Gifted Contract Questions

Discussion in 'Purchasing DVC' started by preemiemama, Jan 9, 2019.

  1. preemiemama

    preemiemama DIS Veteran

    Joined:
    Jun 13, 2009
    Messages:
    1,101
    Hope I'm posting this in the correct area! My parents have 2 contracts- one at SSR that they are selling, and one at AKL that they are giving to my husband and I. They have submitted the paperwork on both deeds. There are a few questions I have as I am getting ready to acquire the AKL contract. Hoping someone can help answer them for me?

    1. When I acquire the deed/membership, will I have an option to split the dues into payments for the remainder of the year? This is what my parents have done, but since it's after January 1st, I wondered if this would be an option.

    2. My parents have a use year date of May. They used the 2018 points for our last family trip, so I won't have points until May of this year. It's OK to book on line for July 2019 with the 2019 points, correct?

    3. My parents have 45 points left in the 2018 SSR points. They were told not to bank since banked points cannot be transferred. If they don't bank them, can they transfer them to me to use for my planned July 2019 trip once the deed/membership transfers? (As long as I book prior to May 2018- which is not an issue as I'm planning to book as soon as everything transfers!)

    Thanks for any help you can give me.
     
  2. 4luv2cdisney

    4luv2cdisney DIS Veteran

    Joined:
    Mar 30, 2008
    Messages:
    1,605
    I'm not sure about the dues on a gratuitous transfer but I would assume you will simply become responsible for them and be able to make monthly payments. Not certain.

    There is no May UY. Do you mean June? Are both contracts the same UY? Response would be easier if known.

    What do you mean they have submitted the paperwork for both deeds? They haven't listed the SSR for sale yet, right?

    You can book whenever you're within your booking window (11 mo home resort, 7 months everywhere else) as long as you have the proper amount of points in the use year the trip is being taken in. ( I booked my Nov 2019 trip in Dec 2018)

    I believe you can bank transferred points after the banking deadline which I'm assuming will have passed. (That has been allowed by MS in the past.) You would have to bank 2018 points into 2019 to use for a 2019 UY trip.
     
  3. Avatar

    DIS Sponsor Disney Vacation Club Resales www.dvcstore.com


  4. preemiemama

    preemiemama DIS Veteran

    Joined:
    Jun 13, 2009
    Messages:
    1,101
    See my answers below after your questions. Thank you for the reply!

     
  5. 4luv2cdisney

    4luv2cdisney DIS Veteran

    Joined:
    Mar 30, 2008
    Messages:
    1,605
    Have your parents talk to the agent that is selling the SSR contract about the fact that they are planning on transferring those points to you. I've never sold a contract, but you want to make sure the buyer doesn't think they're getting those points. If the contract sells fast, I don't know how much time there will be to transfer the points. The agent might give you an idea or advice. or maybe someone else here will chime in.

    That aside, the process would be: the June 2018 points would be transferred from your parents SSR contract to your AKV contract and you would then bank them into 2019 and then book your trip. You will have to call MS to make that reservation as you can't "see" transferred points in your account. In theory, you could probably accomplish all those steps in 1 phone call if your parents are on the phone / in the room at the same time as you. Otherwise, they would call to make the transfer. As soon as they're done , you can call to bank and book. I

    Hope I've understood and given you the info you need!
     
    preemiemama likes this.
  6. KAT4DISNEY

    KAT4DISNEY Glad to be a test subject

    Joined:
    Mar 17, 2008
    Messages:
    21,497
    The SSR points need to get transferred before they are listed for sale. So once the AKV is transferred to you then they could transfer the SSR points and DVC will likely let you bank them. If they get very technical and assuming it is a June UY that your parents have then banking normally should be done by the end of the is month (Jan).
     
    bumbershoot likes this.
  7. KAT4DISNEY

    KAT4DISNEY Glad to be a test subject

    Joined:
    Mar 17, 2008
    Messages:
    21,497
    ROFR couldn't start with the points still in the SSR contract. Disney would see that and spit it back out. And that's assuming the broker didn't spit it back until the points were transferred.
     
    bumbershoot likes this.
  8. bumbershoot

    bumbershoot DIS Veteran

    Joined:
    Mar 5, 2007
    Messages:
    67,721
    Yes, once they are the OP’s she’ll make a Dvc account and then set it up for payments.

    OP how are they doing your transfer? We used LTTransfers for my now ex to put them in my name. More expensive than doing it ourselves and less expensive than the way Disney suggests.


