Advice with resale DVC contract "Buyer's Questionnaire"

[otterpop]

Hi Everyone,

I am in the early process of purchasing via resale (thru Jaki, ****, and Kevin). One of the forms to sign is a "Buyer's Questionnaire" and I have a question regarding it. Although I have just e-mailed them my question, I thought I would see what everyone here suggests.

I am purchasing this as a "surprise" for my wife (we have talked about it for sometime now, so I don't know how much of a real surprise it will be). If I want to keep it a surprise, she can't sign anything.

My question is the following, does it make a difference if just my name is on the deed, or is it better to have both of our names on the deed (not taking into account divorce, but what would happen if I die? tax purposes? any other things?)?

The main thing is that I want to make sure that if I die, my wife will get ownership (if still alive!) and then if she is not, or when she dies, ownership goes to both of my children...

Can I still do this w/o having her sign?

On the questionnaire, there is the below question to answer. What should I checkmark?

Taking Title as: o Tenants by the Entirety (husband and wife)
o Joint Tenants with Rights of Survivorship
o Tenants in Common
o Other

Can I check "other" on the form and type in the above stipulation about if I die?

Or, would the best/safest thing be to blindfold her and get here to sign with her not knowing what she is signing (we have a good trusting marriage!)?

Thanks for any comments and suggestions!

Evan

 

[Deb & Bill]

Tell her before you sign or agree to anything. This is a major purchase and should not be a surprise. If she is not on the deed, she is not a member and cannot make reservations unless you make her an associate.

This would be like buying a car or a house and not telling her about it. In the long run, the annual member fees will far exceed the initial buyin cost.

 

[disneynutz]

Have her sign or get her power of attorney and sign for her.

Bill

 

[lilpooh108]

Hi Everyone,

I am in the early process of purchasing via resale (thru Jaki, ****, and Kevin). One of the forms to sign is a "Buyer's Questionnaire" and I have a question regarding it. Although I have just e-mailed them my question, I thought I would see what everyone here suggests.

I am purchasing this as a "surprise" for my wife (we have talked about it for sometime now, so I don't know how much of a real surprise it will be). If I want to keep it a surprise, she can't sign anything.

My question is the following, does it make a difference if just my name is on the deed, or is it better to have both of our names on the deed (not taking into account divorce, but what would happen if I die? tax purposes? any other things?)?

The main thing is that I want to make sure that if I die, my wife will get ownership (if still alive!) and then if she is not, or when she dies, ownership goes to both of my children...

Can I still do this w/o having her sign?

On the questionnaire, there is the below question to answer. What should I checkmark?

Taking Title as: o Tenants by the Entirety (husband and wife)
o Joint Tenants with Rights of Survivorship
o Tenants in Common
o Other

Can I check "other" on the form and type in the above stipulation about if I die?

Or, would the best/safest thing be to blindfold her and get here to sign with her not knowing what she is signing (we have a good trusting marriage!)?

Thanks for any comments and suggestions!

Evan

If you're the one paying...I'm not sure she has to sign the questionnaire at all since the questionnaire is not itself a legal form. Jaki/**** may have their own internal policy, however. (Please do not sign it for her.)

If Jaki/**** allows you to be the only person signing the questionnaire, I think you can simply designate how you'd like title held on the deed.

You and your wife don't have to sign the deed, the seller does. If you'd like your wife to own the DVC in case you pass away (without otherwise having to put the property into probate), you would hold title as joint tenants. She automatically succeeds to your ownership upon your death.

As to your kids, unless you also want them on the deed, you'd have to make other plans for them to inherit your interest (or if you don't, it might just pass to them pursuant to state law--depends on the state).

Keep in mind, however, that by putting her name on the deed means you are legally obligating her to the DVC maintenance fees.

So while I'm not sure you HAVE to have her sign the questionnaire (it's not a legal document), you MIGHT want to tell her about it since DVC can come after her if the fees aren't paid. Personally, I would mind if my DH did that to me without my knowledge (even if it is a happy surprise).

Maybe put the signed contract in a box or something and wrap it up? Then say, "Surprise!"

 

[otterpop]

Maybe put the signed contract in a box or something and wrap it up? Then say, "Surprise!"

I like that idea and it seems like the "safer" route to go.

Thanks for the comments so far....

