Split a 50 point contract? Closing cost?

[Desnik]

If I want to buy a 50 point contract, and have it split so that 25 points can go in each of my 2 kids names, will I be charged closing costs twice?

What are the closing costs? It would be for the GFV.

Thanks!

 

[disneynutz]

Don't know the cost but you will end up with 3 memberships. Each different name has it's own account and membership, not worth it IMO.

Bill

 

[Desnik]

Don't know the cost but you will end up with 3 memberships. Each different name has it's own account and membership, not worth it IMO.

Bill

Oh, I didn't even think of that! So the member # goes by whose name is on the deed? Thanks for the info!!

 

[DebbieB]

Are your kids 18 or over?

 

[Desnik]

Are your kids 18 or over?

No. Pardon my ignorance, but do they have to be? We would be paying cash. I just thought it would be nice for each of them to have a contract in their name for the future.

I suppose I can get the contract and split it but keep in in mine & DH's name so the member # stays the same. Once they get older we can put the deeds in their name.


I still don't know the answer to my question though. Does anyone know if they charge you 2 closing costs when spliting the contract?

 

[DebbieB]

No. Pardon my ignorance, but do they have to be? We would be paying cash. I just thought it would be nice for each of them to have a contract in their name for the future.

I suppose I can get the contract and split it but keep in in mine & DH's name so the member # stays the same. Once they get older we can put the deeds in their name.


I still don't know the answer to my question though. Does anyone know if they charge you 2 closing costs when spliting the contract?

I believe they have to be 18 to have their name on a deed.

If you could do it, they would be separate memberships, how would you handle reservations?

 

[Chuck S]

I still don't know the answer to my question though. Does anyone know if they charge you 2 closing costs when spliting the contract?

I would think they have to, the county charges them two recording fees.

 

[CarolMN]

I googled "adding a minor child to a deed" and among the many results saying it was a bad idea, I found this:

"Get an experienced real estate attorney involved as well as an estate planner. What she is considering doing is potentially disastrous.

Consider the following:
1. As a minor, the child is not able to enter into real estate transactions and therefore the property may not be sold until the child is 18.

2. If the child wants to go to college, then the financial aid office will look at that percentage ownership in the paid off house as the child's asset and will weigh it much greater than if it were the grandparent's asset alone.

3. If the child is ever involved in a lawsuit, say for a car accident when they are 16, then leins could be put on the house and it can potentially be lost.

4. Depending on how the property is titled, then the other children will not be able to argue ownership of the whole property. But they can argue over the 1/2 ownership that your mother retained. "

 

[intertile]

You will be charged closing fees twice. It is not double though. For example, I purchased 100 points Thursday. I decided to split them into 2 contracts in csse I want to easily downgrade in the future. The closing costs for (1)100 point contract was around $275, and for (2) 50 points contracts was around $340. The $65 difference was worth it in my opinion.

Your guide can go over the costs with you.

 

[nalajms]

Someone had posted that it's about an extra $60-$70 to split a contract. The best thing for you is to buy the 50pt and have them split it into two 25pt contracts with identical names on the membership. When your kids turn 18, you can split the 2 up and add their names to the contract.

My closing cost for 50pt was $121.

 

[Desnik]

Thank you all for the information!!!

 

[lovin'fl]

and for (2) 50 points contracts was around $340.

My closing cost for 50pt was $121.

So, for one 50 point contract the CC were $121 and for two 50 pointers it was $340 and not $242?!?!?!?!? Doesn't seem right.

 

[Sur]

I googled "adding a minor child to a deed" and among the many results saying it was a bad idea, I found this:

"Get an experienced real estate attorney involved as well as an estate planner. What she is considering doing is potentially disastrous.

Consider the following:
1. As a minor, the child is not able to enter into real estate transactions and therefore the property may not be sold until the child is 18.

2. If the child wants to go to college, then the financial aid office will look at that percentage ownership in the paid off house as the child's asset and will weigh it much greater than if it were the grandparent's asset alone.

3. If the child is ever involved in a lawsuit, say for a car accident when they are 16, then leins could be put on the house and it can potentially be lost.

4. Depending on how the property is titled, then the other children will not be able to argue ownership of the whole property. But they can argue over the 1/2 ownership that your mother retained. "

interesting