unless DVC allows a 25 point contract for a new contract. With the different child on each contract, they would be titled differently, thus a separate member account.

    And your children would need to be an adult, not a minor.
     
  4. chalee94

    chalee94 <font color=green>I thought all sand was ground up

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    you can buy 4 25 pt contracts (direct is easier) in your name and then will them separately to different children (or legally transfer the real estate contracts to them when they are adults, assuming they want to be responsible for the annual dues).
     
  5. Tigger1

    Tigger1 DIS Veteran

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    Children are already adults. Could there names be put on deeds at time of purchase along with mine? Would it be four different contracts?
    I would like for them to be able to purchase annual passes at the discounted rate (although they could end that perk the moment I did this) and pay for there own dues in the future. I am intending to purchase more myself. Maybe I am just trying to convince myself to go ahead and purchase. lol.

    Also If I did this, what would I do to take my name off at a later date?
     
  6. Missyrose

    Missyrose DIS Veteran

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    Unless each contract is deeded exactly the same, each contract would be a separate membership.
     
  7. lovin'fl

    lovin'fl DIS Veteran

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    And each new membership can only be 100 points or more. You could, I assume , buy 4 25 point resale and have each one deeded differently for each kid. Would be a pain for you to use in the meantime.
     
  8. Deb & Bill

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

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    Remember, too, that any financial difficulties or other issues that arise with your kids, the memberships become an issue with their names on the deeds.
     
  9. dbs1228

    dbs1228 DIS Veteran

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    I thought about doing this for my 3 DD's but as everyone has said it would be 4 different contracts listed under different log ins, you would not be able to use the contracts together unless you transferred the points BUT then you are only allowed 1 transfer per UY in OR out so that would get old real fast. I have decided to do what was suggested when the time comes I will gift the ownership or will it to each kid. I do not want 3 different member numbers to deal with!
    Good luck
     
  10. tjkraz

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

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    Just to recap, if each deed is to be titled differently it would have to be a minimum purchase of 100 points. You could not buy two 50-pt deeds and title them differently, nor four 25-pt deeds.

    You should be able to buy four 25-pt contracts yourself and then file to have each re-titled after closing. That's assuming you pay cash for the points--don't believe they will let you re-title as long as the contract is subject to a loan / mortgage.

    It will cost a couple hundred dollars per contract--perhaps more depending upon how much of the work you are willing to do yourself. It should also result in each contract being broken into a separate membership with DVC, which would create complications with regarding to booking a stay using all of the points combined.

    You could purchase one or more contracts and list ALL of the kids as joint owners. That would allow them to benefit from member perks. But it would also leave the entire ownership subject to any future financial troubles on their part. If any of the kids get married, divorced, file for bankruptcy, apply for a loan, fails to make dues payments...the contract(s) will be considered part of their assets and it is very likely to be impacted. There are also implications for all when a single owner dies.
     
  11. Pirate Granny

    Pirate Granny DIS Veteran

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    We have 4 contracts, 220 OKW; 100+ 64 BCV and 150 VWL. They are in my hubby's name, mine and all three adult daughters. We fully intend to pay the dues until we are no longer on this earth. Then the girls can decide OR sell...I have a good idea who wants which one...but that will be their mess to deal with...

    Also, just dealt with one daughter's divorce, and although we disclosed the DVC ownership contracts, it never came up...thankfully, but we would've been willing to anti up 1/2 of 1/5 ownership point costs for the OKW and BCV points...didn't purchase VWL until after.

    This way all the girls and their families can benefit and purchase any DVC AP, Dining Plan, etc...and what was I thinking...recently purchased 10 day passes for 8 before the price increase...but for a 14 night trip in 2014 with everyone, I might have been better off getting them all AP...but I guess with 10 days, we are forced to take a step back and stay out of the parks and do other resort things! Especially since we are staying at the beach club for three nights!

    Maybe this will bite me later in life, but I'm comfortable with this decision.
     
  12. Tigger1

    Tigger1 DIS Veteran

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    Thanks to everyone for the advice. Pirate Granny, do each of your family the members have a membership card. Does everyone have to live in same household to get perks such as annual pass?

    Question for all, If a child is not married yet when he/she does get married would her property belong to both parties? If child has not paid for her/his part of the contract would they have any personal equity should a divorce result in the future.

