Names on deed?

Discussion in 'Purchasing DVC' started by Lizard Valley, Sep 25, 2012.

  1. Lizard Valley

    Lizard Valley Mouseketeer

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    I was wondering if there were any advantages to having extra names on a deed? I read a thread below about someone adding a name to the deed in order to get perks for that person (for example PAP).

    The only people I would have considered putting on the deed were my children, but they're minors - wouldn't they receive the perks anyway? Would I need to add them once they become adults?

    Then this makes me wonder if I should add my best friend's name to the deed, so that she (and her children) can take advantage of the perks when we travel together.

    I should know the answer to these questions before I purchase (resale) and have to decide what names to put on :)
     
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  3. vicki_c

    vicki_c DIS Veteran

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    Sounds like a disaster in the making to me (to add your friend). That person would be a full owner and have the same rights as you relative to selling the membership, etc. I predict you being here in 10-15 years asking for advice on your lawsuit (sorry to be so cynical, but that's how I really feel).
     
  4. disneynutz

    disneynutz DIS Veteran DIS Lifetime Sponsor

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    Putting your friend on the deed gives them ownership. If you die, your friend gets the contract(s). If your friend files for bankruptcy, their creditors can take the contract(s).

    You might want to check with your attorney.

    :earsboy: Bill
     
  5. kristenrice

    kristenrice NOT just an ambulance driver

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    Everyone on the deed is a legal owner of the property. If your friend (or you) hit a financial pothole and had to declare bankruptcy, the DVC property could be in jeopardy. I would NEVER add a non-family member to my deed.....too many things can go wrong over the next 35-50 years. What if your friend had to declare bankruptcy? The court might be able to come after the DVC if her name is on the deed. What if you guys have a falling out? She could make your vacations disappear because she would have full access to your account. Nothing can stop her from cancelling your reservations and making one of her own. The "perks" (which are not guaranteed) are NOT worth the risks, IMHO. But, I applaud you for being very generous in your intent:hippie:.
     
  6. Lizard Valley

    Lizard Valley Mouseketeer

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    Good advice about the friend - thanks!

    But what about my kids? Do they need to be on the deed?
     
  7. Caren90

    Caren90 DIS Veteran

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    If your children are young, there is no reason to put them on the deed. If they are adults, then you can ask if they want to be saddled/ blessed with many years of maintenance fees in the future.

    Stephen
     
  8. Lynne M

    Lynne M Moderator Moderator

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    Minor children can't own real estate, so their names can't be on the deed. And when they become adults, think carefully about adding them to the deed. As a PP said, if there's a divorce or a bankruptcy, the court can force a sale of the membership. Not their share of it - all of it, since a contract can't be broken up once you own it.

    Just a word about the 'perks' - they largely come from third parties (other divisions of the Disney company, other companies) - and are not part of your membership. They come and go often. That big AP discount, for instance, could go away the day after you buy. Don't take the perks into account when deciding whether or not to buy.
     
  9. WDWsnooper

    WDWsnooper Mouseketeer

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    I agree with the others regarding the friend.

    Our son was 5 when we bought DVC, now he is nearly 26 and married. I have added his name as an "associate", now he has the ability to make reservations for his family. As an associate, he does not have ownership, he can not sell the timeshare, and he is not responsible for paying the annual dues. Becoming an associate is merely a paperwork process and does not involve cost---but is added convenience for us.

    If we had added him as an owner, it would involve fees, as if re-recording the deed and closing fees. At the time that I looked into it a few years ago, I think it was about $400 or so.

    For now, associate member works for our son.
     
  10. Dean

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

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    You can add someone yourself for around $50 including recording.
     
  11. seashoreCM

    seashoreCM All around nice guy.

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    Do DVC memberships and points resell for close to what new memberships sell for?

    Most timeshares will sell on the open market for far less than what they were originally sold for. If a creditor forced the sale of a jointly owned timeshare, what little it sold for has to be divvied up with the co-owner. That co-owner himself might even be the winning bidder at the sheriffs sale or foreclosure, with the final result being buying out the other co-owner at a deep discount.

    Note that DVC deeds, unlike for most timeshares, have to be re-upped every 30 years or so with possible options from time to time to re-up for a lower price in advance. Depending on how soon the expiration date is, the resale price would vary.
     
  12. Dean

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

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    Compared to MOST other timeshare, DVC holds it's value far better than most. However, you're looking at about 50% value to resell which makes sense because timeshares are generally about 50% build and real costs and 50% marketing/profit. DVC does not have to be renewed every 30 years. It actually expires at the end of the RTU, the earliest of which is 31 Jan, 2042 and there is no current option for renewal. Many timeshares are RTU though most in the US are not. While I know that many will tell you that RTU is bad and into perpetuity is good, I'd suggest that is true ONLY in certain situations and not true in the majority of situations.
     
  13. WDWsnooper

    WDWsnooper Mouseketeer

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    How? I'd love to do this. When I checked with dvc, they told me it would run about 400 or so.....that was several years ago. They suggested using the associate member option.
     
  14. Dean

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

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  15. WDWsnooper

    WDWsnooper Mouseketeer

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    Thank you for the link, Dean. I'll print it out and put with my DVC paperwork. This is something I'll want to do in the near future.
     

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