What name/s to put on title?

Discussion in 'Purchasing DVC' started by sndral, Mar 17, 2013.

  1. sndral

    sndral DIS Veteran

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    If I bite the bullet and start this buying DVC business does anyone have any thoughts about who's names should be on the deed? In my case I have 1 adult child, any reason to put him on the title, any reason not to?
     
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  3. montrealdisneylovers

    montrealdisneylovers Mouseketeer

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    Anyone whose name is on the title as an owner will get a blue member card which can be used for various discounts. If your adult child will use your membership and travel without you, it would be beneficial to have their own member card.

    Others have warned against this as your contracts could be subject to seizure in case of adult childs bankrupcy or divorce.
     
  4. Dean

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

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    they would legally own it and it could be at risk for divorce, financials, etc. The perks, exchanges would be the main reasons.
     
  5. chitwnnole

    chitwnnole Earning My Ears

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    If I just put my name on the deed would my immediate household people (family) be able to get annual pass discounts, food discounts and merchandise discounts when at Disney ?

    There is myself, my wife and three children ages 5,11,14. Do they get the discounts if they are not on the deed ?
     
  6. Lynne M

    Lynne M Moderator Moderator

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    Well, your children couldn't be on the deed, as minors can't own real estate. But yes, immediate family living at your address can get the AP discount.

    I believe the food and merchandise discounts may require the DVC member card, so you would have to be present in order to use the discount if you were the only one on the deed.
     
  7. montrealdisneylovers

    montrealdisneylovers Mouseketeer

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    This is correct as it happened to us this December. My daughter was purchasing some merchandise and I had to present my DVC member card to get the discount. She could not get the discount without my presence.
     
  8. sndral

    sndral DIS Veteran

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    Mmm, this is news to me. He lives in his own household (and has a different last name) and at some pt. he'll hopefully marry and have children, so it might be better to have him on the deed so that he and his theoretical future immediate family would have access to any discounts available.
     
  9. montrealdisneylovers

    montrealdisneylovers Mouseketeer

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    I plan to add my daughters to our contracts when the youngest turns 18. I understand the risks involved but they are good kids with good heads on their shoulders.

    The other option would be to buy another small contract which would be under a different membership number and put all four of our names on it. I still have 2 years to decide. However, I do know that they will use our membership at some point without us, and I want them to have all the benefits.
     
  10. babesboo99

    babesboo99 Veteren Disney Vacationer

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    I will be new to the DVC once everything goes through. My question is, what type of discounts do members get? are they good enough for me to put my eldest daughter on the deed
     
  11. montrealdisneylovers

    montrealdisneylovers Mouseketeer

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    The discounts and perks come and go. I know this past year there was an excellent discount on premium annual passes which many members purchased (do not know the details as it did not work with our travel plans).

    As a member you can purchase a TIW (Tables in Wonderland) card at a discount and get 20% off many meals. If you do not purchase the card, you can still get 10% off at many places just by showing your blue member card. You get 10 - 15 % off merchandise sold in parks and resorts. I believe there are currently discounts for golf and cirque du soleil.

    A perk currently offered to members is the availability to use TOWL (Top of the World Lounge) when staying on site. Also members have the privilege of pool hopping to many resorts.

    This is only some I can think of right off the top of my head. I am sure other members can add their favorites. Like I said, these can change but it is nice to get some discounts when you can.
     
  12. Dean

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

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    Technically he would not qualify for the pass discounts even now. Adding him would change that and make his family (as defined by DVC) qualify as well.
     
  13. tlh

    tlh Mouseketeer

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    How many can be on a deed? I know it was mentioned immediate family, but do they have to live in the same house with the same address? For instance could my mom receive the annual pass discount even though we don't live at the same address?
     
  14. chasshan

    chasshan calgirl6

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    Hi, I'm new to all this too; just at the very end of my first DVC contract process.
    For the OP, are you sure you don't want to have your wife as the second deed owner?

    Could it be inconvenient for her to not be on it? Will she be able to call and make or cancel reservations....be able to check in if you are busy with the kids etc. ?

    My husband passed away unexpectedly last year at the age of 49. We have a long-time Worldmark the Club, by Wyndham timeshare ownership and I was not on the deed. (long story) Several months later, and I'm still not on the deed. It has been a pain. It had to be run through probate process, I have to pay a large fee for "change of ownership", use an attorney to file paper work etc. In the mean time my kids and I haven't been able to use any points or take our usual vacations or getaways.
    At least make sure it would be an easy process for her to become the owner, if something were to happen to you. I know it's not what anyone wants to think about, but unfortunately bad things happen sometimes, and depending on what state you live in and their laws/rules; it could be challenging, costly and just more paperwork for your wife if, God forbid, something were to happen to you.

    Then again, maybe with DVC the policies for spouses are different for booking, canceling, check-in etc. Can any DVC owner shed some light on this?
    Shanna
     
  15. sndral

    sndral DIS Veteran

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    I am the OP, and I don't have a wife (I've been a wife, in the past) but the points you raise are helpful in my decision making as I only have the one adult child who will inherit everything when I am no longer around, so ease of transfer and his ability to use the points w/out a legal hassle might be yet another reason to put him on the deed once I've located that elusive perfect first resale contract.
     
  16. chasshan

    chasshan calgirl6

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    My apologies OP. I thought the above post was from you....as a second question. I thought I checked to make sure it was a second post and question from you (OP), but obviously I got confused.

    Sounds like it would be the right thing for you, to put your son's name on the deed. That's what I did for my recent purchase. My oldest is 24 so he is on the deed with me. If I add another contract in future years, I'll likely put another child on that second deed with me.

    Good luck! I know it's a big decision.
    Shanna
     
  17. sarah4770

    sarah4770 DIS Veteran

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    I was just discussing this with member services. It costs $425 to change the title( as per First American Title transfer), so think about what you want to do before you purchase.
    Also, if you don't put your child on the title, it would go through probate if you passed away.. I am not sure how much that costs.
     
  18. Dean

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

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    You can change the title yourself for around $50.
     
  19. AnnaS

    AnnaS DIS Sponsoor/Veteran

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    One adult child only = I would add him to the deed. Good luck!
     
  20. sarah4770

    sarah4770 DIS Veteran

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    How do you do that?
     
  21. Dean

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

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    Assuming you're just adding or removing a name, here's how.
    • Get the transfer info from Disney.
    • Complete transfer form #1 and send it based on the instructions.
    • You'll receive a ROFR waiver, usually 2 pages.
    • Quit claim deed to Orange County (other locations more difficult and expensive) along with the new tax form and the ROFR waiver.
    • Copy of recorded deed and Transfer form #2 back to DVC.
    Total cost under $50 unless you pay someone to do the deed. No risk given that it's still under your control. The process is similar for a private sale just send in the contract with the first transfer form. Timeshare Transfers will do it for $300, higher for HI and CA. LT transfers will do it for $95 plus postage and I think recording but you have to do the ROFR yourself anyway. I think the title company that TSS was using would do a reduced fee closing for small contracts and for this situation as well.
     

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