 

[thedon3]

It's best to have both names on the deed. That solves all the issues

 

[LouisianaDisneyFan]

Well, I guess I'm the odd duck here... I think if you want to make it a surprise, go for it! We are actually in the process of purchasing two resale contracts as college graduation gifts for our children. Our intent is to pay the maintenance fees on them each year, but the deeds will be transferred to our children's names after presentation. Both of the contracts were signed in my name only, and are now going through the ROFR process. We didn't even want the kids involved in the process until we were sure we passed ROFR. What fun is a "surprise" if it ends up spoiled by Disney exercising ROFR?! We will contact Disney to find out what is required by them to change the title on the deed to another family member once they are officially in my name. Then, at graduation time, the original deeds and any paperwork required to change the title will be tucked in the cards for our children.

Of course, there will be additional recording fees to record the new deeds in Orange County, but that's fairly minimal, IMO.

 

[dbs1228]

I was told when we bought into dvc that if we wanted to transfer our ownership to our children it has to go through ROFR, more paper work and filing fees! DVC will not ROFR'd the contract, I was told, but that it did have to pass through that process before the transfer is done.

I personally would wrap up the contract and give that as the gift, whats the difference if it is a deed or a contract bottom line it is DISNEY!!!! I would have everything recorded the way you want it from the very begining, no worries down the road, and ownership/dvc privilages are in both names.

 

[lilpooh108]

I like that idea and it seems like the "safer" route to go.

Thanks for the comments so far....

Just wanted to point out that when DH and I filled out the paperwork, I kinda thought that was half the fun. We talked alot about it, how we would title the deed, how we hoped to pass ROFR, we started counting down days to close of escrow. I think it will be fun and exciting to include your wife in the process.

Also, to respond to the previous poster's example of gifting to kids, etc., I think OP's situation is different because (and I am assuming here) he might be paying MFs for the lifetime of the ownership with "their" money. I think it's a different situation if a parent is buying the DVC interest outright as a gift and intends on paying MFs on their child's behalf for the rest of the ownership.

Since MFs will be paid with OP and his wife's money, I think she would be excited to be more involved in the process or at least have a say in the process. (Plus, I really think she should have a say.)

To the OP---your wife might be even more impressed if you researched a bunch of ROFR numbers, and after you present the contract, show her why you think you made a *great* deal and whether you think the contract will pass. This will involve her in the process, and you won't panic as much during ROFR. You'll look like a stud. Women like effort, you know.

What a nice gift! My DH will be hearing about this one

 

[CarolAnnC]

I was told when we bought into dvc that if we wanted to transfer our ownership to our children it has to go through ROFR, more paper work and filing fees! DVC will not ROFR'd the contract, I was told, but that it did have to pass through that process before the transfer is done.

I personally would wrap up the contract and give that as the gift, whats the difference if it is a deed or a contract bottom line it is DISNEY!!!! I would have everything recorded the way you want it from the very begining, no worries down the road, and ownership/dvc privilages are in both names.

Yes, this is correct. Although Disney will pretty much put through any contract being "sold" to an immediate family member.

Keep in mind, though the parents plan on paying the MF's, the ownership still lies with the daughter/son. It is their responsibility, and the ownership is treated as an asset in any cases of divorce, bankruptcy, etc.

What nice parents you are! My oldest DD just purchased her first contract recently - after her graduation for her Masters in Education. So nice to see the next generation becoming new owners!

 

[MommyJack]

Buying timeshare is a real estate transaction and is very similar to buying a house.

You will want to designate that you will hold title as Tenants by the Entirety, not joint tenants or "other". This is a form of ownership is reserved for husband and wife, and provides you with rights of survivorship as well as protection from certain creditors. As far as passing to your children that is covered by your will or other estate planning. You could own in trust which would take care of all these issues, but you would need to have a trust in place and should consult a Florida attorney to be sure it would apply there.

You could purchase in your name only and then transfer after the fact. Not being familiar with the Disney's right of first refusal, I can't say for sure that you would need to go through the first refusal process. I would think that you should be able to transfer ownership within your family without triggering the first refusal issue. However, this will require a new deed and the costs of registering that deed with the county recorder's office. Probably a few hundred dollars to transfer the title after the fact.

If you were to die and title was in your name only, then in order for your wife to obtain ownership, she would need to file probate in Florida. If you have a will it would pass according to your will. If you don't have a will, it would pass according to Florida law (most likely to your children).

Hope this helps.

 

[lilpooh108]

Buying timeshare is a real estate transaction and is very similar to buying a house.

You will want to designate that you will hold title as Tenants by the Entirety, not joint tenants or "other". This is a form of ownership is reserved for husband and wife, and provides you with rights of survivorship as well as protection from certain creditors. As far as passing to your children that is covered by your will or other estate planning. You could own in trust which would take care of all these issues, but you would need to have a trust in place and should consult a Florida attorney to be sure it would apply there.

