Help Please...A serious question.

[Here'sTigger2U]

Hello all. Here's a question for the pros. I'm a DVC owner with a problem. How does one go about putting your DVC membership into another family member's name? I would still want to be responsible for making my monthly loan and dues payments (never had a problem with those...they are minimal) but would want the actual owner to be someone else...can I do this? Could I put it say in my children's name, yet continue making payments and retain the vacation making abilities I have now?
Thanks for any input!
Bob.

 

[drusba]

To transfer ownership you would need to have a deed prepared and get it recorded with the applicable recorder's office (if WDW, the county recorder in the county WDW is in). You could do it through a lawyer or title company in the Orlando area. You would essentially go through a closing process and have to pay the applicable fees and taxes.

However, you would be able to do that only if your loan was paid off. The Disney credit company has a mortgage interest in your share of the property and if you attempt a transfer, they can require you to pay the loan off first. Also no credit company is going to accept a situation where the deeded owner of the property is not the person responsible to pay the loan and thus don't expect the credit company to simply approve the transfer you suggest without you first paying off the loan.

In addition, a deeded owner has to be responsible for the dues. Thus if you transfer your interest, the person to whom you transfer will be the one DVD will consider to be responsible for the dues and the person who will get the bill. Nevertheless, nothing prevents you from paying that bill when it arrives.

 

[dianeschlicht]

The simplest solution here would be to add your children's names to the contract. That way they can make ressies and have all the priveledges you experience without the added cost of going through a closing. Are you asking because you want it to be theirs or are you trying to protect the timeshare from a legal action?

 

[PamOKW]

I think there would also be a problem for you to make the reservations if you are not a listed owner. There is some other type of designation (like for a spouse) that permits doing some transactions. Maybe others here can explain what I'm talking about.

Also, are you talking about a minor being the owner? I'm not sure whether that is possible as a sole owner since someone has to be responsible for paying the dues.