Purchasing Add On Then Changing Title

[dallastxcpa]

I am considering purchasing a small add on. My understanding is that 25 is the minimum. I want to do this quickly so while my preference would be SSR points I am willing to pay the additional for the current resort.

My intention is to change the title once the add on is complete so that I can add my adult daughters name to the title. The idea being that she and her family will then qualify for the DVC discounts.

Is my theory flawed? And how long should it take to complete the initial purchase and then change title?

Thanks

 

[supersnoop]

You'll have to change the title on all contracts. An "add-on" is still an additional contract.

There are a multitude of reasons why adding an adult child to your contract is a bad idea.

 

[DizBub]

We wanted to do something similar. Then we found that adding names, etc would mean a totally different membership number and all that would entail. Decided against it since we want our contracts to function seamlessly. I understand that many others think that this is no problem and work with/around it but I need simple.

 

[miTnosnhoJ]

Florida is a state that provides great protection in bankruptcy for husband and wife in bankruptcy. They can't take your home. If you are a FL resident, your primary home is the one you would want covered. If your primary home is elsewhere, this MIGHT help you, but consult a lawyer. If you add additional people to the deed, it may not qualify for this protection. When you buy direct from Disney, they make you waive this right, but it is not clear to me whether you waive it just from judgements by Disney, or whether you waive it against all creditors.

If your daughter finds herself In a divorce, this could be part of the assets to be divided up.

If she has student loans, or is in a profession that may be sued, this could become part of her assets in a bankruptcy.

I am not a lawyer, but if any of these raise red flags for you, I would consult a lawyer before adding them to the deed.

Other than that, no problem, except they can have an online account and make reservations, so you would want to coordinate well.

 

[Lynne M]

This seems like an awful lot of trouble, expense and risk for some relatively minor discounts that come and go. Honestly, they'd probably do better just buying annual passes.

 

[Dean]

I am considering purchasing a small add on. My understanding is that 25 is the minimum. I want to do this quickly so while my preference would be SSR points I am willing to pay the additional for the current resort.

My intention is to change the title once the add on is complete so that I can add my adult daughters name to the title. The idea being that she and her family will then qualify for the DVC discounts.

Is my theory flawed? And how long should it take to complete the initial purchase and then change title?

Thanks

It is an option. As noted, it'll become a separate contract and won't function directly with your other contract(s) but you could routinely transfer the points. It will give them membership status and potentially different household addresses for passes/tickets and the like. It'll cost you as little as around $40 if you do it yourself to $450 for a full service title company. LT transfers is the cheapest I know and they'll do it for around $175 including recording fees. We did something similar. We bought 100 points at AKV (there was a discount at 100) but 4*25 adding my daughter. My intent was to later sell all but one 25 for the reasons you mention but we never got around to it. Another option is to buy 50, say at Poly or CC when it goes on sale and maybe do 2*25 adding them as part of the purchase. You may want to talk to your guide to see if they can do the sale primarily given your intentions. I don't recall seeing a direct sale of 25 points in this circumstance but they may consider it, esp for SSR. If this were my plan, I'd be tempted just to do 50 (2*25) retail and consider the avoided costs a discount. I know people that have just bought 25 resale as their only ownership mostly for the perks, of course that's no longer an option.

To get it done completely will likely take about 2-3 months assuming your ready to go with the change options. You could go ahead and get the info and deed ready for the change as soon as you get started with the retail purchase. As soon as the process is complete retail, you could send off the info for the change. Again, I'd talk to your guide and possibly a supervisor and see if you can get some help on the DVD side.

One consideration for this type of situation that I don't believe I've seen talked about in terms of DVC is that potentially this could make them liable for your contracts as well or at least if there were an issue with your contract, it could make the joint contract as not in good standing and thus not usable. I don't know if DVC would take that stance but I know at least one company that does.