Sample Co-owner Agreement?

[las710]

My sister's family and my family are seriously considering purchasing at BLT. The thought is that each family would probably go every other year and therefore purchasing DVC is attractive -- we'd book our trips on alternate years and use that year's points. Currently neither of us would consider going iinto the DVC alone.

That being said, I think it is necessary for us to have some written document between our familes of how this arrangement would work. We have different ways of vacationing and I could see her family needing more than the alloted yearly figure and wanting to dip into ours. Not a big deal if we have some kind of agreement in advance (i.e. where we compensate each other if we want to borrow points and seek approval). I am sure there are a lot of other potential issues that could come up and I just want to have a set of rules/bylaws that would help guide us through them.

We are planning to have Disney do two title deeds so that there are two separate deeds with half the points on each. The thought is that it would make things easier down the line if we decided to split off and go out on our own. Any other items we should be considering?

If anyone has gone through this process and has any words of wisdom, sample contracts, etc. I would really appreciate it.

Thanks so much,
Lisa

 

[Deb & Bill]

...We are planning to have Disney do two title deeds so that there are two separate deeds with half the points on each. The thought is that it would make things easier down the line if we decided to split off and go out on our own. Any other items we should be considering?

If anyone has gone through this process and has any words of wisdom, sample contracts, etc. I would really appreciate it.

Thanks so much,
Lisa

I don't think Disney will do that unless each contract is 160 points or more. Owners can't split up contracts, only Disney can.

And if that is the case, why not each buy your own? Plus, unless you really want BLT, why not buy a resale and save money?

 

[CarolMN]

My advice is for both families to buy their own contract.

Just buy 1/2 of what you think you will need for your annual trips. You can still share if necessary - by making reservations for each other or transferring points, but you each retain complete control (rather than shared control) of your own points. That's easier than trying to come up with a contract or agreement that anticipates all the possible issues you might encounter.

If you own together you could be stuck with annual fees you didn't plan on and your share may even be subject to a forced sale if the other family has to file bankruptcy or even wants to sell before you do.

If you can't swing a minimum purchase on your own, my advice is to go resale.

 

[Dean]

A family partnership for a timeshare, condo, etc is simply a bad idea. The only way Disney allows separate titles and deeds is if you buy two separate contracts. They MIGHT allow a split contract of say 80 pts each as an initial purchase and you could change the deed later if you wanted. Better would be one to buy with an agreement of how their going to be used (and who pays what) for the next 3-4 years and no more.