CONFUSED..Points ownership transfered ?

[dtheboys]

Ok, I called DVC....even more confused now.......

I have 250 OKW points, and then I purchased an add on at VWL of 85 points.

I want to give my brother the 85 points I own.

Can I have these points put under his name at DVC????
That way he can make his own reservations, banking, etc. etc.

Will Disney DVC allow a contract of 85 points under my brothers name?
Thanks!
Doug

 

[RweTHEREyet]

I may be wrong, but I think his name would have needed to be on the contract for you to do this.

 

[floridafam]

No, you can't just give him the contract. His name would have to be on the deed. I believe you can add him as an associate. You may want to check with MS.

 

[Dean]

You have several options. First you can sell him the points resale. You'll have to submit to DVC just like any other buyer. The costs will be about $500 but you could decrease it somewhat if you tried.

Personally, if you trust him, I'd add him as an associate. I suspect though that you will have to add him as an associate to you're entire account and not just the VWL add on. You'd also need to know he'd pay the fees on those points.

Lastly, you could just act as his agent and book for him in his name when needed.

 

[dtheboys]

Thanks....I trust him, but I just wanted to turn it all over and forget about it.
At least now you have me in the right direction. I can call DVC on Monday and sound a bit more educated about the subject.
Will DVC, allow a 85 point contract, even if I sell it to him?
Doug

 

[Dean]

You'll have to go through the ROFR and waiver process I'd think. You may want to ask them if they will waive it up front for an immediate family member. Let us know what happens.

 

[RobDoc]

Originally posted by dtheboys
Will DVC, allow a 85 point contract, even if I sell it to him?

DVC will allow an 85 point contract ONLY if you sell it to him. Purchases directly thru DVC have the 150 point minimum, but outside purchase of DVC contracts can be of any size.

As Dean suggests, see if DVC will waive ROFR for immediate family (I think they may do that for you). Otherwise, you will have to go thru the full resale process and submit a formal offer for ROFR consideration.

Please let us know what happens.

Good luck!

 

[PamOKW]

Just a "side question" If you put up a contract for sale and Disney exercises ROFR, can you cancel the sale? Like in this case, Doug only wants to get the points into his brother's control, not sell them. If Disney matched the price does he have to go through with the sale?

 

[Dean]

Originally posted by PamOKW
Just a "side question" If you put up a contract for sale and Disney exercises ROFR, can you cancel the sale? Like in this case, Doug only wants to get the points into his brother's control, not sell them. If Disney matched the price does he have to go through with the sale?

I don't think so. This is a binding and legal contract and if you don't go through with it, you are in violation. From what I've heard from one Broker, they will sometimes just sent the check and closing info with no advance warning. So I would no ever submit with the idea of cancelling if Disney decides to buy it. There are other ways to maximize the chances it will go through. These include jacking up the price which works well for smaller packages but you can't legally put one price and charge another. You can privately agree to pay future maint fees if you want, specify the closing agent, tie in items that Disney couldn't possibly match such as a car or other tangeable item.

 

[drusba]

Disney's right of first refusal applies to the sale of a contract. You can give away a contract and there will be no right of first refusal. However, you still need to carry it out as a normal real estate transfer, with transfer of deed, recording, transfer taxes, other colsing costs