Multiple owners - 2 want to sell out to third

[Twende]

I am part of a multiple owner DVC. The original buyer, my father just passed away leaving the three (myself and two brothers) of us as co-owners. The other 2 owners want to sell me their share.

How is this done? Will I maintain my rights to use these points on things like cruises since I was on the original contract?

Has any one done this before?

Hind sight is great and if I knew then what I knew now I would have never agreed to be part of a multiple owner listing. It worked well as long as my father was alive but it has been a complete nightmare since his death in March.

Thanks in advance for any help.

 

[disneynutz]

I believe that you can get a quit claim deed from the others and submit it to Disney and the County. You can contact DVC Administration for instructions.

Bill

 

[Twende]

Thanks for the quick reply Bill!

I figured that I would call DVC Admin tomorrow and get some more answers. This house is too darn noisy today to even get a phone call done! Life is a bit crazy.

I figured someone here has been through the process and wondered how it went for them.

 

[mnra]

Not sure but does it matter that they want to sell it to him as oppose to just deed it over.

 

[OrangeCountyCommuter]

Well, it's a family sale...

IMHO I would not bother to tell Disney if there will be cash exchanging hands and just get a quit claim from your brothers. BUT... since part of this was in your father's name I think the estate will have to be settled first!

Good luck!

 

[Dean]

For such a situation it really doesn't matter if there's cash changing hands. Yes you will retain the original rights.

The process is to contact Disney and complete the change of ownership form. Once you have that, DVC will issue a ROFR and you need to record the RFOR and a deed. Once recorded, send DVC a copy of the recorded deed and they will change it over. This all assumes no loan is present or any loan is paid off before ROFR.

 

[Twende]

Thanks everyone. There is no loan on it. So we do not have to worry about that.

Can DVC admin do the all the paper work or do I need to contact a private attorney to have quit claim deed papers prepared?

I would like to make this as smooth as possible. My brothers have not been super cooperative but at this point they just want the cash value. Money will most likely exchange hands but it will be in form of future parts of inheiritance. Not sure if that really matters at all.

I am pleased to hear that I should retain the original rights as we hoped for a cruise in the future.

 

[Dean]

Thanks everyone. There is no loan on it. So we do not have to worry about that.

Can DVC admin do the all the paper work or do I need to contact a private attorney to have quit claim deed papers prepared?

I would like to make this as smooth as possible. My brothers have not been super cooperative but at this point they just want the cash value. Money will most likely exchange hands but it will be in form of future parts of inheiritance. Not sure if that really matters at all.

I am pleased to hear that I should retain the original rights as we hoped for a cruise in the future.

You can do it yourself and you really should in this situation. IF you want someone to do part of the legwork, at least get the ROFR done yourself so you'll have control. IF you want someone to get the deed and recording, http://www.timetraveltraders.com/ will do it for $95 plus recording fees. Timeshare Transfers is $300 but will also do individual services such as deed prep. Orange County has the info on their website how about recording.

 

[di19]

I'm so glad to read this post because my husband and I have a similar issue - he and his ex wife of 10 years are owners at BWV (we have also purchased a contract at BWV) and have always shared the points of that contract equally throughout the years. However, it can get a little difficult remembering who used how many points and between banking and borrowing it just seems to make more sense to legally resolve the contract. Either of us is willing to buy out the other but the question is how to actually legally remove one owner? I was thinking that it may just be a quick claim deed . We were hoping not to have to pay lawyers fees.

 

[Twende]

I'm so glad to read this post because my husband and I have a similar issue ..........
I was thinking that it may just be a quick claim deed . We were hoping not to have to pay lawyers fees.

Yes, what you can do is the "Quit Claim Deed" paper work.

We are just getting to the point of finalizing ours as I refused to spend a penny of my own money until I had a signed document back from my siblings stating that they intended to sell to me and thus sign the legal documents that would be sent to them. I am not sure how it would all hold up in court but at least I feel better knowing I have signed proof that they intend to sign. I could not get anyone to send them the paperwork without paying up front first.

I will be so glad when this is all over.

 

[bobbiwoz]

Yes, what you can do is the "Quit Claim Deed" paper work.

We are just getting to the point of finalizing ours as I refused to spend a penny of my own money until I had a signed document back from my siblings stating that they intended to sell to me and thus sign the legal documents that would be sent to them. I am not sure how it would all hold up in court but at least I feel better knowing I have signed proof that they intend to sign. I could not get anyone to send them the paperwork without paying up front first.

I will be so glad when this is all over.

I am glad that you seem to be coming to a happy solution. Things seemed bad just a little while ago!

 

[Twende]

I am glad that you seem to be coming to a happy solution. Things seemed bad just a little while ago!

Thanks for your thoughts. I really appreciate them.

Things are still beyond horrid with my siblings but at least this part will be done. They want no part of Disney and I will be happy to carry on my father's wishes to make Disney a happy place to enjoy in our future and a place to relive the happy memories that my family had there with my parents.

How does the song go?......


I decided long ago, never to walk in anyone's shadows
If I fail, if I succeed
At least I live as I believe
No matter what they take from me
They can't take away my dignity
Because the greatest love of all
Is happening to me
I found the greatest love of all
Inside of me
The greatest love of all
Is easy to achieve
Learning to love yourself
It is the greatest love of all

I believe the children are our future
Teach them well and let them lead the way
Show them all the beauty they possess inside
Give them a sense of pride to make it easier
Let the children's laughter remind us how we used to be

 

[Cherylzw]

Good Luck with the transfer. I am sure Disney will be very helpful in getting it done as painless as possible.

