Transfering to Daughter

[mjfox]

I'm thinking about transfering a contract into our daughters name. Not enough value to worry about tax issues.

What is the best way to do it?

 

[pmcpmc]

I'm thinking about transfering a contract into our daughters name. Not enough value to worry about tax issues.

What is the best way to do it?

here are the instructions I received from a closing company,when I did it in 2008.
PROCEDURE FOR TRANSFERRING DISNEY VACATION CLUB RESORTS (“DVC”) FOR NO CONSIDERATION


Member must provide us with a copy of the letter that was forwarded to Disney Vacation Development, Inc. (“DVD”) to request the Waiver of Right of First Refusal.

If a copy is not available, a letter must be sent to us showing the following items:

DVC Contract Number to be transferred
Name of DVC Resort that is being transferred
Full name and address of who is originally in title
Full name and address of who is being added/deleted as an interest
PHONE NUMBERS OF ALL PARTIES – VERY IMPORTANT
Manner in which new parties intend to hold title – please see attached

Our fees are as follows:

Search, Exam and issuance of Title Insurance Policy;
Preparation of conveyance documents and notifying
Disney after the documents have been executed $300.00

Recording of transfer Warranty Deed 19.20

Recording of DVD Waiver 18.50



This total of this check can be made payable to ***********and forwarded with a copy of your letter to DVC, and a copy of the Deed where you took title, if available, to the address shown above – Attn: Amy. NOTE: If you already have the original Waivers from DVD, you must forward that to me, along with the above requested. I must record these documents.

PLEASE BE SURE TO SEND A COPY OF THIS NOTICE WITH YOUR REQUEST SO WE CAN HONOR THE ABOVE QUOTED FEES.




VESTING OF TITLE OPTIONS



Please choose a vesting option below to indicate how you want your new deed to read:

(i.e., “John Smith and Mary Smith, husband wife, Joint Tenants with Full Rights of Survivorship”)


New Parties in title are:

______ Married to each other

______ Married, but not to each other

______ Single

______ One party married, other party is single

Note: Please specify who is married and who is not

_________________________________________________________________


Vesting Options:

_____ JOINT TENANTS WITH FULL RIGHTS OF SURVIVORSHIP
(title would automatically vest in the surviving owner(s) upon recordation of a certified copy of the death certificate)


_____ TENANTS IN COMMON
(upon death, the deceased’s interest vests in the estate, heirs or beneficiaries of the deceased.)


_____TENANTS BY THE ENTIRETY
(created for husband and wife. It is essentially a “joint tenancy” and survivorship is predominant. What distinguishes it from joint tenancy is that it can be terminated only by Joint Action of husband and wife during their lives.)


If you require a further explanation of vesting options for your new deed, please consult a Real Estate Attorney. Florida Title Insurance Regulations prohibit us from giving advice in this regard.

 

[Dean]

I'm thinking about transfering a contract into our daughters name. Not enough value to worry about tax issues.

What is the best way to do it?

Here is info I posted a couple of days ago on this type of subject. Just remember that it becomes her's and will be TOTALLY separate from your current other accounts.

Contact DVC, they will have a packet of info they can send you directly related to this issue. They can also send it by email so I'd just email MS and ask they forward it to member admin. Here's the process.

1. Complete the transfer request form and send it to DVC for ROFR.
2. Once you have the ROFR form, you'll need to record that and the deed you prepare (or have prepared) with Orange County (assuming it's at WDW). You'll need to do this for each separate contract even if under one master. If you have more than one, let me know and I'll give you an additional tidbit of info.
3. Once you have the recorded deed, send a copy along with the completed transfer form to DVC to change the way they have it listed.

Tidbits

• As noted, you can't change it if you have a mortgage unless you pay it off first.
• I don't think DVC has a transfer fee right now but there have been times in the past where they charged $100 and a short time where they charged $200.
• DVC will not cancel existing reservation in this situation but will in all other transfer situations.
• You can use a Quit Claim deed that's FL specific.
• Deed and recording info is on the Orange County website including the deed requirements.
• You can get this done for under $50 if DVC doesn't add any charges and they haven't in the recent past for this situation.
• IF you're uncomfortable with the deed prep, you can get one prepared for a $100 OR Timeshare Travel Traders will do the entire closing for $75 plus recording fees including deed prep.
• No matter what any divorce degree says, you'll actually need the other parties signature to do this even if no loan.
• You must have two witnesses on the deed for each name and it must be notarized. While the notary can be one of the witnesses, the act of notarizing the form does not count as a witness, they must sign separately as a witness.

 

[mjfox]

Dean,

I do have two contracts. Will I be able to be added as an associate so I can still take care of reservations?

 

[Dean]

Dean,

I do have two contracts. Will I be able to be added as an associate so I can still take care of reservations?

Yes. You could also change them ALL to include all applicable names. That way they stay together. Or you could change one then transfer the points into the other every year. Several ways to work this depending on your specifics, goals and risks.