Best way to add someone to DVC contract

[mattnjim]

I have a best friend that travels with me to 90% of my disney trips. I have two contracts with BCV, 100pts Oct, and 300pts Dec.

We always have a great time, but she never gets to take advantage of the DVC perks as a non member ( like the awesome annual pass discount right now )

I am thinking about purchasing a small contract for 25-50 points through the timeshare store just to have her name as a DVC member, plus she'd be floored.

the location isn't important. After juggling 2 contracts I think a new use year or DVC location like OKW would be fine. if we wanted we can always transfer points to my contract.

Looking for opinions. I figured i would be on the contract with her to make transfer of points easier. It may be hard to make it a surprise since she would have to sign the purchase agreement….but oh well.

I would assume disney would not allow me to add her to my existing 100 point contract….

 

[disneynutz]

If you add her to your existing, which you can do, you would have to add her on all contracts. All have to be titled the same to be under 1 membership/account.

If you buy another contract, it will have to be a separate account, separate membership, and separate log on for the website.

Bill

 

[supersnoop]

Let's be clear. It sounds like you want to purchase real estate for your girlfriend. There are so many reasons that's a bad idea.

If you really want to do this, you need to be up front and open about it. You need to either give her your 100 point contract or buy one only in her name. And she needs to be prepared to pay the annual maintenance fees on the contract.

 

[mattnjim]

not that its important, I have a husband and she is just a lifelong good friend. we all have been going to disney together for over 15 years.

She can't afford to buy at DVC, and it hasn't mattered. I just was thinking it would make an awesome present to "own", but we'd still primarily use my points.

If I didn't add a small contract to BCV, we could still transfer the points to my contract to use....but i believe the original 7 and 11 month window restrictions would still apply to them. right?

 

[RobDoc]

not that its important, I have a husband and she is just a lifelong good friend. we all have been going to disney together for over 15 years.

She can't afford to buy at DVC, and it hasn't mattered. I just was thinking it would make an awesome present to "own", but we'd still primarily use my points.

If I didn't add a small contract to BCV, we could still transfer the points to my contract to use....but i believe the original 7 and 11 month window restrictions would still apply to them. right?

Any add-on contract (resale or direct) will still be governed by the 11 month Home Resort priority. If the small contract is not at the same resort, the points can only be combined at 7 months but the points may be used at their Home Resort at 11 months. It will be treated as a separate membership but the points can easily be transferred into your account (or from your account into this one) to combine the points at 7 months (if a different resort) or 11 months (if the same resort).

Even if you purchase at the same resort, with the same Use Year, with different names on the deed it will be a different membership number - so the resort and Use Year do not really matter in order to combine the points at 7 months.

This sounds like a wonderful gesture for a good friend. In this case, purchasing the small contract would limit liability for both of you as co-owners and will allow her to receive all the benefits of being a DVC member.

Enjoy the points with your good friend. I'm sure she will appreciate the kindness!

 

[supersnoop]

not that its important, I have a husband and she is just a lifelong good friend. we all have been going to disney together for over 15 years.

Are you okay with her making her own reservations with all the points available in your jointly owned contract, even if she's never paid any maintenance fees? Will she be willing to sign all the paperwork when it comes time to sell? It's easy to dismiss these concerns now, but you never know what the future will hold. You're giving up ownership and control of your contract so she can have her own membership card to get some discounts. I just don't think that's a good idea.

However, as I said above, if you really want to do this, buy or give her a contract all her own. Even offer to cover the maintenance fees for points you use, or when you travel together. That still gets you the same result, but makes it more easy to sever your relationship in the future if necessary.

 

[Dean]

If you add her to your existing, which you can do, you would have to add her on all contracts. All have to be titled the same to be under 1 membership/account.

If you buy another contract, it will have to be a separate account, separate membership, and separate log on for the website.

