Names on deed

[duck_adoo]

We are buying direct on WL for BWV. Our kids are 22 and still at home probably will be a few years, but after they move out we’d like them to have access the DVC benefits.

 

[CarolMN]

Once the children move to a different address, they will not be able to buy the DVC annual passes (or qualify for other Membership Extras without you being present) unless their names are on the deeds as owners.

Consider consulting an attorney before you do that - adding others to the deed comes with some risks. For example, there may be legal ramifications should one of the owners want/need financial aid for college, need to file for bankruptcy or divorce, become unable to pay fees (or financing), die, enter into a dispute with other owners or wish to sell, etc.

 

[jscottnc]

We re-deeded our contracts when our daughter turned 18 for similar reasons. The only thing to be concerned about is the potential for liens if your kids run into any financial difficulties. We'll cross that bridge with our daughter if and when we come to it.

 

[WhitneyMB]

We're seriously considering buying DVC in the next year and are trying to work out all the details. One of our sons is college aged and I've thought of including him on the lease. However, he's applying to graduate school and I worry about how being listed as an owner would effect his FAFSA. (Graduate students don't list their parents' assets). Anyone run into this or have advice?

 

[supersnoop]

We're seriously considering buying DVC in the next year and are trying to work out all the details. One of our sons is college aged and I've thought of including him on the lease. However, he's applying to graduate school and I worry about how being listed as an owner would effect his FAFSA. (Graduate students don't list their parents' assets). Anyone run into this or have advice?

You should seek a professional opinion. There’s a lot of confusion about what type of real estate gets reported as assets on the FAFSA. Is it a second home or a rental property? Most timeshares are liabilities, not assets; they cost more to maintain than they’re worth. DVC has real value, so I suspect it would be considered an asset that he could dispose of to fund his education.

 

[WhitneyMB]

You should seek a professional opinion. There’s a lot of confusion about what type of real estate gets reported as assets on the FAFSA. Is it a second home or a rental property? Most timeshares are liabilities, not assets; they cost more to maintain than they’re worth. DVC has real value, so I suspect it would be considered an asset that he could dispose of to fund his education.

Thanks, your response is helpful. That's what I was thinking too. I probably could talk to the financial aid office at his school or call and talk to someone in the government. I'm not sure people consider this when they add their teenagers names to the deeds.

I see the rising prices and want to jump on buying something now--but if we wait 8-10 months we won't have to finance it. I'm trying to make the time go faster by getting every last detail worked out. lol