Transferring DVC Contract?

[DVC Grandpa]

Has anyone had any experience transferring a DVC contract to a parent or sibling? I believe it still has to go to Disney for ROFR, even though no compensation is involved, but then what should I expect in time, forms and fees?
Thanks

 

[laceemouse]

Good question! We own another TS that my mom bought and transferred to us. She had an attorney draw it up like transfer of real estate. He notified the complex where we own, and RCI had a simple form to inform them of the change. I would love to know how DVC would handle this even though I have no need to do this any time soon. As long as it is paid for, would they still want to make sure the new owner had good credit to make the maintainence fees? I hope you get an answer to this one Grandpa, but you may have to call DVC.

 

[pumpkinboy]

I have called my DVC Guide about this issue. She sent me a sample form that would need to be filled out so that Disney waives its ROFR, then the contract can be closed and coverted to the new ownership. You will have closing costs and will be creating a new deed with the recipient's name on it.

I recommend you call your Guide and have her/him send you the stuff you will need to do this.

Good luck!

 

[Dean]

The process goes like this.

• Get a written contract that covers the players and who pays what.
• Submit it directly to DVC which you can do by mail or fax. I also suspect you can email as attachments but am not certain.
• Once you hear from DVC, you then need to get a deed and get it signed. It must be notarized
• PLUS two witnesses for FL. You can do a quit claim deed, do it yourself as a warranty deed or get a company to do it. Costs vary from about $150 TOTAL if you do it yourself to $600 or so including transfer if you use a full function closing agency. Timeshare transfers is an in between option total about $350.
• Then you send to Orange County for recording. They have the info on their website how to do it. Send in the right charges.
• At the same time send a COPY to DVC with the transfer fee of $100.

I can send you some documents I have that may be helpful for you about this process, just email me.

 

[DVC Grandpa]

Dean, Do you know if you can go to the DVC office in Celebration and do almost everything in their office?

 

[jel0511]

Originally posted by DVC Grandpa
Dean, Do you know if you can go to the DVC office in Celebration and do almost everything in their office?

No, you can't. Even though you're transferring it to a relative, it's still a real estate interest that needs to be recorede properly and a new deed needs to issued, things that are completely away from DVC. The only thing DVC needs to do in this case is waive their ROFR, and then they are completely out of the process, its up to the potential new owner, and current owner to have the real estate interest transferred properly. You also have to pay the $100 DVC transfer fee, which is a fee to DVC for them to actually transfer the membership from your name to the new members name, and this is done AFTER the new deeds have been filed with Orange County. You're best bet will be to contact one of the closing companies, Dean mentioned a good one, and they'll walk you through the process. All-in, you're probably looking at about $500 to transfer the property to someone else.

 

[Dean]

I'm sure you could drop of the ROFR papers and then later the copy of the deed but that would be about it. It's easier just to fax it in.

 

[lawgs]

dean

what about adding a name to a deed?

is that the same procedure?

 

[DVC Grandpa]

Thanks for all the information. Dean, when the time comes to proceed, I may take you up on your offer. Should I consider using someone like the Timeshare Store to make everything right or don't they do that type fo work for properties they don't have a hand in selling?

 

[Dean]

Originally posted by DVC Grandpa
Thanks for all the information. Dean, when the time comes to proceed, I may take you up on your offer. Should I consider using someone like the Timeshare Store to make everything right or don't they do that type fo work for properties they don't have a hand in selling?

TSS doesn't do the transfers themselves but I'm sure they work with someone. Timeshare Transfers will do it for $250 closing, cheaper than most.

 

[Dean]

Originally posted by lawgs
dean

what about adding a name to a deed?

is that the same procedure?

You'd need to check with DVC to make sure but I get the idea that adding a name can be streamlined but you must do a new deed and recording. And if it's financed, you'll need the OK of the finance company involved.

 

[DVC Grandpa]

You might want to call Timeshare Closing Service (877-889-2373). I have just talked to them and found them to be very accommodating.