Need to add Daughter to DVC Contract as Member

[famgel]

Contacted DVC regarding adding our daughter as a Member to our contract and they referred us to First American Title Co. Approx. cost about $500! I googled and found a co LT Transfer Co. Out of GA with an approx cost of $175 which includes a current copy of our Deed. has anyone else had any experience with either company? I live in NY and would like to save money but also don't want to be scammed! Thank you!

 

[disneynutz]

Why not just add her yourself? Call DVC admin back and ask for instructions. You don't need another title search and policy IMO.

Bill

 

[erionm]

Check this thread to see if it answers you question: Adding a Name on Existing Contract

 

[kbeam]

If you don't feel like doing all the legwork yourself, I can recommend using LT Transfers. Efficient, straight-forward, honest. Very easy.

 

[famgel]

Why not just add her yourself? Call DVC admin back and ask for instructions. You don't need another title search and policy IMO.

Bill

Because a new deed has to be created and recorded. And I have to give them a current deed which I don't have, so I have the feeling that I need to hire one if these companies? Here's paragraph that worries me from DVC,
MAKE ARRANGEMENTS FOR A NEW DEED:

The Owner(s) is responsible for the preparation, execution and recording of any real estate transfer documents such as a new Deed, at the Owner(s) expense. The Owner(s) is urged to consult with an experienced real estate attorney licensed to practice law in the state in which the property is located; or other professional advisors concerning this real estate matter regarding estate planning and how title is to be taken. We encourage the Owner(s) to exercise due diligence in this regard.

 

[famgel]

If you don't feel like doing all the legwork yourself, I can recommend using LT Transfers. Efficient, straight-forward, honest. Very easy.

Ok great thank you for the reinsurance of using LT Transfers

 

[famgel]

Check this thread to see if it answers you question: Adding a Name on Existing Contract

Thank you so much! It's an older post but I could look into it just was wondering if anyone else has experience with LT Transfers.

 

[JWG]

You can probably find any number of people to do it cheaper than Disney will. I have a legal plan through work, so I was able to do for free which was nice.

 

[disneynutz]

Because a new deed has to be created and recorded. And I have to give them a current deed which I don't have, so I have the feeling that I need to hire one if these companies? Here's paragraph that worries me from DVC,
MAKE ARRANGEMENTS FOR A NEW DEED:

The Owner(s) is responsible for the preparation, execution and recording of any real estate transfer documents such as a new Deed, at the Owner(s) expense. The Owner(s) is urged to consult with an experienced real estate attorney licensed to practice law in the state in which the property is located; or other professional advisors concerning this real estate matter regarding estate planning and how title is to be taken. We encourage the Owner(s) to exercise due diligence in this regard.

Where is your deed? You can get a copy from the county clerks office but if having someone else do the work for you gives you piece of mind than it's better to pay to have it done.

Bill

 

[famgel]

I did find my deed, yea! I did contact LT Transfers looks like it'll cost about $175 and take about 3 months. Has to go to Disney, then back to them, then has to be recorded. They're are extremely busy, so I'm glad I'm starting now! Want to be able to hand my daughter hew own DVC card before our trip in Jan! Thank you all for your help! I'm in NY and really don't have the time to deal with the process so this is a reasonable cost to me.

 

[OKW Lover]

Contacted DVC regarding adding our daughter as a Member to our contract and they referred us to First American Title Co. Approx. cost about $500! I googled and found a co LT Transfer Co. Out of GA with an approx cost of $175 which includes a current copy of our Deed. has anyone else had any experience with either company? I live in NY and would like to save money but also don't want to be scammed! Thank you!

Disclaimer: I am not a lawyer, no do I play one on the DIS Boards.

You don't say how old your daughter is or her marital status. Perhaps you are already aware of some of the potential negative consequences of doing this but just in case, if you add your daughter to the deed:

1. This then becomes an asset of hers. If she applies for financial aid in college, this could work against her.
2. If your daughter is married or gets married, but subsequently gets divorced you could loose this in a divorce settlement.
3. If your daughter encounters financial difficulties and has to declare bankruptcy, this asset could be lost in the process

There might be other things to consider.

 

[famgel]

Disclaimer: I am not a lawyer, no do I play one on the DIS Boards.

You don't say how old your daughter is or her marital status. Perhaps you are already aware of some of the potential negative consequences of doing this but just in case, if you add your daughter to the deed:

1. This then becomes an asset of hers. If she applies for financial aid in college, this could work against her.
2. If your daughter is married or gets married, but subsequently gets divorced you could loose this in a divorce settlement.
3. If your daughter encounters financial difficulties and has to declare bankruptcy, this asset could be lost in the process

There might be other things to consider.

Def food for thought! She's 25, not married, but my son, 27 is already on deed. Maybe we can amend our will to add and specify our wishes. Maybe take son off and rely on our will to state of wishes. Thank you!

