Existing Contract

[deerh]

This bears another question.. Where online can you go to look at YOUR DVC Contract? It has been a while since 1999 when I got a BWV contract. Is that online at Orange Co Comptroller? Or where? I can look at that. Also, a dear friend of mine is an attorney, and I can ask him about the timeshare. Maybe he knows....

 

[Canesfan3234]

This bears another question.. Where online can you go to look at YOUR DVC Contract? It has been a while since 1999 when I got a BWV contract. Is that online at Orange Co Comptroller? Or where? I can look at that. Also, a dear friend of mine is an attorney, and I can ask him about the timeshare. Maybe he knows....

yea, just search your name in their online records and it will come up.

I'm an attorney. It all depends on the contract like was discussed in the prior posts

 

[Dean]

So, that bears the question.. What does happen to DVC if both my wife and I pass away and we have a will? Do my son/daughter get DVC at that point? I think the will is written that they get everything 50/50.. House/DVC/etc.... I do not have in the will specifically about DVC. Just all assets split 50/50...

My understanding is it would depend on the wording of the deed first then the will second, then the laws of the state if no will. Anyone can disclaim an asset but it remains in the estate until settled in some manner or removed legally by a judge.

 

[deerh]

My understanding is it would depend on the wording of the deed first then the will second, then the laws of the state if no will. Anyone can disclaim an asset but it remains in the estate until settled in some manner or removed legally by a judge.

Ok, not sure what is meant by "wording of the deed".. It just says my wife's and I name is on the deed. Does not say "joint tenants" or anything like that. I looked it up on Orange Co Comptroller.. May have to contact my friend who is a lawyer and see what he says about it..

 

[Spartan86]

Ok, not sure what is meant by "wording of the deed".. It just says my wife's and I name is on the deed. Does not say "joint tenants" or anything like that. I looked it up on Orange Co Comptroller.. May have to contact my friend who is a lawyer and see what he says about it..

I noticed that too. We titled all our contracts the same, but only in our closing docs does it show our chosen survivorship.

 

[Dean]

Ok, not sure what is meant by "wording of the deed".. It just says my wife's and I name is on the deed. Does not say "joint tenants" or anything like that. I looked it up on Orange Co Comptroller.. May have to contact my friend who is a lawyer and see what he says about it..

The type ownership listed on the deed will determine who the deed falls to such a joint ownership, husband and wife, etc. If that doesn't settle it, the will should be the next in line then the laws of the state. Maybe some of the lawyers can word it better than I.

 

[Spartan86]

Just for clarification/correction to my post above: 1 of our 3 deeds for DVC on OCC states our survivorship status. It was the last of the three to close, all through different closing agents.

 

[Kaufeegurl]

Grrrrrr . . . just received the ROFR for my gratuitous transfer. A nice 2 pg. informational letter, the Change Request form, and a contact information sheet. NO WAIVER in the envelope. The enclosure list indicates that the waiver should be part of this mailing. Is it actually sent separately? Or do I now have to call member admin. yet again . . . .

 

[Dean]

Grrrrrr . . . just received the ROFR for my gratuitous transfer. A nice 2 pg. informational letter, the Change Request form, and a contact information sheet. NO WAIVER in the envelope. The enclosure list indicates that the waiver should be part of this mailing. Is it actually sent separately? Or do I now have to call member admin. yet again . . . .

You'll have to call or email. I do know that one person recently reported they were told it was no longer required for gratuitous transfers, that save you $18.50 if true.

 

[Kaufeegurl]

thank you Dean. I will have to call tomorrow. If that is the case then DVC needs to change the footnote which lists the enclosures in the package - mine lists a waiver. I did call OCC office 2 days ago with a couple of clarification questions and the very nice lady on the other end asked if I would like her to calculate the exact amount i should send - of course I said "sure"! Her number equaled mine so all good BUT her number did include 18.50 for a 2 pg. waiver so it must be something so new they don't know about it. She knew it was a gratuitous transfer and was trying to save me $2 on the number of names, bless her heart!

 

[Dean]

thank you Dean. I will have to call tomorrow. If that is the case then DVC needs to change the footnote which lists the enclosures in the package - mine lists a waiver. I did call OCC office 2 days ago with a couple of clarification questions and the very nice lady on the other end asked if I would like her to calculate the exact amount i should send - of course I said "sure"! Her number equaled mine so all good BUT her number did include 18.50 for a 2 pg. waiver so it must be something so new they don't know about it. She knew it was a gratuitous transfer and was trying to save me $2 on the number of names, bless her heart!

