Ownership question?

[joelly2103]

We currently own at VWL under my husband and my name and address. My mother does not live in our household but we travel with her every year. She agreed to pay 1/2 for this membership, but the problem is she is not entitled to receive any of the benefits, because she does not live in our household.

Can we add her to name to our title - and would she receive the benefits? how would this work if her address is not the same as ours?

If we added a small contract to our membership can we put her on the small contract, and use her address?

Or, should we buy from resale the small contract and if we want to combine points, she could transfer them to us 1 time a year - if necessary?

Does anyone know the easiest way to handle this?

 

[disneynutz]

We currently own at VWL under my husband and my name and address. My mother does not live in our household but we travel with her every year. She agreed to pay 1/2 for this membership, but the problem is she is not entitled to receive any of the benefits, because she does not live in our household.

Can we add her to name to our title - and would she receive the benefits? how would this work if her address is not the same as ours?

If we added a small contract to our membership can we put her on the small contract, and use her address?

Or, should we buy from resale the small contract and if we want to combine points, she could transfer them to us 1 time a year - if necessary?

Does anyone know the easiest way to handle this?

I believe she can be added as a associate member. Your best bet is to talk to your Guide or Member Administration.

 

[RobDoc]

Yes, she can be added to the deed - there would be additional fees to have the deed recorded and the legal documentation updated. She could be added as an associate member and could then make reservations, but that would not entitle her to any of the member benefits.

She could not be included on the deed for an add-on (without first going thru the process described above), since that must be titled the same as the master contract.

Purchasing a resale contract would allow you to title the deed in any way without additional cost (other than purchasing the resale).

If she travels with you on every trip, she would already receive all DVC benefits you now get except the AP discount. If she travels to WDW by herself at times, it may be worthwhile having her on a deed to get the DVC benefits for herself.

 

[Dean]

You could buy 160 points new or buy a resale contract of any size as you suggest. You could change the deed which involves completing a transfer form and sending it to DVC for Right of first Refusal. After you get that you need a new deed and have it recorded plus get a copy back to DVC, cost about $50 if you do it all yourself up to $500 is you use a full service closing company. If there's an outstanding loan, that will need to be paid off first OR get the written permission of the mortgage holder to change the title. If you don't plan to do other transfers, you may want to consider simply doing a 25 points add on for cash to your current contract then changing the ownership of only the 25 pt contract itself as I described above. The 25 points then becomes a stand alone contract with what ever names you place on it. You could transfer those points back to your main contract if you wanted but you'd use up the one per year transfer if you did so. You can also make reservations with each separate contract and link them for any given stay which is likely the best option for most instances. Of course if you buy a resale or new stand alone contract that doesn't have exactly the same people or use year on it, that would be stand alone as well.

The other benefit of doing the 25 point add on retail is that if you have a loan I believe you could make changes with the add on even if you have an outstanding loan on the main contract. Of course you'd have to pay cash for the 25 pt contract but in this situation you'd want to anyway.

While I'd agree with Rob that she will get MOST benefits is she's always with you, the one she would not legally get is the member pass discount as she does not live at the address of an owner.

 

[joelly2103]

Wow, what detailed answers! You guys really spend the time to ready my long emails and think through the issues. THANK YOU!

To keep things simple I think we are going to look for a small contract resale and put it in her name. This way she will get the full benefit of membership. I felt bad that she paid 1/2 and then could not get all the benefits. We were thinking of getting some small points at another resort, so this seems like the right opportunity.

One last question, are points transferred into an account available to bank or borrow?

 

[Dean]

One last question, are points transferred into an account available to bank or borrow?

They can be banked but not borrowed.

 

[flyerron]

I was told that if other members are on the deed, they get all the same benefits even if they have a different address. Of course we registered all our married children under the same address. They can change their profiles with DVC online at any time.

 

[Dean]

I was told that if other members are on the deed, they get all the same benefits even if they have a different address. Of course we registered all our married children under the same address. They can change their profiles with DVC online at any time.