 

[supersnoop]

Def food for thought! She's 25, not married, but my son, 27 is already on deed. Maybe we can amend our will to add and specify our wishes. Maybe take son off and rely on our will to state of wishes. Thank you!

Or form a trust, transfer ownership to the trust, and assign control of the trust in your will.

 

[JWG]

Nevermind

 

[erionm]

If the big concern is a membership card for the trip and member benefits adding her has an Assoc. member would be an option.

Associate Members are not owners and as such are not eligible for member benefits.

 

[TavieP]

We used Nancy Kirsch at Magic Vacation Title and she was very good. She helped me, my dad and my sister transfer his deed (which he bought with my late mother, in 1992) over to my sister and me last year. They charged $150 and the process was fairly easy.

 

[tjkraz]

Def food for thought! She's 25, not married, but my son, 27 is already on deed. Maybe we can amend our will to add and specify our wishes. Maybe take son off and rely on our will to state of wishes. Thank you!

I'm also not a lawyer but as I understand it, the right of survivorship recognized by Florida law should take precedent over any stipulations in your will.

Upon passing of any owner(s), the property is redistributed among all survivors. If your son is on the deed now, should anything happen to yourself and all other co-owners, he would then be full owner of the DVC contract.

As OKW Lover said, the property will be treated as an asset of ALL owners in the event of divorce, bankruptcy, etc. Rightfully it should even be listed as an asset whenever a co-owner applies for a loan. If you want to insulate the DVC contract from these potential issues--and retain full control over who ultimately receives the property--then you should not have any other names on the deed.

Of course, taking adult children off the deed (or leaving them off) means they will not receive an ID card and will not be eligible for many perks. Associate members do not get ID cards and are not automatically eligible for certain perks like the AP discount.

 

[supersnoop]

I'm also not a lawyer but as I understand it, the right of survivorship recognized by Florida law should take precedent over any stipulations in your will.

Upon passing of any owner(s), the property is redistributed among all survivors. If your son is on the deed now, should anything happen to yourself and all other co-owners, he would then be full owner of the DVC contract.

As OKW Lover said, the property will be treated as an asset of ALL owners in the event of divorce, bankruptcy, etc. Rightfully it should even be listed as an asset whenever a co-owner applies for a loan. If you want to insulate the DVC contract from these potential issues--and retain full control over who ultimately receives the property--then you should not have any other names on the deed.

Of course, taking adult children off the deed (or leaving them off) means they will not receive an ID card and will not be eligible for many perks. Associate members do not get ID cards and are not automatically eligible for certain perks like the AP discount.

It's also going to depend on the state where the parents and children live, and the way the deed is titled. The deed holders might automatically take ownership in the case of death, or that one person's share might pass to their heirs. If the son owns 33% of the contract and lives in a community property state, then his wife has an equal claim. That's why this can get difficult; because the spouse could cause the entire contract to be sold in order to get their portion in the event of divorce. Or the son could leave his 33% share to his children, depending on the deed. Everyone on the deed is considered an equal owner, but the deed can be set up to dictate what happens when one dies.

 

[Dean]

If you don't feel like doing all the legwork yourself, I can recommend using LT Transfers. Efficient, straight-forward, honest. Very easy.

While I haven't used them myself, I have seen a lot of positive comments on TUG (Timeshare Users Group) over the years.

Because a new deed has to be created and recorded. And I have to give them a current deed which I don't have, so I have the feeling that I need to hire one if these companies? Here's paragraph that worries me from DVC,
MAKE ARRANGEMENTS FOR A NEW DEED:

The Owner(s) is responsible for the preparation, execution and recording of any real estate transfer documents such as a new Deed, at the Owner(s) expense. The Owner(s) is urged to consult with an experienced real estate attorney licensed to practice law in the state in which the property is located; or other professional advisors concerning this real estate matter regarding estate planning and how title is to be taken. We encourage the Owner(s) to exercise due diligence in this regard.

It's really not difficult to do it yourself. Your cost is their charge plus the recording fees which I assume is included in the $175. A quit claim deed that meets FL requirements would be sufficient in this situation using the old deed as the legal template if you wanted to do it yourself which would be quicker. You could still do the ROFR yourself very easily if you wanted which would speed up the process.

Def food for thought! She's 25, not married, but my son, 27 is already on deed. Maybe we can amend our will to add and specify our wishes. Maybe take son off and rely on our will to state of wishes. Thank you!

There are risks so in part it depends on the value of the contract, basically home resort and number of points. If the goal is to get them to be able use the points and make reservations, adding her as an associate will do that. If the goal is for the perks/discounts, she could get the pass discount now but not some of the rest. One way to accomplish this for some is to do an add on of say 25 points same UY and home resort then change the name on that contract alone. It'd make it a stand alone which offers some limitations but it does protect the rest of the assets and give owner status. This could be a poor choice for some looking to do other transfers as transferring the points is often the best way to use them in this scenario but it does offer some possibilities.

 

[southerngirl528]

I do believe your membership must be paid in full before you can make any changes at all to the deed as well.