Let us know how this works out, these issues can change from time to time.

 

[Kaufeegurl]

Per Member Administration: As of July 1st no waiver is required. Included in your packet with ROFR from Disney will be instructions, change request form, and contact information, (no waiver). All that needs to be sent to OCC is the deed to record. You will then return to Disney the new recorded deed and the Change Request form. HTH!

 

[beardedbil22]

Would anyone be willing to email me the deed they used to send back once edited with new names? I would love to use only as a template going forward. I appreciate all the help that is in this thread!

 

[Kaufeegurl]

Would anyone be willing to email me the deed they used to send back once edited with new names? I would love to use only as a template going forward. I appreciate all the help that is in this thread!

This should help:
https://www.disboards.com/threads/s...ct-gratuitous-transfer.3701707/#post-59651616

 

[lmkoons]

Hi everyone! I realize this is an old thread but I'm hoping someone can help me out. I'm in the process of removing my ex's name from our contract. Everyone mentions retyping the warranty deed. However, when I search the OCC site, we only have a Waiver of ROFR and a Trustee's Deed. Is it the Trustee's Deed what I should be retyping? In case it's important, we purchased our contract from a trustee for a bankruptcy estate (ie previous owners declared bankruptcy and were forced to sell their DVC contract). Or should I find someone else's Warranty deed and copy that? Or perhaps do the quit claim deed? I'm so confused!

 

[cmrdgrs]

resurrecting this thread....

I have two questions:

1) on the tax side of this -- in the case of you transferring a deed to someone gratuitous does a 1099 get generated by Disney or do you report this in some way on your taxes that you no longer own this property?

2) if you privately sell a contract (not gratuitous) and don't use a title company to prepare the sales contract, I assume you have some way of submitting the contract to Disney for their ROFR process. I guess you can get this information from Disney Administration?

TIA

 

[Kaufeegurl]

1) on the tax side of this -- in the case of you transferring a deed to someone gratuitous does a 1099 get generated by Disney or do you report this in some way on your taxes that you no longer own this property?

There is no 1099 generated by Disney. You should get a definitive answer from you accountant/attorney on the ownership change. It may be considered a gift for IRS purposes.

2) if you privately sell a contract (not gratuitous) and don't use a title company to prepare the sales contract, I assume you have some way of submitting the contract to Disney for their ROFR process. I guess you can get this information from Disney Administration?

yes, call member administration. I believe it is just forwarded to them for review - there may be an official cover sheet.

 

[miTnosnhoJ]

resurrecting this thread....

I have two questions:

1) on the tax side of this -- in the case of you transferring a deed to someone gratuitous does a 1099 get generated by Disney or do you report this in some way on your taxes that you no longer own this property?

TIA

If you transfer your deed to someone else as a gift, here is what happens:
If the value of the transfer is $15,000 or less there is no paperwork at all. (Gift tax-wise)
If the deed is in your name and a spouses name, you can each gift $15,000 per year per individual with no reporting.
If the gift is over $15,000 you have to file a gift tax return, which is an additional schedule on your 1040. The lifetime limit for gifts is 11.4MM for you and 11.4MM for your spouse. So your gift of the DVC deed will not cause any tax to be due. But you have to report it, because it gets deducted from your lifetime credit.

Also, even though no federal tax is due, you may owe state tax, depending on your state. See your accountant to verify the above and check out the impact in your state.

 

[cmrdgrs]

Thank you miTnosnhoJ. I do have an accountant and planned to discuss this with him, I was just wondering how the general process might work. You've been very helpful.

 

[cmrdgrs]

There is no 1099 generated by Disney. You should get a definitive answer from you accountant/attorney on the ownership change. It may be considered a gift for IRS purposes.

Will do. Thank you.

yes, call member administration. I believe it is just forwarded to them for review - there may be an official cover sheet.

This is what I was thinking. I searched the DVC website and there is some general information on the site, but nothing specific about how to submit a fully executed sales document for a DVC contract privately to Disney for the ROFR process or who it gets sent to.

I'll call DVC Member Services tomorrow.