Buying for Family Member

[bnlbebes]

DS is interested in purchasing a small number of points at the new Kingdom Towers at Contemporary, but will not need the minimum required by DVC. Will I be able to add-on a small amount of points in my name and then later transfer them to her?

 

[Dean]

DS is interested in purchasing a small number of points at the new Kingdom Towers adn Contemporary, but will not need the minimum required by DVC. Will I be able to add-on a small amount of oints in my name and then later transfer them to her?

You can do that. Options are to get it and keep it in your name so you get the benefits of banking that come with having them all together. But in that case your sister will not be an actual member and won't have a card with benefits. You can transfer to her after you buy but it takes ROFR and a deed. I'm in the process of doing that right now with part of our AKV ownership to add my daughter. I'm doing a quit claim deed and have the ROFR already. I also have the deeds completed and the DR 219 forms done on all. I've just got to double check a couple of items with Orange county and sent it in with the recording fees. More importantly I need to decide if I'm going to add her to all four 25 pt contracts or just to one or two with the issues involved in each direction. At this point I will likely add her to all 100 points and just not tell her or her spouse that it means I've actually added her to the deed.

 

[bnlbebes]

I'm doing a quit claim deed and have the ROFR already. I also have the deeds completed and the DR 219 forms done on all. I've just got to double check a couple of items with Orange county and sent it in with the recording fees.

Dean-

Most of what you said went over my head, but I got the idea that it is possible.

I read somewhere else, maybe you posted it, that a family member could give DVC points as a gift to a family member and Disney will usually waive ROFR. Is this accurate? I would like to pay for the points with funds supplied by DS and then transfer the small contract to her without asking for $ at that time. She would just pay any fees/costs involved.

Is TUG a good source of information on how to carry out such an arrangement?

 

[Dean]

Dean-

Most of what you said went over my head, but I got the idea that it is possible.

I read somewhere else, maybe you posted it, that a family member could give DVC points as a gift to a family member and Disney will usually waive ROFR. Is this accurate? I would like to pay for the points with funds supplied by DS and then transfer the small contract to her without asking for $ at that time. She would just pay any fees/costs involved.

Is TUG a good source of information on how to carry out such an arrangement?

For a gift to a family member they will automatically waive ROFR. You need to send in a transfer request form and they will send you the ROFR and other instructions. You then need a deed and have that plus the ROFR recorded with a DF 219 tax form. Recording costs $10 for the first page of each document and $8.50 for each additional plus doc stamps of 70¢ per deed for timeshares if no money is changing hands. Technically there would be money changing hands in this situation so the costs might be a little higher and the ROFR a bit more dicey but still workable, esp if you put the full retail price which would be the correct cost in this situation. TUG really isn't that helpful with this situation, DIS is likely more helpful for DVC. Go to Orange County for deed recording info. Once you have it all recorded, you send in a copy of all the recorded documents along with the signed transfer form.

A quit claim deed is very simple and not a good idea for most items. But for our purposes, and likely for yours, it is perfect. All a Quit Claim deed says is that IF I own something, it is now yours. Our total cost is going to be around $62 for four one page quit claim deeds and a two page ROFR that references all four contracts on one form. The only benefit to us is that our daughter moves from an associate member to an actual member. The downside is that it becomes associated with her legally so if she had financial problems, it could be an issue. I've decided to change all 4 contracts to include her name so it will all stay one DVC contract and the points will function as one contract.