Different ROFR issue!

[jekjones1558]

I thought I did that also.

Sorry, Dean. Missed the details somehow. Thanks for re-posting. Every ROFR helps to gauge the market for offers.

 

[cruise-o-matic]

I thought I did that. Just that they didn't want to keep submitting contracts and have them taken by DVC. They get nothing if that happens but have costs and work involved. They've started requiring a $50 fee though I don't know if it comes off the price if it goes through or not. This happened, it appears, largely due to my contract. At least it happened after we had submitted to them and prior at the same time DVC notified us they were exercising ROFR on my contract.

Sorry, I may have missed that too. But my experience with TT, is that the seller submitted the contract directly to DVC. TT didn't do anything except hold an escrow deposit until the seller submitted a copy of the deed along with the ROFR waiver.

 

[Dean]

Sorry, Dean. Missed the details somehow. Thanks for re-posting. Every ROFR helps to gauge the market for offers.

Not a problem and I agree. That's also part of the reason I posted the OP as it may help other in selling.

 

[Dean]

Sorry, I may have missed that too. But my experience with TT, is that the seller submitted the contract directly to DVC. TT didn't do anything except hold an escrow deposit until the seller submitted a copy of the deed along with the ROFR waiver.

And that would have been fine and it's easy to do. I've done it previously on a 50 pt resale. In this case they did it all and never even mentioned us submitting it.

 

[ColoradoBelle1]

I don't know if anyone can help with this question, but if I bought my contract in MY NAME ONLY....if I decided to give it to my darling Disney daughter at some future point....would that have to go through ROFR????
What I decided to do on my current contract, was take title in my and daughter's name jointly...right of survivorship. THe broker didn't want me to do it that way....but I could envision having it go through probate when I died OR having to deal with a transfer cost to Disney at least plus closing costs even if I quit claimed it to my d during my life.
So, what provisions are made in that original Disney contract re passing this to our heirs?
Thanks
CB

 

[Dean]

I don't know if anyone can help with this question, but if I bought my contract in MY NAME ONLY....if I decided to give it to my darling Disney daughter at some future point....would that have to go through ROFR????
What I decided to do on my current contract, was take title in my and daughter's name jointly...right of survivorship. THe broker didn't want me to do it that way....but I could envision having it go through probate when I died OR having to deal with a transfer cost to Disney at least plus closing costs even if I quit claimed it to my d during my life.
So, what provisions are made in that original Disney contract re passing this to our heirs?
Thanks
CB

IF all your points are in one contract, you can't break it up. If you have add ons, you can transfer to her but will not have them integrated to your account anymore. If you want to change the title, you'll still have to get a waiver of ROFR but in that case it's a formality. You'd then get a new deed, new recording and it appears you'd need a new transfer fee through DVC. Likely cost in the $350 range IF DVC charges you a transfer fee and you pay for a new deed. Min cost of about $50 if you do the deed yourself and can get by without a transfer fee from DVC. You should talk to member admin.

Remember you can add her as an associate member though she wouldn't get a card. Another option would be to buy a small contract in her name though you wouldn't be able to combine it with your present contracts as the names must be the same. You might also ask DVC if you added 25 points, would they change all your contracts over. I know when I bought my first contract, the lawyer mess it up and only put my name and not my wife's. He wouldn't fix it, jerk, I should give him free advertising, LOL. I added her as an associate but then when I bought the second contract with her on it, I got cards in her name for the first contract too.

 

[WithDisneySpirit]

The alternative was simply to keep it and rent out the points which I preferred not to do. I'll likely sell my other OKW contract at some point and eventually BWV as well and just trade in through II. But I've got to get past a Xmas 2006 OKW GV trip with family and close enough to any points to have the contracts viable.

