My mom buying one of my memberships..Questions

Discussion in 'Purchasing DVC' started by Lady V, Aug 13, 2012.

  1. Lady V

    Lady V <font color=339933>I kept waking up so hot!<br><fo

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    Hello! I have moved to Orlando, (18 minutes from Epcot to be exact..:goodvibes). Anyways, I have two memberships. One with 200 points that I bought in 2005 that I am keeping and one with 150 points that I bought in 2006 that I am selling to my mom. I have some questions about both of them please!
    Contract ONE-200 points bought in mine and my ex husbands name in May 2005. He actually ended up leaving me later that month so he has never paid a dime on it but his name is still on it because they said until I paid it off I couldn't take off his name. Thats fine, we get along great and he will have no problem signing whatever he needs to take his name off when its finally paid off. My questions is this: he is in really bad financial shape and about to claim bancruptcy. I want to get this paid off before that. Once I get it paid off does anyone know how long it takes to actually remove a name from the deed?

    Contract TWO- -150 points bought in my name only in August of 2006. This is the contract my mom is buying. (she already owns 150 points but she loves it too!) She is prepared to just pay off the whole thing now. I want to make sure I do this a fast as possible to hopefully avoid my payment and maint fees being withdrawn for September. (pulled on the first of month) Will this be subject to ROFR with Disney? If not, great! If so,-how could I avoid this? Could I add her to my account first and then when its paid off just remove my name? And as far as the monthly maint fees-can I just change the bank for the automatic withdrawals online?

    I appreciate everyones help. This year has been really hectic with school and moving and my mind is on overload! THank you so very much!!
     
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  3. k3chantal

    k3chantal DIS Veteran

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    I don't know the answers but want to be kept in the loop.
     
  4. disneynutz

    disneynutz DIS Veteran DIS Lifetime Sponsor

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    Contact Member Administration now and find out from them what their requirements are and their time line. I doubt if you can do anything to avoid the September payments, not enough time.

    :earsboy: Bill
     
  5. Lady V

    Lady V <font color=339933>I kept waking up so hot!<br><fo

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    ok Thanks I'm going to pay it all off tomorrow online so I'm thinking that should at least stop the mem fee from being pulled.
     
  6. com_op_2000

    com_op_2000 DVC Member since '93

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    You can do a Quit Claim for your ex. This cost about @$400.00. Usually 2 - 4 weeks and you will need a Title Company to handle this for you.

    Question did you buy this contract direct or resale?
    Direct and you want your mother to have all the rights of a direct purchase, you will need to add her to the contract @$400.00 and then later Quit Claim yourself another @$400.00.
     
  7. Dean

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

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    If he declares bankruptcy, this will be part of his holdings and you will have a mess. I'd get a deed prepared and signed with 2 witnesses, notarized. I'd also figure out a way to get it paid off ONLY after you get that signature. Go ahead and get the ROFR/transfer info from DVC and get everything together. Make sure he hasn't filed bankruptcy and figure out a way to get it paid off then get all the paperwork done as quickly as possible. You can do it yourself and this is likely your quickest option also. It should take you about a month to get it all done if you don't create any delays on your end, assuming you do everything yourself that you can and get the deed done before you get the paperwork back from DVC. I would suggest talking to DVC to make sure at what point you have to pay it off. My guess is it won't have to be paid off other than to change the name at the end and if so, that is when to do it just in case something happens.

    You will have to go through ROFR, if she's buying it (money changing hands) you'll have to put the real info on the contract. For that I'd suggest you have the same approach and once it's all ready, let her pay it off then send in all of the paperwork. You can likely get the ROFR done prior to paying it off but subject to the payoff and she may feel more comfortable doing that as you do not want to pay it off then have the take it ROFR.

    It's also possible you could get one of the closing companies to do 2 for 1 in this situation and that might be worth it for this circumstance.
     
  8. CKCruising

    CKCruising Mouseketeer

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    Even if it is transferred before he declares bancruptcy, you will probably still have to go through the effort of proving it was yours 100% The trustee will probably determine if the transfer was actual or fraudulent.
     
  9. Lady V

    Lady V <font color=339933>I kept waking up so hot!<br><fo

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    Great advice everyone! As far as the the first contract I emailed DVC and asked how to go about paying off and removing his name. As far as the second contract my mom and I have decided to just add her name as an 'associate' and while she won't have access to all the details of the membership she will be able to make reservations, etc.. and won't have to deal with the resale vs. direct sale stuff. I really appreciate everyones quick responses!
     
  10. Lady V

    Lady V <font color=339933>I kept waking up so hot!<br><fo

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    I'm back!! Well an update...I still need to handle contract one with the ex husband. When you said I should prepare the deed can you explain exactly what this means? Are you saying I shouldn't pay it off first? I have the money available right now to pay it off online tonight if that is what is needed.
    As for contract two--she paid it off and I just added her name to my contract as an associate. She's fine with that because she also wants to have all the original rights and not the 'second hand' rights as far as using the points.
     
  11. Dean

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

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    My concerns were you'd pay it off and the bankruptcy would happen while it was still in his name, you'd pay and off and then not be able to get the deed signed or that the trustee would disallow the transfer. Getting the deed completed and signed and the ROFR paperwork done before you paid it off ensured that the first 2 issues didn't catch you. It also moved the date of transfer forward separating it as much as possible from the bankruptcy. A letter attesting he'd never paid on it would also be helpful but probably not legally binding. Let us know how it works out.
     

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