Names on Deed????

[susanreed]

Thanks to everyone for their input. I finally felt confident enough with my knowledge of the DVC and moved forward with a resale. (I bought 160 points at the BWV with 160 banked points. Price was $70.00 per point. I pay closing costs and 2004 maintenance fees. Now
let's hope it passes ROFR) Anyway, my question refers to the titling of the deed. My realtor indicated that only myself and my husband could be listed as owners. I wanted to include my four children but was told that children under the age of 18 cannot own real estate in Florida. She said they will acquire it through our wills. Is this correct? I'd like to list them somewhere as owners to avoid the hassle later? What did all of you with children do?

 

[Doctor P]

If I remember my general real estate law correctly, the GENERAL rule is that minors are not allowed to own real property in their own name (it's a much more major issue if there is any borrowing done that is secured by the property). I think you have been given good advice to handle it through your will until your children reach the age of majority.

 

[tjkraz]

For what it's worth, you can transfer your DVC ownership to children without the contract having to pass through ROFR. As I understand it, DVC does have ROFR in just about every transfer situation, but this is one scenario where they do not.

Although I'm not certain what the tax implications might be with a transfer that occurs after death.

 

[Dean]

What you've been told is consistent with the info I've gotten on real estate and timeshares in FL.