Buying from Daughter

[Queen Nonnie]

Just want to get some input before we even look at doing this. Because of life changes my daughter may no longer be able to hold onto their 200 point DVC ownership and it is not paid off yet. I am a DVC owner and may wish to buy it from them so we don't lose it and pay the reminder of their mortgage. How would Disney handle this since we are family members? Any advise on how to do this would be helpful.

 

[nalajms]

I think a sale is a sale, regardless of relationship. So unless she's gifting it to you, you'd have to follow the standard procedures.

Does she need the extra money from the sale? or just someone to make payments going forward? If it's the latter, an option is to add your name onto the title and you can take over the payments. You'd be joint owners and this would require a change in the deed and no ROFR.

Unless her contract is the same UY as yours, you wouldn't be able to combine the points without transferring...so it would be 2 separate contracts for you either way.

Good luck!

 

[Queen Nonnie]

I think a sale is a sale, regardless of relationship. So unless she's gifting it to you, you'd have to follow the standard procedures.

Does she need the extra money from the sale? or just someone to make payments going forward? If it's the latter, an option is to add your name onto the title and you can take over the payments. You'd be joint owners and this would require a change in the deed and no ROFR.

Unless her contract is the same UY as yours, you wouldn't be able to combine the points without transferring...so it would be 2 separate contracts for you either way.

Good luck!

Thanks! Now what would happen to it in the case of bankruptcy if I am on the title?

 

[disneynutz]

I would look at the numbers and decide if it's a good deal for you.

My guess is that you will be better off buying a contract resale if you want to add-on.

Bill

 

[Lorilais_mommie]

I was just asking a CM about this.. You can put upto six people on a deed..
I would just pay the $500 maybe less.. To have her add you to the deed..
We want to add our children when they are older.

Than maybe a month or two later maybe you can have her removed? Not sure if you can do that, but worth an ask...
If you can add someone, in theory you should be able to remove them right?

 

[disneynutz]

I was just asking a CM about this.. You can put upto six people on a deed..
I would just pay the $500 maybe less.. To have her add you to the deed..
We want to add our children when they are older.

Than maybe a month or two later maybe you can have her removed? Not sure if you can do that, but worth an ask...
If you can add someone, in theory you should be able to remove them right?

Everyone on the deed would have to agree since they are all owners. Could be a big mess later.

Bill

 

[Lorilais_mommie]

Everyone on the deed would have to agree since they are all owners. Could be a big mess later. Bill

I see how it could, but it would be the simplest way to do it..

the OP explains to her daughter it's the best way to do it.. And everyone agrees BEFORE they change the deed the 1st time, than a month later have her removed.

This way the daughter can get out of the payments, and the OP gets the points..
No transferring of points each year, no ROFL..

It really depends if the daughter just wants out of the DVC or is needing the money from the sale?

 

[supersnoop]

Putting her on the deed doesn't put her on the mortgage. It sounds like this is a financed property, so the lien holder would also have to agree to any changes. I wouldn't move forward with this plan unless the daughter had some equity in the property, and cashing it out prevented bankruptcy. A non-arms-length transaction proceeding a bankruptcy would be considered fraud.

 

[a742246]

I would just call disney, I am sure they go thru this all the time.

 

[Queen Nonnie]

I would just call disney, I am sure they go thru this all the time.

I agree that is what we will do it if becomes necessary. Yes there are two different issues. The deed and the mortgage. If I could pay off their mortgage and acquire the deed we could keep it in the family. Eventually they get it back anyway.

 

[disneynutz]

I agree that is what we will do it if becomes necessary. Yes there are two different issues. The deed and the mortgage. If I could pay off their mortgage and acquire the deed we could keep it in the family. Eventually they get it back anyway.

Good luck, this might be an expensive ownership and be careful not to trigger Disney's ROFR.

Bill