transfer contract between family?

Discussion in 'Purchasing DVC' started by scottie, Apr 16, 2012.

  1. scottie

    scottie BWV's= Our Second Home

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    My Mother in law purchased DVC a while back and has a loan thru DVC. She decided she could no longer afford it so my sister and her husband started making payments towards it via direct debits from her checking account, instead of MILs checking. My sister now wants to pay off the remaining balance and transfer the contract into her name from my mother in laws name. Does anyone know what kind of fee DVC charges to transfer the name and the usual turnaround time, and any other bits of info that may be helpful?
     
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  3. dclfun

    dclfun DIS Veteran

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    It costs around $450 to do a name change- I asked MS a few months ago and was given this figure.
     
  4. scottie

    scottie BWV's= Our Second Home

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    Thanks for the info!
     
  5. KAT4DISNEY

    KAT4DISNEY Glad to be a test subject

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    There have been several threads about this and how to do it most economically. Once the search function is back up you may want to try and locate them.
     
  6. Dean

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

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    One can do it for around $50 in this situation. The loan has to be paid off first or as part of the transfer. If you decide on the latter you'll likely need a full function closing. For it to cont to be qualified, there has to be no reimbursement to the "seller" of any type.
     
  7. montrealdisneylovers

    montrealdisneylovers Mouseketeer

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    Can this $50 way be done to add adult children to the contract as well? Is it Disney that charges this or does one have to go elsewhere?
     
  8. Dean

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

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    Assuming there's no loan, it can. You'd be doing it yourself. The process is to contact DVC for the documentation on their required process. They'll have a change of ownership form which you'd complete and send in to DVC for "ROFR" which is automatic in this situation. Once you have the ROFR you just need a new deed and have it and the ROFR recorded. Last I saw the recording was $10 for pg 1 and $8.50 for each additional page. That's normally $37 for a 2 pg deed and a 2 pg ROFR. This assumes a single contract. Once the new deed is recorded, DVC has another form plus they need a copy of the recorded deed. Pretty simple for Orlando, not as much for some other states. Even then there are firms that specialize in timeshares and will do it for much cheaper.
     
  9. montrealdisneylovers

    montrealdisneylovers Mouseketeer

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    If we bought before the restrictions, will we now fall under new rules and restrictions? (Sorry OP, do not mean to hijack this thread. Hope the info is useful to you as well)
     
  10. Dean

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

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    In this situation of adding name, no you'd still be qualified.
     
  11. scottie

    scottie BWV's= Our Second Home

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    Thanks for the great info!
     
  12. dclfun

    dclfun DIS Veteran

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    I was told I could add my kids to the contract for no fee, but that transfer of ownership to them or one of them would incur the fees. Timeshare Store said they'd charge the same amount as DVC. I have a friend though who did the paperwork herself and now her daughter is the owner on all of her contracts- she said it cost around $50 per contract and a trip to downtown Orlando (where I also live) to take care of it.
     
  13. montrealdisneylovers

    montrealdisneylovers Mouseketeer

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    No fee through whom? Disney?
     
  14. dclfun

    dclfun DIS Veteran

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    Yes...adding them as associate members. This is different than transferring a membership to them though, which does incur a fee.
     
  15. Dean

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

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    If you add them as an associate they will not qualify for discounts or other benefits. I would agree it's easy to change the deed for those so inclined.
     
  16. dclfun

    dclfun DIS Veteran

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    Agreed. I was told that the only benefit to adding them as associates was that they could call MS using our member #. I'm usually the one who takes care of reservations so it didn't seem beneficial to me. What's REALLY odd is that we are founding members at AKL. When I went to look at the wall hanging at Kidani with our name, my daughter's name is on it! I have no idea how they got her name as she's not on the contract. ???
     
  17. wl1117

    wl1117 Mouseketeer

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    Related question... we have 4 contracts, if we wanted to transfer 1 of these to DH's brother, can we do this? or is it just for parent/child situations and/or transfer of an entire membership? And to be clear, the contract would still retain all rights and privileges? He'd just start paying the dues?

    Thanks! Sorry to hijack.
     
  18. Dean

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

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    I haven't reviewed the wording but in general if you GIFT it to family, it will become a separate master contract but will retain it's qualified status. If you sell it in any way, it becomes a resale and loses it's qualified status. There would have to be no lien or mortgage to change the names. Selling it under the table would be considered illegal in all states I'm aware of.
     
  19. wl1117

    wl1117 Mouseketeer

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    Thanks! We were thinking of gifting a small package, but weren't even sure it was an option outside of giving to our own children...and they're a bit young. lol. My BIL is a huge Disney fan too, so it'd be something he'd happily pay dues on.
     

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