Costs of transferring a DVC contract?

[dtheboys]

Hi,

I have a small contract of 35 points that a friend of mine would like to purchase from me....

Can anyone help w/ some information on how I can go about this transfer, what costs, do I have to go thru a broker or just go thru DVC?
We would not need a title search, or title insurance....it would be a cash deal...

Thanks in advance...

 

[disneynutz]

Hi,

I have a small contract of 35 points that a friend of mine would like to purchase from me....

Can anyone help w/ some information on how I can go about this transfer, what costs, do I have to go thru a broker or just go thru DVC?
We would not need a title search, or title insurance....it would be a cash deal...

Thanks in advance...

You need to go through the sale process. Contract, ROFR, Recordings, etc. Contact DVC Contract Administration and they will send you the instructions.

 

[Dean]

Hi,

I have a small contract of 35 points that a friend of mine would like to purchase from me....

Can anyone help w/ some information on how I can go about this transfer, what costs, do I have to go thru a broker or just go thru DVC?
We would not need a title search, or title insurance....it would be a cash deal...

Thanks in advance...

You have two basic options but can go in between. contact DVC admin and they will give you the info on transferring and ROFR. You will need to submit your contract for ROFR which you can easily do yourself. IF it clears ROFR, you'll then need a deed to be recorded along with that ROFR letter and a DF 219 tax for for FL. Since it's a sale, DVC may indeed take it if the price is not close to retail and remember it's illegal to put a different price than the actual sales price. As for deeds, you could do a quit claim and have it recorded total price likely $37.00 plus a small amount based on the sale price. $10 for each first page, $8.50 for each second page plus the doc stamps at 70¢ per $100 if I recall correctly. You shouldn't need escrow for a friend and may be comfortable with a quit claim deed. OTOH, you could get a closing company to do this with a warranty deed, etc and pay $300-500 or so. You should be able to get a deed alone done for about $100 if you want to do the rest yourself. If there's a loan, it'll need to be paid off first. I just sent off 4 Quit Claim deeds and a ROFR letter to Orange county to add my daughter to our AKV 100 pt (4 * 25) contracts.

 

[dhiggs45]

Dean,

We want to add someone to the Deed, no sale just adding a name. This sounds like what you did with your daughter - do we still need to do a ROFR? or can we just do the quit claim deed?


TIA,

Denise

 

[Dean]

Dean,

We want to add someone to the Deed, no sale just adding a name. This sounds like what you did with your daughter - do we still need to do a ROFR? or can we just do the quit claim deed?


TIA,

Denise

You still need ROFR and the form 219 but you don't need a contract and the ROFR is automatic. There is a transfer form to complete and send to DVC, they will then send you the ROFR letter. The instructions for the WDW timeshares are on the Orange County website.

 

[ilovefh]

Does the loan need to be paid to add someone to a contract?

 

[Dean]

Does the loan need to be paid to add someone to a contract?

My understanding is yes OR you need permission from the loan company to do so.

 

[ilovefh]

My understanding is yes OR you need permission from the loan company to do so.

Disney is my loan company...do they readily do this does anyone know?

 

[Dean]

Disney is my loan company...do they readily do this does anyone know?

You got the loan from Disney but they are not likely to actually be the loan holder at this point. Even if they are, it's a different "company" technically. I've never heard anyone who was able to get permission but then as often as it's come up, I don't recall anyone having tried and been unsuccessful either. To add another person they might allow it if you also added them to the loan, I can assure you they wouldn't otherwise. Going the other way, removing a person, I think the answer would be no 100% of the time unless the request came with a large principle payment.

 

[jeankeri]

Dean- I have a question for you. I am in the process of dividing assets from my divorce, and I need to re-title my DVC contract (I got it in the settlement). I received the paperwork and instructions from Member Administration, but am wondering about putting my sons as the new owners on the contract with me. They are both under 18. We own the contract outright, no loans owed. I am wondering if (and should) I put them on as owners since if I am the only owner the contract would go through probate if something happened to me. Since I have the opportunity to change owners now (since I'm going through re-titling anyway), just wondering if you had any thoughts. Thanks .

 

[jeankeri]

Another quick question- Can you go through this process with a ressie pending, or do you need to do it when you do not have an upcoming reservation?

 

[Dean]

Dean- I have a question for you. I am in the process of dividing assets from my divorce, and I need to re-title my DVC contract (I got it in the settlement). I received the paperwork and instructions from Member Administration, but am wondering about putting my sons as the new owners on the contract with me. They are both under 18. We own the contract outright, no loans owed. I am wondering if (and should) I put them on as owners since if I am the only owner the contract would go through probate if something happened to me. Since I have the opportunity to change owners now (since I'm going through re-titling anyway), just wondering if you had any thoughts. Thanks .

The lawyers in the group can correct me if I'm wrong but my understanding was a minor couldn't directly enter into contracts or own real estate. But lets say you could or you waited until they were 18. This would show as an asset to them and count a lot more for college financial aid calculations than it would if you owned it. Plus it would be attachable if they had any financial issues. I'd vote no.

Another quick question- Can you go through this process with a ressie pending, or do you need to do it when you do not have an upcoming reservation?

That's one thing I'm waiting on confirmation of. My impression is they don't cancel pending ressies in this situation but I'm waiting to be sure before I send in the paperwork to add my daughter.

 

[jeankeri]

Dean- Thanks for your quick reply. The college aid thing I never considered; thanks for that. I will check in with DVC this week as to the ressie question- we are going in June and don't want to throw a wrench in the works.

 

[Dean]

I did get confirmation that as long as an owner stays on the contract, pending reservations will not be cancelled.

 

[jeankeri]

Thanks Dean- I haven't had a chance to call yet.