Can you sell your DVC to a family member?

[paslea_pooh]

And if so, how would that work without having to go thru the Timeshare Store or a third party?

My sister was interested in DVC at one point and I may need to sell my DVC, how would I go about that and who gets contacted....

 

[Dean]

A broker is to find a buyer, you've already done that. You will still have to go through Right Of First Refusal (ROFR). Once that's done, you could use a closing service, cost between $250 & $450 or so. If there's a mortgage, you'll have to clear it first. Doing it yourself is really fairly simple.

 

[magicalmcwho]

Dean,

Has someone posted a step by step procedure for ROFR and using a closing service when selling to a family member? There does'nt seem to be very much detailed information on selling and not using a broker.

Thanks, Jim.

 

[Dean]

Dean,

Has someone posted a step by step procedure for ROFR and using a closing service when selling to a family member? There does'nt seem to be very much detailed information on selling and not using a broker.

Thanks, Jim.

It's really very simple. Any resale goes something like this whether you do it or the closing company.

• Get a contract that spells out specifics including number of points, use year, how much and who gets what.
• Get ROFR, I can give you the fax when I return home so you can fax it in yourself.
• Once you get the waiver, you need a deed. In this situation a quit claim would likely be enough or you could use your old deed as a guide. You can get one written for about $100.
• Have it recorded at Orange Co, cost less than $50 or so.

A couple of points. For this situation contact Member admin, they will usually give you an automatic ROFR if the family member is close enough. Closing costs to get someone else to do so is from a low of about $250 to a high of around $500 at the outside. Timeshare transfers will do it for $250 but the last I heard, they have started adding extra costs or having the member get the ROFR.

You could also just add them as associates but they wouldn't get the perks. This is the best option for some where there's a mortgage that can't be paid off but generally it's best to get it transferred.

 

[JimMIA]

Get a contract that spells out specifics including number of points, use year, how much and who gets what.

Once you get the waiver, you need a deed. In this situation a quit claim would likely be enough or you could use your old deed as a guide. You can get one written for about $100.

You can get both of these at any Office Depot. The first would be a standard real estate sales contract; the other would be a standard QC Deed. The only real difference is the property description would be ".001931 % interest in ***, instead of the normal description. You can copy that directly from your deed.

 

[magicalmcwho]

Dean,

Thanks for the information. Does the closings company provide all the services for a price (ie: provide contract, ROFR and closing) if you already have a buyer?


Jim.

 

[psimon]

Does this suggest that a parent can't sell their interest to a child for $1? I have seen that done for houses in the neighborhood. For whatever reason, I have seen parents transfer their houses to their kids for $1.

What about in wills? Does Disney get FROR if it is willed to someone?

---Paul in Southern NJ

 

[paslea_pooh]

with your responses... I've spoken to someone from the Timeshare Store (they are honest and incredible by the way)..... I may or may not have a family member interested... She was (the woman from the TSS) unbelievalbly honest... I could sell to my sister with a very little out of pocket cost for me or I could list it with them and do the usual commission they accept.. . Either way I fell confident if I had to sell my DVC I would go with theTimeshare Store.



Thank you guys for your responses and feedback.... I DO NOT want to sell my DVC but may have to due to financial reasons. UGHA@@@@@@@@@@@@@@@

 

[paslea_pooh]

Dean,

Thanks for the information. Does the closings company provide all the services for a price (ie: provide contract, ROFR and closing) if you already have a buyer?


Jim.

The BUYER pays for the closing costs and the maintenance fees for that year... They also get whatever points were leftover, banked from the previous year... ROFR,,,, well I asked about that.. and Disney IF they refuse will PAY whatever you ASKED for per point...

I have a buyer , I think, if not I will list with the Timeshare Store!!

 

[Dean]

Dean,

Thanks for the information. Does the closings company provide all the services for a price (ie: provide contract, ROFR and closing) if you already have a buyer?


Jim.

Yes, the prices I quoted are for the full service. It depends on the company you use, and with some, how many points. TT will do it for the price reguardless of how many points.

 

[Dean]

Does this suggest that a parent can't sell their interest to a child for $1? I have seen that done for houses in the neighborhood. For whatever reason, I have seen parents transfer their houses to their kids for $1.

What about in wills? Does Disney get FROR if it is willed to someone?

---Paul in Southern NJ

You can will it but you cannot sell it, even to a child, without clearing ROFR. Disney will tend to give an automatic waiver for an immediate family member but I don't know where they draw the line and how they do this.