Experience with purchasing resale through a trust?

[nolenbelledavis]

Has anyone done this? Is there any real difference between using the trust to purchase the interest rather than an individual? Are there any other extra expenses that wouldn't be there otherwise?

I called the County Clerk in Orange County and he said no extra filing fees or taxes, but I was wondering if there could be anything else.

We've agreed to split closing costs with seller and broker said we'd have to agree to pay anything over regular closing costs if there are any because it's a trust.

 

[ColoradoFam]

No difference. Deed will show trustee and name of Trust.

 

[nolenbelledavis]

No difference. Deed will show trustee and name of Trust.

Great! Thank you! I thought it was weird when she said that, but weird things happen...

 

[JimMIA]

There are no extra charges involved in the closing and recording of the deed.

The only difference is if you have multiple trustees, each will have to sign everything related to buying (and later selling) the contract. That might lead to some minor notary expenses.

DVC will require a statement from your attorney saying that the trust is still active. That might cost something, although ours didn't charge us. [ETA: I'm not sure if this will apply on a resale. We bought first resale and then direct, and now that I think of it, I believe it was only the second purchase directly from Disney where they required that letter.]

Each trustee will also be an equal owner (unless the trust specifies otherwise) and will be entitled to full use of the contract, including member benefits.

 

[ColoradoFam]

Just to clarify as JimMIA noted a certificate of trust will need to be presented with the paperwork to designate the trust as owner. Depending on the trust the trustees will be owners or administrators of the trust.

We purchased resale but it should be no different.