    I don’t know how the ssr transfer is going to work with it on the market now and you at the beginning of the transfer process.
     
  9. preemiemama

    preemiemama DIS Veteran

    Joined:
    Jun 13, 2009
    Messages:
    1,101
    I believe they are doing both through Fidelity, which is what Disney suggested.

    I will ask them to hold the sale- they just sent the paperwork yesterday. And I’ll ask them to call Disney and see if they can transfer the points into the AKL account now to bank them there? Better to hold the listing than to end up in a mess at ROFR...
     
  10. motherof5

    motherof5 DIS Veteran

    Joined:
    Apr 4, 2014
    Messages:
    1,054
    So nice of your parents
     
    preemiemama likes this.
  11. Sleepy425

    Sleepy425 DIS Veteran

    Joined:
    Jan 11, 2011
    Messages:
    1,099
    The dues have to be paid before the deed can be trasferred to you (we added my parents in 2018 and this was on the “must do” list Disney gave us).
     
  12. bumbershoot

    bumbershoot DIS Veteran

    Joined:
    Mar 5, 2007
    Messages:
    67,721
    Being enrolled in autopay counts as being paid. I know this absolutely and recently, both from asking Disney and LT Transfers, and direct experience.
     
    preemiemama and Sleepy425 like this.
  13. Sleepy425

    Sleepy425 DIS Veteran

    Joined:
    Jan 11, 2011
    Messages:
    1,099
    We even talked to a someone and they said we had to pay all the dues (we do autopay). Not too shocking that someone at Disney would give wrong info. Good to know that’s not how it HAS to be done. Thankfully we only had 150 points so it wasn’t too much money.
     
    bumbershoot likes this.
  14. preemiemama

    preemiemama DIS Veteran

    Joined:
    Jun 13, 2009
    Messages:
    1,101
    So autopay has to be current or it has to continue for the whole year? I’m ok with it being transferred to us as an autopay for the rest of the year but we can play by Disney rules if we need to.

    Just out of curiosity, what about the dues on the contract they sell??

    Also, an update on the extra points- my parents were told by Disney and Fidelity that the points can be used by them, including a transfer to me, as long as my contract is settled before the SSR one is closed.
     
  15. DaveNan

    DaveNan Mouseketeer

    Joined:
    Jul 31, 2017
    Messages:
    279
    I believe it will settle for the entire year with Disney through the closing process. The Dues for the rest of the year will be subtracted from the proceeds of the sale by the closing company and sent to Disney. Your parents will get a smaller check. Of course if the sale agreement has the buyer paying for the MF, then their check will be bigger and the closing company will sent it to Disney.
     
    preemiemama likes this.
  16. mustinjourney

    mustinjourney DIS Veteran

    Joined:
    May 8, 2016
    Messages:
    2,254
    Can’t they just transfer the SSR points now?

    There’s nothing to prevent someone from transferring points to one of their own contracts.
     
  17. 4luv2cdisney

    4luv2cdisney DIS Veteran

    Joined:
    Mar 30, 2008
    Messages:
    1,605
    I think you transfer to another membership not contract.

    If the contracts are the same uy I assume same membership....?
     
  18. preemiemama

    preemiemama DIS Veteran

    Joined:
    Jun 13, 2009
    Messages:
    1,101
    I believe that is what they were told yesterday by Disney- they can't transfer until it is in my name. And yes, it's the same UY.
     
  19. mustinjourney

    mustinjourney DIS Veteran

    Joined:
    May 8, 2016
    Messages:
    2,254
    You’re right.
     
  20. bumbershoot

    bumbershoot DIS Veteran

    Joined:
    Mar 5, 2007
    Messages:
    67,721
    When the contract was in my now-ex husband's name, it was on autopay. We switched it to my name in July. Being on autopay, even in the middle of the year, counted as being "paid", so we didn't have to pay 6 months of dues all at once. Once the contract was in my name, I got to choose whatever way I wanted to pay them. I chose autopay, but changed the bank account to my brand new solo account rather than the old joint account. I could have PIF. Didn't matter.

    That's something the buyer and your parents will work out, as to who will be paying the dues.

    I think the concept is transferring them while both contracts are in THEIR names. But if you're going to need to bank them, then I don't know if it can be done?
     
  21. KAT4DISNEY

    KAT4DISNEY Glad to be a test subject

    Joined:
    Mar 17, 2008
    Messages:
    21,497
    Except transfers are only between UY's or memberships - not between contracts. There's no way to transfer from one contract to another that is under the same membership.
     
    4luv2cdisney likes this.

Share This Page