Each address listed with an owner on the deed is a valid one and the applicable discounts do apply no matter how many are listed and ALL of their applicable relatives also qualify. The pass discount is the main one in question and there really are two qualifying factors. In order to get the discount one must be an owner Or be a qualifying relative that lives at the same address as an owner. The same relative at a different address doesn't qualify and someone out of the circle of relatives doesn't qualify even if they live at the same address. I'm sure there's a lot of hanky panky with this situation and that many are/will get the discount that aren't supposed to.

 

[flyerron]

Just for the record, all of our married children are registered as owners on the original purchased deed. They may change their addresses at will since they are owners. Anyone who is buying with their children in mind should list them as owners. It is not a good idea to list their spouses however if they have one.

 

[joelly2103]

In my situation, my husband and I decided to purchase and as the contract was being mailed to me, we told my mom what we were doing. She then said she would pay 1/2, since she travels with us every year. I said that was great! The problem came up when we went to get our annual passes and were told since she was not an owner and not living at my address, she was not entitled to get the AP discount.

Changing the deed seems complicated, eventhough you detailed everything out, not to mention costly.

We are considering an add on anyway, so we are thinking we would just put it in all three names.

Ok, just a few more questions?
You said you could bank but not borrow transferred in points? Could we borrow points from the small contract then transfer them?

What is the window for transferring? Lets say we have 150 points at VWL, can we transfer at the 12 month window, then having 150 plus 40 (new) at BCV - and be able to book the full points at BCV at the 11 mo. window?

It seems the more I know, the more question I have.

 

[RobDoc]

...

Changing the deed seems complicated, eventhough you detailed everything out, not to mention costly.

We are considering an add on anyway, so we are thinking we would just put it in all three names.

The add-on will be titled the same as the master contract and deed - so you would need to add your Mom to that deed as aleady described and with the same additional costs.

Ok, just a few more questions?
You said you could bank but not borrow transferred in points? Could we borrow points from the small contract then transfer them?

No, borrowed (and banked) points may not be transferred. Transferred points may be banked into the following Use Year, but those points could not then be borrowed (banking is an irreversible transaction).

What is the window for transferring? Lets say we have 150 points at VWL, can we transfer at the 12 month window, then having 150 plus 40 (new) at BCV - and be able to book the full points at BCV at the 11 mo. window?

You are allowed to transfer points into (or out of) the same Use Year - 2007 points may be transferred into another 2007 Use Year, 2008 points may be transferred into (or out of) another 2008 Use Year.

Transferred points will retain their original Home Resort status and Use Year. Transferred BCV points may be used at that resort only at 11 months. Using the example cited, you would have 150 points to use at VWL and 40 points to use at BCV at 11 months. You would have 190 to use at any resort at 7 months.

 

[Dean]

In my situation, my husband and I decided to purchase and as the contract was being mailed to me, we told my mom what we were doing. She then said she would pay 1/2, since she travels with us every year. I said that was great! The problem came up when we went to get our annual passes and were told since she was not an owner and not living at my address, she was not entitled to get the AP discount.

Changing the deed seems complicated, eventhough you detailed everything out, not to mention costly.

We are considering an add on anyway, so we are thinking we would just put it in all three names.

Ok, just a few more questions?
You said you could bank but not borrow transferred in points? Could we borrow points from the small contract then transfer them?

What is the window for transferring? Lets say we have 150 points at VWL, can we transfer at the 12 month window, then having 150 plus 40 (new) at BCV - and be able to book the full points at BCV at the 11 mo. window?

It seems the more I know, the more question I have.

I still think your best bet is to either do an add on THEN change it over or just change what you own. It's not as complicated as you may think. If you buy resale you're going to be stuck with the larger closing costs where you could easily do it yourself for a simple transfer. And if you are uncomfortable with a portion (like the deed prep), you can easily get that done yourself for something you own cheaper where for a purchase through a broker, you won't have that option in all likelihood.