 

[Dean]

I'm so glad to read this post because my husband and I have a similar issue - he and his ex wife of 10 years are owners at BWV (we have also purchased a contract at BWV) and have always shared the points of that contract equally throughout the years. However, it can get a little difficult remembering who used how many points and between banking and borrowing it just seems to make more sense to legally resolve the contract. Either of us is willing to buy out the other but the question is how to actually legally remove one owner? I was thinking that it may just be a quick claim deed . We were hoping not to have to pay lawyers fees.

It's actually fairly easy and you do not need a lawyer. You can do it all yourself if you want.

Caveat's include that all current owners will need to sign, that the loan must be paid off with no lien's and that there must be two witnesses AND a notary. The notary can also sign separately as a witness but the act of notarizing does not count as a witness.

Steps are as follows:

• Contact DVC and get their current transfer package. I'd do it by email so they'll return it by email.
• Complete the transfer form and send it in by fax or snail mail.
• They will do a ROFR and send it to you. (if you have multiple deeds, let me know).
• You'll then need a FL deed (assuming it's a FL location) and record the deed and ROFR with the county, Orange Co is fairly easy. Then send the recorded deed back to Disney with an additional form to complete they'll send you with the ROFR.

That's it, total cost, recording fees and if you paid for the deed template somewhere around $40 for one contract. If you can't stomach doing it yourself, I'd still suggest you do everything up until you get the ROFR. One company will do it for around $90 plus recording fees.

 

[pkgman]

It's actually fairly easy and you do not need a lawyer. You can do it all yourself if you want.

Caveat's include that all current owners will need to sign, that the loan must be paid off with no lien's and that there must be two witnesses AND a notary. The notary can also sign separately as a witness but the act of notarizing does not count as a witness.

Steps are as follows:

• Contact DVC and get their current transfer package. I'd do it by email so they'll return it by email.
• Complete the transfer form and send it in by fax or snail mail.
• They will do a ROFR and send it to you. (if you have multiple deeds, let me know).
• You'll then need a FL deed (assuming it's a FL location) and record the deed and ROFR with the county, Orange Co is fairly easy. Then send the recorded deed back to Disney with an additional form to complete they'll send you with the ROFR.

That's it, total cost, recording fees and if you paid for the deed template somewhere around $40 for one contract. If you can't stomach doing it yourself, I'd still suggest you do everything up until you get the ROFR. One company will do it for around $90 plus recording fees.

Dean, you made this sound very simple.

Is it that much harder if I needed to remove my deceased wife from title of my SSR contract. I have added two contacts on directly through DVC that do not have her listed as an owner. All of the contracts are completely paid off. DVC was not much help on how to remove her.

I assume that I could do the above with a notarized death certificate. Or am I assuming too much.

 

[Dean]

Dean, you made this sound very simple.

Is it that much harder if I needed to remove my deceased wife from title of my SSR contract. I have added two contacts on directly through DVC that do not have her listed as an owner. All of the contracts are completely paid off. DVC was not much help on how to remove her.

I assume that I could do the above with a notarized death certificate. Or am I assuming too much.

Changing the deed is simple though I'm not sure about doing so with a deceased person. I know some have reported DVC doing it themselves by supplying a death certificate others have said they had to get a lawyer in each state, I'd call and talk to Member Admin to see what they say. I'm not sure why you'd really need to though unless you want to add someone now, if you sell in the future, you could do it all at one time. You may want to put in a call to your probate attorney as well to check the laws of your state that might apply for such a situation. Hopefully you were listed as joint tenants with right of survivorship, I understand this will make the process simpler. I've also been told that in some situations you'll need to have the death certificate recorded. You might also want to talk to some of the closing companies. I think ttt and elite title transfers will do the work for around $100 or less their charges, plus any fees charged such as recording. They should also have some knowledge in this area.

 

[Twende]

Well there is now a shred of good news to share. I have been able to get my siblings to sign the paper work and their names are officially off the DVC deed.

I was unable to take the easier and less expensive route of doing most of it myself as advised here, since my siblings refused to allow me to do it. I ended up using the DVC company to do all the paper work. It cost me $475 but at least it is done, and done legally

The worst part was waiting for them to sign the legal paper work. That alone has been ulcer city.

So today is a day to celebrate. At least my hubby and our children will have years of enjoyment because of my dad buying into DVC!

Thank you all for your advice and support!

 

[bobbiwoz]

Yeah!

 

[Dean]

Well there is now a shred of good news to share. I have been able to get my siblings to sign the paper work and their names are officially off the DVC deed.

I was unable to take the easier and less expensive route of doing most of it myself as advised here, since my siblings refused to allow me to do it. I ended up using the DVC company to do all the paper work. It cost me $475 but at least it is done, and done legally

The worst part was waiting for them to sign the legal paper work. That alone has been ulcer city.

So today is a day to celebrate. At least my hubby and our children will have years of enjoyment because of my dad buying into DVC!

Thank you all for your advice and support!

congratulations, I'm glad it worked out reasonably. The closing fee is a relatively small price though I'm surprised they charged you that much since you didn't need escrow or title insurance.

 

[Disney Princess]

I am glad it worked out for you in the end!