Hit a snag, please help us!!

[danders2]

We were so excited today because my mother bit the bullet and decided to buy into DVC. After waiting all day for our guide to call back, there it came . . . the BIG SNAG!

My mother wants me (who lives in Tennessee with her) and my sister (who lives in Texas) to have our names on the deed with her. We found out today that we would all three have to go through the credit check for financing to be placed on the deed. That was the first problem, as I just finished up my teaching degree and have not found a job yet, and I am not sure what my sister's credit will look like.

But that was not the biggest snag of all. I was told that we had to all be together to sign the papers in front of a notary. The papers could not be signed by two of us here in TN and then mailed to TX for my sister to sign.

Okay, problem solved, my sister and I become associates on the deed, and have access to the points and can make reservations. Problem with this scenario? My sister and I can not have a membership card and will not have access to the membership perks (this was a big part of it for my mother, as she wanted to give us these points for our birthdays).

Another issue would be if (heavenforbid) something happens to my mother, with no one else on the deed, this timeshare could end up in probate court (as I have not gotten my mother to form a will yet)!

Anyone out there had this problem? Anyone have any suggestions to fix the problem? Please help us, we so badly want to be welcomed home soon!!! Thanks!

 

[gritzel4]

IMHO the easiest fix would be to get your mother to an attorney for a will. She may also want to do a power of attorney and a health care directive. I am not an attorney - but my father got very sick and had not updated his will, power of attorney or health care directive after my mom passed away and it was a nightmare. One stop to a lawyer and more than just your DVC problems can be avoided.

 

[LIFERBABE]

I would have 2 separate contracts. That way your mother could be on both deeds and you could be on one and your sister could be co owner on the other.

The contract you are not co owner on you could be listed as an associate and vice versa for your sister. All three would have cards and access to the points.

It would be easier to settle that way and maybe your sister could come visit to sign the paperwork with your mom and have it notarized.

DVC financing may require a larger down payment if there are issues but from what is posted on these boards, it is not difficult to qualify.

Good luck!

 

[msdis]

I have never heard of a credit check for a deed. Credit checks are done only for financing. Are you going to be on the financing?

Another thing, we never even needed to be witnessed let alone notarized on any of our contracts. That's because we did not finance.

If mom is financing but you and sis are to be on the deed, I would think only those aspects pertaining to the financing would apply to her only, unless you and sis will be on that too.

Anyone can be on a deed and yet not be on the financing. I have done this, my friend just went thru this on property in FL so I don't understand unless these are really finance issues.

Good luck! I hope it all works out.

 

[danders2]

My sister and I would hopefully not be on the financing (mom's intention was never for us to pay for it, nor for it to go onto our credit reports), but mom wants us on the deed. However, our guide said that for us to be on the deed, sis and I would have to be checked for financing.

Thanks for all the quick replies!

 

[Chuck S]

Another thing, we never even needed to be witnessed let alone notarized on any of our contracts. That's because we did not finance.

We financed the original contract, but paid with CC for our 3 add ons, and still had to be notarized. It may depend on your state, but we definately needed a notary in Texas. i

 

[msdis]

Thanks Chuck. That may be the case. We had to notarize when we sold 1 contract, but our original and all add-ons were sign here and send back. I guess I'll count another blessing.

I can't understand why the guide never offered up a solution.

 

[disfountainofyouth]

All three of you need to plan a trip to WDW and sign the papers down there!
Your mother gets what she wants and you can enjoy the trip as new members.

 

[Dean]

FL requires a Notary plus two non related witnesses. I think they limit it to four people also. If you're staying on points as a "guest", the only perks you aren't supposed to get are the cash discount which really doesn't apply and the LOS 10% discount which they haven't enforced. It seems like there's one more I'm not thinking of. All the others including valety parking and pool hopping, you can get. While they've started asking for the blue card lately, that is beyond what the written rules require. Plus you can also get extra cards in the same name. Here's the wording from the members website.

To receive any of these discounts, you must present your Disney Vacation Club Member card or your Walt Disney World® Resort ID card with your "DVC Member" designation on it at the location.

 

[tenaseewalker]

Just wondering, Does anyone knows if I can tranfer my Disney Vacation Club membership (The Deed) to my son (who is 40 years old) after the membership's financing is paid in full.
TIA

 

[Dean]

Originally posted by tenaseewalker
Just wondering, Does anyone knows if I can tranfer my Disney Vacation Club membership (The Deed) to my son (who is 40 years old) after the membership's financing is paid in full.
TIA

Yes you can. My undertanding is DVC will automatically waive the ROFR as long as there's no pay involved. You'll need to get a new deed and closing. Why not just add them as an associate?

 

[av8tor]

I am not an attorney but if all three of you are on the deed I believe all three of you will be responsible to repay and financing. The good news here is that to my knowledge any financing will be approved based on the financially strongest of all three of you. This really isn't any different that having a co-signer, as long as one of you qualifies I just don't see how either of the other two of you can effect this.

 

[tenaseewalker]

What is an associate? By being an associate, will that make my son owner of the DVC when I pass on (which is what I would like)over my other children?

TIA again

 

[Dean]

Originally posted by tenaseewalker
What is an associate? By being an associate, will that make my son owner of the DVC when I pass on (which is what I would like)over my other children?

TIA again

You can handle the direction at time of passing with your will, etc. An associate can call and make reservations, etc. They do not get a membership card but would get guess perks when staying on points at the DVC resorts. This would have little to do with how DVC is handled at death unless you took yourself off the deed totally. You may want to consult a lawyer who specializes in this type of planning if you haven't otherwise.

 

[Sarangel]

Adding you and your sister as associates is one way to go. I did this with my (then) Boyfriend when we bought because his credit was, to put it mildly, awful. Once we were married, I changed his status from associate to co-owner. I'm not sure whether this was before or after we paid it off, though...

On the other hand, I wouldn't worry too much about you & your sister's credit. Disney *really* wants people to be able to buy DVC (and their interest rates are pretty high, so they're making money off the financing). Unless one of you has been through a bankruptcy, you should be OK.

Sarangel

 

[Jimmac]

I don't believe that Disney reports the purchase/loan to any credit bureaus so it does not appear on your credit reports.