Legally adding names to the deed?

[psimon]

Has anyone added family members to their deeds cheaply? I don't mean giving other family members the ability to make reservations... I mean actually adding to the owners on the deed. As original owners get older, some finder it financially wise to add children to the deed to avoid inheritance issues.

When I asked DVC about it, they sent a form which needs to be filled out and submitted, which allows them to veto the addition, which I doubt they ever would.

Then you have to officially change the names on the deed. I called lawyers in FL and they were giving me ridiculous prices of hundreds of dollars for each contract! Having more than one contract at different resorts can add up to really big bucks quickly.

Has anyone done this cheaply?

Many thanks...

---Paul in Southern NJ

 

[robert@dvcstore]

Paul,

You may wish to contact Magic Vacation Title at 407-488-1330. They will be more than happy to answer any questions you have on adding names to your deed. They are the escrow company that handles all of the closings for the DVC resales we do here at The Timeshare Store, Inc.®. They are very knowledgeable and eager to help.

Robert

 

[SuzanneSLO]

Has anyone added family members to their deeds cheaply? I don't mean giving other family members the ability to make reservations... I mean actually adding to the owners on the deed. As original owners get older, some finder it financially wise to add children to the deed to avoid inheritance issues....

---Paul in Southern NJ

You may want to talk to your estate planning attorney before you add your children's names to the deed to avoid inheritance issues. They can probably tell you the horror stories of adding a daughter's name to a deed, she is then tragically killed in a car accident and her estranged husband ends up inheriting her interest in the property because she never changed her will after he took everything and flew the coop!

It also raises the risk that your DVC interest might be subject to any issues your children encounter such as divorce and bankruptcy. -- Suzanne

 

[Dean]

You can do it yourself for around $40 for a single contract. Not difficult at all but may require a quit claim deed and will require that there is NO loan on the contract in question.