Retitling the deeds?

[Dean]

I agree. TSS and a few of the other resellers offer this service. Also, Disney DVC now offers this service for a fee as well. If you want help (for a fee) with the paperwork, I believe these alternatives are much better than what is offered at legalzoom.

Timesharing Today is different than TSS. They offer a document kit for rentals ($10) and for resales ($30) or combined ($35). This is quite different than paying $250 or so to get someone to do it for you. TTT will do this for you for $75 plus recording fees but I'm guessing you'd still need to get the ROFR from DVC first.

 

[LouisianaDisneyFan]

Timesharing Today is different than TSS. They offer a document kit for rentals ($10) and for resales ($30) or combined $35). This is quite different than paying $250 or so to get someone to do it for you. TTT will do this for you for $75 plus recording fees but I'm guessing you'd still need to get the ROFR from DVC first.

Wow, that's a great option! I had no idea such an economical service was available. Thanks for sharing the info. =)

 

[LouisianaDisneyFan]

For those who would like more reading on preparing a deed themselves, I found another very informative reference... and it finally gives a reason for the $10.00 figure. This is a link to the "Deeds" section of the Florida Underwriting Manual.

https://www.agentxtra.net/extranet/...a/Manuals/FloridaUnderwritingManual/Deeds.htm

This reference does a great job of defining the parts of the deed and explains why they are necessary. As this source is written for underwriters, a lot of attention is paid to standards for a conveyance to be legally binding. The section under "Warranty Deeds" entitled "Consideration" discusses what we've been talking about here regarding what should be listed on the document for consideration when giving a gift. This Manual states:

"Reciting consideration as a nominal sum (e.g., $10.00) and "other good and valuable consideration" creates a presumption of adequate consideration for the purpose of giving effect to the deed."

So yep, there's our answer about "Why $10.00???" Since this is the standard guideline underwriters are looking for to write a title policy, then this is the amount that is included in all of the resale and direct contracts.

The manual also specifically discusses special circumstances for gifts here:

https://www.agentxtra.net/Extranet/singlesource/NavMaster.asp?LinkID=5184111

From what I read here, it looks like having a conveyance that was a gift ("love and affection" or "good consideration" listed as the consideration) in the title chain puts a monkey wrench in the process for issuing title insurance. Now, that's no problem at all if you or those you give the points to never intend to offer the contract for resale. But if you want to maintain maximum flexibility with the contract, it might not be the best way to go.

HTH!
Evey =)

 

[LouisianaDisneyFan]

Alrighty, I got a definitive answer from Member Administration today regarding whether listing $10.00 as the consideration amount would negate the Waiver of ROFR. I was nervous about this over the weekend and left a message.

A CM from Member Administration called me back this morning (apparently, they are working on MLK day even though Member Services told me MA would be closed...). First she reminded me that Disney does offer a Deed preparation service and suggested I try that. I then told her that the deed had already been prepared, signed and notarized... and that it was, in fact, en route via FedEx to the Orange County Comptroller's office for delivery tomorrow. I went on to tell her I was worried that it would be returned from Disney because $10.00 was listed as the consideration rather than just "good consideration" and no dollar amount. The CM told me that I should not worry. She said that Disney also includes $10.00 as the consideration on the deeds that they prepare for gifts because it is "universally recognized as a nominal amount included to ensure the conveyance is legally binding." She also said that when nominal consideration is included in a contract, it is recognized as, in essence, a gift.

So, there ya' have it. Relief!

 

[Dean]

Alrighty, I got a definitive answer from Member Administration today regarding whether listing $10.00 as the consideration amount would negate the Waiver of ROFR. I was nervous about this over the weekend and left a message.

A CM from Member Administration called me back this morning (apparently, they are working on MLK day even though Member Services told me MA would be closed...). First she reminded me that Disney does offer a Deed preparation service and suggested I try that. I then told her that the deed had already been prepared, signed and notarized... and that it was, in fact, en route via FedEx to the Orange County Comptroller's office for delivery tomorrow. I went on to tell her I was worried that it would be returned from Disney because $10.00 was listed as the consideration rather than just "good consideration" and no dollar amount. The CM told me that I should not worry. She said that Disney also includes $10.00 as the consideration on the deeds that they prepare for gifts because it is "universally recognized as a nominal amount included to ensure the conveyance is legally binding." She also said that when nominal consideration is included in a contract, it is recognized as, in essence, a gift.

So, there ya' have it. Relief!

As I noted, I didn't think it'd be a problem but technically it does violate the requirement, esp if gifting it to someone, not as much so if adding or removing names with at least one owner remaining. One thing to realize is while there is a deed, it really doesn't have a lot of meaning. Most points systems hold the deeds in trust and you don't have to do a deed at all. It's really a system of documentation rather than a true ownership.