Have I missed something? It sounds like you are saying you intend to sell ALL your points and try to exchange in when you want to go?! That sounds very strange coming from you, Dean! Care to help me understand

Lisa

 

[Dean]

Have I missed something? It sounds like you are saying you intend to sell ALL your points and try to exchange in when you want to go?! That sounds very strange coming from you, Dean! Care to help me understand

Lisa

I don't think you've missed anything. But remember we're talking the long range picture here. The DVC points contracts will start to decline in value at some point, this will likely start at just under 30 years remaining. My youngest is a senior to I can go off season including Jan, May, Sept, Oct and Nov; times when DVC is routinely available through II. I will likely only need a 1 BR, also more available for exchanges. I own multiple timeshares and it's likely I can exchange in for a fraction of the cost of the same stay as an owner. Then there's the idea that we're looking at more long weekends, not a viable option using points, IMO, so we'll look to cash for those stays. But don't fret, there will be several years before any of this would come to pass, if it ever does. And I might just buy a 25 point add on to keep so I can get access to all the perks.

 

[cobbler]

Not meaning to hijack the thread but what the heck is ROFR and what does it mean?? Interested in getting into DVC and would like to know the lingo and what it means.

Thanks, now back to your regular scheduled thread

 

[CarolMN]

Not meaning to hijack the thread but what the heck is ROFR and what does it mean?? Interested in getting into DVC and would like to know the lingo and what it means.

Thanks, now back to your regular scheduled thread

ROFR is short for Right of First Refusal.

When a member sells his/her contract, Disney has the right to buy it for the same terms negotiated by owner and buyer. If Disney chooses to exercise ROFR, Disney becomes the buyer. This is in the documents a member signs at purchase.

Before you can sell a contract, you need a ROFR waiver from Disney - which basically says Disney chose not to exercise its ROFR.

Disney doesn't just buy contracts from members though. You have to find a buyer, negotiate terms and then go through the ROFR process. Disney may or may not decide to exercise ROFR on the contract.

Best wishes -

 

[ColoradoBelle1]

Thanks Dean for your response BUT I need a clarification:
My choice for my FIRST contract (to buy into DVC) which is now in ROFR
IS to take title in my and my daughter's name (same last name and address.)
So we are both owners. I did this to avoid probating it when I die...she holds joint title. She will also avoid any transfer tax I think. Not sure about changing the deed, but I guess she would have to get my dead old name off of it at some point HA.
If I had just purchased in my name, then she wouldn't be an owner, wouldn't get the owner perks and it would eventually go through probate and not just 'pass through' to her.
I was also considering purchasing under an LLC...but I couldn't get it set up in time for this offer.

So am I to understand that if I took title singly, that if I later wanted to GIVE my ownership to my adult child that Disney would automatically waiver it?

colorado belle

 

[drusba]

There is no waiver to bother with. Disney's ROFR applies to a "sale" of your interest. It is inapplicable to a gift or bequest.

Also, I see you are trying to set up something yourself that relates to probate and transfering to your daughter and mention even an LLC. Recommend, for any of those issues, you see a lawyer. There are probate avoidance methods and an LLC isn't one of them. Setting up ownership in a trust is one and lawyers can handle that. Placing your daughter on the deed with joint ownership and rights of survivorship may not be the way you really want to go. Doing so means that if she falls into financial difficulties, the DVC interest could end up being sold for the benefit of her creditors.

 

[Dean]

Thanks Dean for your response BUT I need a clarification:
My choice for my FIRST contract (to buy into DVC) which is now in ROFR
IS to take title in my and my daughter's name (same last name and address.)
So we are both owners. I did this to avoid probating it when I die...she holds joint title. She will also avoid any transfer tax I think. Not sure about changing the deed, but I guess she would have to get my dead old name off of it at some point HA.
If I had just purchased in my name, then she wouldn't be an owner, wouldn't get the owner perks and it would eventually go through probate and not just 'pass through' to her.
I was also considering purchasing under an LLC...but I couldn't get it set up in time for this offer.

So am I to understand that if I took title singly, that if I later wanted to GIVE my ownership to my adult child that Disney would automatically waiver it?

colorado belle

You'd still need DVC's input if you changed the name but not if you title it from the get go. I agree that I'd see a lawyer about an LP. And your daughter must be 18 to be included on the deed. I think you can put up to 4 owners on the deed.

 

[kathleena]

Maybe you are on the Naughty List and they are trying to keep you quiet with a gag order?

Seriously, I only said that because I don't know what else to comment. It sounds very strange to me!

 

[Dean]

Maybe you are on the Naughty List and they are trying to keep you quiet with a gag order?

Seriously, I only said that because I don't know what else to comment. It sounds very strange to me!

Maybe I am, LOL, you never know.