Adding a Family member to a contract.

[corpcomp]

My DS just turned 21, graduated college and started his first job in Michigan. (We are in CT).
As a Christmas present, we decided to add him to our contracts since in September we learned when getting annual passes he no longer qualifies as part of our DVC family and gets no DVC discount. Seems Disney eliminates the family connection once he is in his own apartment out of state. OK I understand.

So we were given the contacts to American Title which is the underwriter Disney uses (and will not recommend another). We have 4 contracts all at the Beach Club. One large one and three small ones. Initially I was told it would cost $475 plus $50 for each additional contract and I was OK with that. Once the paperwork was finished, I reconfirmed and was advised, Oh No, that's wrong. Its $475 for each contract unless you combine all 4 contracts into one huge one. The three small ones are all 30 points which would sell in a second. But combining them with the larger one would eliminate that possibility.

So my question is: Does anyone have advice on to how to proceed without having to pay this company $1900 just to add a name on a title?

 

[Matty B13]

If all he needs is the discounts, then he only needs to be named on one of the contracts to get the benefits of membership. I would but him on one of the 30 point contracts as long as it qualifies for benefits that way if a financial situation comes up on his end, his assets that could be collected on would be limited to the 30 point contract.

 

[Matty B13]

You can do the transfer yourself for under $100. There have been several threads posted with the steps needed to accomplish a deed transfer.

 

[corpcomp]

You can do the transfer yourself for under $100. There have been several threads posted with the steps needed to accomplish a deed transfer.

What topic might that be under?

 

[4luv2cdisney]

This comes up a lot. Usually you will get a whole lot of responses about why it is a bad idea to add your son onto your contract and then eventually someone gives you the info you need. I think this link will help......

https://www.disboards.com/threads/adding-a-name-on-existing-contract.2993645/page-4#post-58178165

I think there are other threads as well, but this is the first that came up in my search that I remember having detailed info.

 

[KAT4DISNEY]

My DS just turned 21, graduated college and started his first job in Michigan. (We are in CT).
As a Christmas present, we decided to add him to our contracts since in September we learned when getting annual passes he no longer qualifies as part of our DVC family and gets no DVC discount. Seems Disney eliminates the family connection once he is in his own apartment out of state. OK I understand.

So we were given the contacts to American Title which is the underwriter Disney uses (and will not recommend another). We have 4 contracts all at the Beach Club. One large one and three small ones. Initially I was told it would cost $475 plus $50 for each additional contract and I was OK with that. Once the paperwork was finished, I reconfirmed and was advised, Oh No, that's wrong. Its $475 for each contract unless you combine all 4 contracts into one huge one. The three small ones are all 30 points which would sell in a second. But combining them with the larger one would eliminate that possibility.

So my question is: Does anyone have advice on to how to proceed without having to pay this company $1900 just to add a name on a title?

As mentioned he only needs to be added to one of the contracts to get the privileges.

But another thing.....only DVC can change a contract size. It's impossible for you to do or have it done without selling all that you have and buying a new one that equals the same number of points. The Title Company is suggesting the impossible afaik to do it that way.

 

[Dean]

You can do the transfer yourself for under $100. There have been several threads posted with the steps needed to accomplish a deed transfer.

For 4 contracts it'll be more than $100, around $120 if one does it themselves. It would be $500 to get LT transfers do it, they too don't bundle for a cheaper price but their up front price is cheaper X4 than even the initial quoted amount.

In this situation I'd likely do just one of the smaller ones then transfer the points back every year. What will happen if you change one is that one will become a separate master contract not directly combinable with the rest. Or if you were thinking of adding on anyway, just buy that amount as a separate master with the adult child on that one alone. Still another alternative would be to do a retail purchase of 50 pts as a separate master which is likely a good idea only for certain resorts but could be for some. In reality he'll likely qualify for the DVC pass discount for a while also.

 

[n2mm]

I agree with dean. I have 7 contracts and all have to be the same owners in order for them to be under the same master account. My daughter signed our first contract with us, then signed all afterwards or we would’ve had more than one master. I have no regrets because she and her family get all the perks too. Though she is in her 40s.

 

[supersnoop]

Realize that adding him to just one contract will turn that one contract into a separate membership.

And, to fulfill the prophecy, recognize that adding him to a DVC contract is just the same as putting him on the deed to your house. Only you can decide if qualifying him for an AP discount is worth the estate planning, financial aid, and all other financial and marital asset risk that goes along with it.