Anyone ever transfer contract to another person?

[Cruelladeville]

I am taking over my daughter's contract, and would like to know what the cost is to change the name on the contract? Is it possible to take over the loan at the same time thru Disney or not? Since I will just be taking over payments on her contract, I want to make sure that Disney's right of refusal doesn't come into play on this. Does anyone have any experience with this? This is a good deal for my daughter, since I am paying for the rest of the contract, yet she will get the contract back as part of her inheritance when I die, so she gives up nothing in the long run. I just want this to be a simple name change. Can this be easily done??

 

[CarolMN]

I really don't know the answer to your question, (I'm just speculating and bumping you to the top). I'm thinking that you would have to basically pay closing costs. I don't think Disney would exercise its ROFR for a transfer between family members. They may or may not let you take over the payments - my understanding is that Disney financing cannot be assumed.

Anyway, if it costs more than you think reasonable to transfer the contract, and assuming that you have a very good relationship with your daughter, you could consider an alternative. That would be to have your daughter add your name to her contract as someone who is allowed to make reservations. Then you just give your daughter the money as needed to keep up the payments. There is some risk to this (beyond her integrity) as the contract would still be listed in her name. If there is a divorce, death or other legal judgement, the contract might be subject to sale to satisfy a legal judgement and you would have little or no recourse. But it may be worth considering.

Good luck!

 

[Dean]

I'm pretty sure that DVC has an exclusion of the ROFR for direct family members. You will need to get a release from the loan company to take over the responsibility of the loan. Since you won't need much of the services included in closing and don't really care how long it takes (within reason), I'd do it on the cheap. You could either just get a lawyer or PRODOX to do a deed (roughly $100) or you could take your old one and go from there. After that it's just getting it recorded, DVC should be able to tell you how, where and how much. I'm sure there are those on this board that have that info as well. You could (and should) get added on now as an associate member to the existing membership.

 

[Cruelladeville]

Thanks for the info, Dean and Carol. As you may have guessed, there is a divorce in my daughter's future, and this is her only asset that is not joint. She can no longer support the loan, since he charged up her charge cards to the max on his way out the door, and emptied the accounts, too. This is the one asset he missed, so I'm attempting to protect it. Thanks again for the advice.

 

[Dean]

Sorry to hear that, our prayers are with you and her.

 

[CarolMN]

Mine, too. Hope all works out.

 

[kem330]

Thinking of you and your daughter, through this difficult time! Hope you can get it worked out.