Taking name off of contract

[fasttrakphil]

Earlier I asked about transferring a contract from husband to wife and vice-versa and recieved a lot of great answers. Now my question is if our contracts are in both of our names and one wants to take their name off. Do we have to go through right of first refusal or anything like that? Just a heads up this is not a settlement or anything. We are just looking at moving some of our assets around and exploring all ownerships and investments.

 

[erionm]

You can call Member Administration and ask them.

 

[Dean]

Earlier I asked about transferring a contract from husband to wife and vice-versa and recieved a lot of great answers. Now my question is if our contracts are in both of our names and one wants to take their name off. Do we have to go through right of first refusal or anything like that? Just a heads up this is not a settlement or anything. We are just looking at moving some of our assets around and exploring all ownerships and investments.

Yes, from DVC's standpoint and legally, it's handled through ROFR with a new deed and recording. You can do it yourself very easily if you chose. You simply do the transfer form putting all names and signatures as is on the contract now with the new names in the transfer to section, even if some names are the same. Remember that if you have multiple contracts and you change the names in any way that makes them not all the same, they will become separate master contracts. This means the points will not be able to be combined without a transfer which would use up the one transfer for each master. Also, not sure why you'd want to do this, but if it's related to bankruptcy, court lien's, government program qualifications (medicaid, etc) or other similar issues it is easy to commit fraud. Usually there is a timeframe related for such issues and one would want to consult an attorney if applicable though 1 year comes to mind as being applicable to many of them.

 

[Tramp68]

If the contract is Paid in Full, you can simply do a Quit Claim to remove 1 name from the contract. It is a fairly small fee to do so...(I do not remember the amount) There would be no ROFR since there is no sale of the contract.

 

[Dean]

If the contract is Paid in Full, you can simply do a Quit Claim to remove 1 name from the contract. It is a fairly small fee to do so...(I do not remember the amount) There would be no ROFR since there is no sale of the contract.

There is a ROFR process because this is how DVC has chose to approach it. It would be interesting to see what would happen if one did this without involving DVC, my guess is they would have you catch up the other paperwork and record the ROFR before they could change the names. The cost if you do it yourself depends on a few factors, last I saw it was $10 for each page 1 and $8.50 for each additional page but it might have gone up. Assuming one does their own Quit Claim, the recording fee should be around $40 for a single contract where no money is changing hands.