Help! My bro wants to put my name on the deed!

[kittychatalot]

Hi All. My wonderful brother just bought into DVC today, and since he is a single guy- no kids- they recommended that he put someone else's name on the deed as well. He asked me if I wanted on but I am worried that if he were to pass away, I would be responsible for paying for it. Am i thinking wrong? Any advice?

Thnaks in advance!

 

[DebbieB]

You would also be responsible for dues if he cannot pay. Is he financing? Can he put your name on the deed without it also being on the financing?

 

[kittychatalot]

he paid in full for the membership and now just has his yearly dues. My name is not on any financing.

 

[bbangel]

I'm a single owner and I do not have anyone else on my deed. Just cover it in the will (everyone should have one!) and he will be fine. You really don't want to take on any obligations.

 

[disneynutz]

Hi All. My wonderful brother just bought into DVC today, and since he is a single guy- no kids- they recommended that he put someone else's name on the deed as well. He asked me if I wanted on but I am worried that if he were to pass away, I would be responsible for paying for it. Am i thinking wrong? Any advice?

Thnaks in advance!

You would be responsible for paying the dues but you would also have the DVC for your use. If you decide to sell, you also gain the proceeds from the sale.

Depending upon the relationship between you and your brother, being on the title is much easier to deal with than being on the will should he pass.

 

[maburke]

I don't think it would be so bad. Is it a big contract? Would the dues be a financial hardship such that you would definitely not consider keeping it? If so, then skip it. But if you might be interested in keeping it, I say go for it!

 

[bookswin]

I'm willing to bet that a lawyer would recommend NOT putting your name on there.

If your brother defaults on dues, they will come to you. But you won't be the owner; you'll be a partner/co-owner. Your credit could potentially be at stake. And should he marry, what will his spouse want? Tangles may ensue.

My dad is a lawyer, and one time a client asked him to co-sign a loan. His response: "Buddy, I wouldn't co-sign my MOTHER'S loan."

Not exactly the same situation, but similar logic applies.

Ask a lawyer.

 

[Dean]

It could be good or bad depending on the down payment, his and your situation. I'd say if you can take over the dues if needed and would use the points, no real reason not to do it, esp if he puts down 20% or more. And if by chance your credit were shot already, this likely wouldn't make it any worse. The only downside I see is if you wouldn't/couldn't swing it if he defaulted and you had decent to very good credit to start with. Only you know both your situation and your brothers to have enough info to make a good decision. Good luck either way.

 

[kittychatalot]

I really appreciate it! the lure of being a DVC member is strong!

 

[Merilyn]

Since your brother has already paid for it, your only possible expense is the dues. As others have said, if you can afford the dues and want to be a DVC member, go for it. Just make sure your brother's lawyer adds the correct wording to the deed. It has to "say right of surviorship" to prevent having to probate a will in FL should either of you die.
We were not told by Disney to do this when we bought in 1992. They handled all the paper work back then. I just spent about two thousand having to probate my sisters will in FL and having all deeds changed and recorded in each county. Her will had been probated over a year ago in TN where we live. We had multiple addons and OKW and VB contracts. Disney said they could have just removed her name and all would have been very simple if we had worded the deed correctly. I guess we learned a very expensive lesson.

 

[Mississippian]

Hi All. My wonderful brother just bought into DVC today, and since he is a single guy- no kids- they recommended that he put someone else's name on the deed as well. He asked me if I wanted on but I am worried that if he were to pass away, I would be responsible for paying for it. Am i thinking wrong? Any advice?

Thnaks in advance!

You shouldn't take this burden. If you will contact me I will forward my name and your brother can put it on the deed instead.

p.s. Merely being on a deed does not impose a financial burden on the owner beyond the value of the property.

 

[PinkTink63]

It really depends on your relationship with your brother. I put one of my brothers on ours. I wanted to put my other brother on also in hopes that they would come on vacation with us and bring the kids, but his wife didn't feel comfortable about it. We didn't finance it, so they would not have been obligated for any payment other than dues if we couldn't pay. I would sell it before I would ever let it get to that point.

Anyway, I wanted my family to have the same perks with the membership as we do. If I could ever get them to come, I know they would be hooked!

Good luck with your decision!

 

[n2mm]

Hi All. My wonderful brother just bought into DVC today, and since he is a single guy- no kids- they recommended that he put someone else's name on the deed as well. He asked me if I wanted on but I am worried that if he were to pass away, I would be responsible for paying for it. Am i thinking wrong? Any advice?

Thnaks in advance!

This is a win win situation. Because you would not be stuck with it. If you didn't want to pay the fees and didn't plan to use it, you could just sell it.

 

[NateNLogansDad]

I'll step up to the plate. Feel free to put my name on the deed if anything were to happen.

 

[rahrah]

Owning property jointly with someone other than your spouse is always a bad idea (If you create a corporation to own the property and then own shares in the corporation, and there is a huge document spelling out what happens in all of the various contingencies, it is ok).

If either of you gets married, and then divorced, the shared property may suddenly be shared 3 ways. If either of you go into bankruptcy, the other could wind up a co-owner with a bank.