Bill

They could do one or the other of the current contracts, don't have to do both. The ones they have now are separate masters due to separate UYs. They could add a small add on with the new names as well. I would agree that in general this is a bad idea but for this situation with a small contract it may be worth the minimal risk and aggravation. Personally I'd consider it if I felt as strongly as the OP seems to. While I've never seen DVC titled where the deed listed the % that each owned (may have happened and I didn't know), that would a question for this circumstance. That would minimize any financial or heir issues that might arise but would require a full closing rather than one done by the individual or at least a formally prepared deed at the least.

 

[mattnjim]

Thanks for all the input! I think co-owners on a small contract would work best. I would probably support the dues, but a 25-50 point contract is only $125-$250 a year approximately. I'm not concerned about the points and would let her use them, but with it being such a small number we would most likely just transfer at a 7 month window....or if it was a different resort transfer the other direction.
Our usually trips are Jan and Oct. january doesn't seem that hard to make reservations and we aren't pick on resorts then.

It's a gift.... to those who are concerned. She would just need to sign the documents....lol

 

[lawgator]

Thanks for all the input! I think co-owners on a small contract would work best. I would probably support the dues, but a 25-50 point contract is only $125-$250 a year approximately. I'm not concerned about the points and would let her use them, but with it being such a small number we would most likely just transfer at a 7 month window....or if it was a different resort transfer the other direction.
Our usually trips are Jan and Oct. january doesn't seem that hard to make reservations and we aren't pick on resorts then.

It's a gift.... to those who are concerned. She would just need to sign the documents....lol

I would recommend that if you are buying another small contract as co-owners that you make it for the same use year and resort, if possible, as it will make it easier to keep track of the points and manage, especially if you plan on transferring points (which you are allowed to do one time per year). I would do that to just keep it as simple as possible for making reservations and keeping track of the contracts. You will still have 2 membership numbers since you will have different names on your contracts. Good luck and your friend is a lucky person to have a generous friend such as yourself.

 

[lawgator]

They could do one or the other of the current contracts, don't have to do both. The ones they have now are separate masters due to separate UYs. They could add a small add on with the new names as well. I would agree that in general this is a bad idea but for this situation with a small contract it may be worth the minimal risk and aggravation. Personally I'd consider it if I felt as strongly as the OP seems to. While I've never seen DVC titled where the deed listed the % that each owned (may have happened and I didn't know), that would a question for this circumstance. That would minimize any financial or heir issues that might arise but would require a full closing rather than one done by the individual or at least a formally prepared deed at the least.

I agree with Dean that it shouldn't be that big of a deal in terms of minimal risk and aggravation for you to do this for your friend if it's just one little contract. I also think Dean is one of the most knowledgeable posters on the board and knows quite a bit! I am going to link a detailed article from a south Florida real estate attorney website that I found that specifies the different ways you can title the new deed with your friend that might be helpful. If nothing is specified in the deed as to the type of tenancy it is automatically considered a "tenancy in common" and different percentages can be used if you want, however, if you want the deed for the little co-owned contract to go automatically to the other person on the deed when the first person passes away without needing probate, then it can be titled as "joint tenants with the right of survivorship". (This is what we have done for my contracts with my family and partner). It would take both of you to consent to sell or change ownership interests in this case. You have to specifically state it is this type of tenancy on the deed, or it will not be and default to tenants in common. If you use one of your own existing contracts and just redeed one of them to her and you as co- owners you should be able to do is yourself and use a quit claim deed and just put the type of tenancy you want on it without a full blown closing. If you buy a resale or direct from Disney, you're going to have a closing anyway and they will ask you how you want the deed titled and the type of tenancy you wish to take. It's not really difficult, but is important to know what your options are and what they mean. Good luck. (Please note if you are reading this and are married that this does not apply to your deed(s). That is a totally different type of tenancy called a Tenancy by the Entireties and is created in Florida by simply putting the words "husband and wife" on a deed.) Hope this helps.

http://naplesrealtyattorney.com/index-3.php?q=1

 

[mattnjim]

thanks again! great suggestions!