    I am leaning towards buying a small contract with all names, adding one contract with non-married children or just leaving them all in one name, mine.
     
  13. crisi

    crisi DIS Veteran

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    Just so you know, there has been a lot of talk about scaling perks. Its possible that in the future, perks can be removed completely for everyone, removed for owners with fewer points, removed for resale buyers, or some combination thereof. You could pay a few hundred dollars to title these deeds and have the perk rule change, or go away completely.
     
  14. lovin'fl

    lovin'fl DIS Veteran

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    I also bought with intent to gift to my adult children someday (had planned to have 300 points and give each 100, but I keep adding). I am only 40 now, so DH and I will make use of the points for a while still (but we hope to move to FL and then maybe won't need the FL resorts so much). I was wanting points easily divisible, but have added on in a way that is not so much. I have 200 OKW, 125 HH and 100 AKV. I was hoping to add on BCV or BWV but may just keep added onto HH and AKV to get to three 200 point resorts for each of my kids...and then they'd have to fight out who gets which. Or since the OKW is June UY and the others are Aug UY, I could add 200 point BWV or BCV in a 3rd UY and then sell off my 25 point HH (my HH is 3 small contracts) and each kid will have 200 with their own UY and member #. Or I can keep building on my Aug UY, but not get to 400 (maybe 300) and my twin girls can share that (I am leaning toward this because I'd like 30 more HH points now to book a 3BR GV next summer, but not sure how to convince DH). I dunno yet, nor do I know when I'll add their names...likely when I am ready to hand them over (they are all in HS now, so we have quite some time before I do that).
     
  15. tjkraz

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

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    The AP discount is currently offered to all deeded owners and most blood or legal relatives who reside at the same address (spouse, child, grandchild, grandparent, etc.)

    To the best of my knowledge, Florida would not recognize the new spouse as an owner of the property unless the deed was amended to add the individual.

    However, a divorce court, bankruptcy court or similar may look at it differently given the legal relationship between the deeded owner and his/her spouse. It could be labeled community property.

    I'm assuming you are referring to joint owners of a single contract here.

    If that's the case, there is no such things as "part of a contract." Whatever terms you may try to impose on the joint owners (i.e. all 4 of you must each repay 25% of the purchase price, pay 25% of the dues, etc.) have no legal standing.

    If dues aren't paid by SOMEONE, the contract can be suspended or repossessed. If a divorce or bankruptcy court determines the contract is part of one owner's estate, they can order the entire contract sold or satisfy debts or the divorce proceedings. It's happened. People have posted about similar situations here on the DIS over the years.
     
  16. nalajms

    nalajms DIS Veteran

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    OK looks to be a common law state, which means, unless a couple has a pre-nup/post-nup, all property would be divided in the case of a divorce. This means the DVC with only your child's name on it. And there's a chance that the division of property is based on income. So whoever brings home more income could get a bigger share of the DVC.

    If you still want their names on it, buy a small contract and put ALL their names on it. I'd suggest 25-50, not 100. Everyone would have a DVC member card. And buy the rest of your points under your name only. It's a hassle, but I think it's worth it to avoid the risks.
     
  17. Deb & Bill

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

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    The only way to get a single 25 point contract with all the kids' names on it, would be to purchase resale. DVC will not sell a 25 point contract with only the kids' names on it unless the kids' already owned a contract. It would have to be an add on and not a new contract. Since they are not listed on any deed at this time, cannot purchase an add on except via resale.
     
  18. nalajms

    nalajms DIS Veteran

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    Might be able to talk a guide into selling a 50 point contract for VGF for non-members.
     
  19. bcvlover

    bcvlover Love Beaches and Creme

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    I think you could create a trust for yourself with attorney's help, and then buy the points under the trust name.
     
  20. Pirate Granny

    Pirate Granny DIS Veteran

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    All of use were issued membership cards. The two daughters, one in Colorado and the other 90 minutes away in Michigan, all get books, advertisement and mailing from Disney. We were asked to provide SS# and addresses for all of us. I assume that can each buy an AP and for all their family members living with them. I expect when the last marries, she'll have to bring her marriage license along to get AP and other goodies to show her original name.

    Time will tell...they haven't needed to purchased AP yet.
     
  21. Tigger1

    Tigger1 DIS Veteran

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    I will look for a small contract for all. Thanks Everyone
     

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