You could purchase in your name only and then transfer after the fact. Not being familiar with the Disney's right of first refusal, I can't say for sure that you would need to go through the first refusal process. I would think that you should be able to transfer ownership within your family without triggering the first refusal issue. However, this will require a new deed and the costs of registering that deed with the county recorder's office. Probably a few hundred dollars to transfer the title after the fact.

If you were to die and title was in your name only, then in order for your wife to obtain ownership, she would need to file probate in Florida. If you have a will it would pass according to your will. If you don't have a will, it would pass according to Florida law (most likely to your children).

Hope this helps.

This brings up a great point actually. I think the OP should check the state laws where he lives. In my state, Joint tenancy also provides right of survivorship.

 

[ToddyLu]

DH and I have a very happy and trusting marriage. I agree with wrapping the documents and then taking her to dinner or something and giving it to her to sign then...or when you get home. SHe will be estatic and you will be "the man". Trust me she will be stunned.

 

[ToddyLu]

I was just thinking it would be cute to buy a Disney pen and wrap that for her to sign the contract.

 

[LouisianaDisneyFan]

Yes, this is correct. Although Disney will pretty much put through any contract being "sold" to an immediate family member.

Keep in mind, though the parents plan on paying the MF's, the ownership still lies with the daughter/son. It is their responsibility, and the ownership is treated as an asset in any cases of divorce, bankruptcy, etc.

What nice parents you are! My oldest DD just purchased her first contract recently - after her graduation for her Masters in Education. So nice to see the next generation becoming new owners!

I was told the same thing when I called Disney. They instructed me to show that it was a gift and not a sale (consideration amount of $0), and to specify that the deed was being transferred to a direct family member. It is just a matter of procedure and not a true "approval" process. Disney's Waiver of Right of First Refusal has to be recorded by the Orange County Comptroller's Office before the new deed can be recorded. If you purchased a resale, take a look at Orange County's website (http://or.occompt.com/recorder/web/login.jsp) and you will always see that a Notice for Disney's Waiver is always recorded right before your deed is recorded.

So, it's not really "passing" ROFR... it's just getting the official Disney okay in a legal sense. It's not the cost of a full closing, but simply the recording fees.

 

[MommyJack]

This brings up a great point actually. I think the OP should check the state laws where he lives. In my state, Joint tenancy also provides right of survivorship.

Since DVC is in Florida, it is FL law the governs, not the state you live in. Any questions should be directed to a FL lawyer.

 

[MommyJack]

It's not the cost of a full closing, but simply the recording fees.

And the cost to draw up the documents. This is a real estate transaction, and should be treated like one. Hire a FL lawyer to draw up the documents. The money you spend on it could save you from a headache later.

 

[LouisianaDisneyFan]

And the cost to draw up the documents. This is a real estate transaction, and should be treated like one. Hire a FL lawyer to draw up the documents. The money you spend on it could save you from a headache later.

Actually, we would not need an attorney to draw up a contract to give property to our own child. There is no consideration amount for a gift and thus there is no contract involved here. There is only their acceptance of the transfer of the deed.

 

[otterpop]

Just to give everyone an update...

I "chickened-out" and went for the smart thing to do....I "surprised" her over dinner by saying...happy anniversary...now just sign above your name!

She was very excited!

Now we (I can say that now instead of I!) just need to wait it out and hope we pass ROFR. I'll post any updates in the ROFR posting.

Now I have a bigger problem...what am I going to do for our anniversary next year????

Thanks to everyone for your comments and suggestions. As always, great, well-thought advice from the DIS Boards!

Evamn

 

[Mlissa88]

Just to give everyone an update...

I "chickened-out" and went for the smart thing to do....I "surprised" her over dinner by saying...happy anniversary...now just sign above your name!

She was very excited!

Now we (I can say that now instead of I!) just need to wait it out and hope we pass ROFR. I'll post any updates in the ROFR posting.

Now I have a bigger problem...what am I going to do for our anniversary next year????

Thanks to everyone for your comments and suggestions. As always, great, well-thought advice from the DIS Boards!

Evamn

Congrats on your thoughtful gift and best of luck on your ROFR!

As far as next year, well....how about a nice, long relaxing trip to a Disney DVC and some special dinners - of course there's always the possible gift of adding on points

Wishing you and your wife a happy aniversary and many happy years and vacations to come....