1st Resale Purchase. Need help with vesting form.

[geargrinder]

This is my first contract. My offer was accepted this morning 180pts @ $135 with 130 banked.

Now I'm down to filling out the paperwork. I'm looking at the vesting form and can't figure out how to complete it. My wife and I want to add our adult daughter to it, but there doesn't seem to be an option on the form.

Options:
1: Husband and Wife.
2: Husband or Wife.
3: Individuals (not married)
4: Trust
5: Other

Anyone help give me some insight on how to proceed. Thanks for helping out a newbie.

 

[Sandisw]

We did joint tenancy with right of survivorship when we added our adult children.

I might just put that

 

[Pens Fan]

We have multiple contracts with myself, my husband and our adult son on them. All deeds are titled exactly as Sandi noted above - joint tenancy with right of survivorship. Our first contracts were direct through Disney and that is how they set it up, so we've made sure to keep it the same when buying resale.

 

[geargrinder]

I might be too literal minded. How do you list the adult child on the form? Are you checking the boxes for 1 and 3?

Wife and I would list under #1 and daughter under #3?

 

[sndral]

I might be too literal minded. How do you list the adult child on the form? Are you checking the boxes for 1 and 3?

Wife and I would list under #1 and daughter under #3?

No - options 1 & 2 are only for a married couple. Since you will have 3 people on your deed, only 2 of which are married to each other, those options don’t apply in your situation. You want option 3 w/ all 3 names.
If you want to avoid probate in Florida (assuming you bought a WDW DVC) & want ownership of the contract to go to the survivors & ultimately your adult daughter you want title to be held as joint tenants w/ right of survivorship. See here for general info. about your options. https://asrlawfirm.com/common-ways-to-hold-title-in-florida-real-estate/

 

[geargrinder]

Thanks. Except that option #3 makes you choose between never married, divorced, or widow/widower before you can select the type of vesting. None of those apply to two of us that are married.

I have a message in with my broker.

 

[geargrinder]

Here's how my broker explained to complete it in our situation.

Use option #1, but leave the husband/wife choice unchecked. Then simply check the appropriate tenancy choice. All 3 will sign.

He said the form wasn't created with this situation in mind, but that this is how he recommends filling it out for families.

He also said that he would, and we should, double check the draft deed to make sure all names are listed and the correct tenancy is shown.

 

[sndral]

The broker won’t be filling out the title info. for the deed, the title company will. I assume they’ll reach out to you if they have questions & be sure to verify that the documents correctly set forth how you want to hold title before you sign and return them when the time comes.

 

[starry_solo]

Honestly, I would go with option 3 or option 5.

John Smith, a married man, Jane Smith, a married woman, Julie Smith, a single woman, as joint tenants with the right of survivorship.

Or John Smith and Jane Smith, husband and wife, and Julie Smith, a single woman, as joint tenants with the right of survivorship.