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Post by Eeyorelover22 on Jun 29, 2024 15:23:53 GMT -5
Circling back to this as we are finally getting around to setting up our trust. Once we set up the Trust, we will want to retitle our DVC into the Trust. I assume that we can use an outside title company to do this and don't have to pay Disney's fees for this, correct? We have an attorney helping us with the Trust and she can work on the legal aspects, but it seems that we can execute the title change outside of Disney and just send them the new info, correct? Cheers. Our FL lawyer did all the paperwork for us when we set up our trust. From what I remember going back to the beginning of 2023, I contacted Disney and they gave me the name of a title company. It was easy to go thru the trust lawyer. I'm glad we waited. |
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Post by brp on Jun 29, 2024 15:28:20 GMT -5
Circling back to this as we are finally getting around to setting up our trust. Once we set up the Trust, we will want to retitle our DVC into the Trust. I assume that we can use an outside title company to do this and don't have to pay Disney's fees for this, correct? We have an attorney helping us with the Trust and she can work on the legal aspects, but it seems that we can execute the title change outside of Disney and just send them the new info, correct? Cheers. Our FL lawyer did all the paperwork for us when we set up our trust. From what I remember going back to the beginning of 2023, I contacted Disney and they gave me the name of a title company. It was easy to go thru the trust lawyer. I'm glad we waited. Thanks. Since our Trust lawyer's fees are covered by a legal plan we have, seems that it makes sense to let her handle out DVC and HGVC transfers.
Of course, this assumes that she can work on timeshares that are not in California since none of ours are.
Cheers.
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Post by FessParker1 on Jun 29, 2024 16:46:20 GMT -5
1. Get a copy of the request to change titleform from dvc. This form will trigger ROFR waiver and needs to be submitted 30 days before title change is submitted. 2. To fill out the form you will need the names and addresses of current members, member number, contract number and resort name. The old contract name/title information, the new title information and signature from current owner. 3. Visit the orange county comptroller website to get a copy of your current contract. www.occompt.com4.(optional) Get a title search done if necessary. 5. Get the waiver of right of first refusal from dvc. They will include another form to complete and send in later. 6. Create a new Warranty Deed. Model after your existing deed while updating names and addresses exactly as they appear on the ROFR (#5) which came from the transfer request(#2). They must be consistent. formswift.com/warranty-deed Contact Brevard County Clerks office for a blank deed form. brevardclerk.us 7. Get the new Warranty Deed notarized and witnessed. 8. Calculate recording fees from occompt.com Do a recording fees search. Be sure to calculate the number of names correctly. A couple grantor is 2 names, adding a child grantee is the couple plus child for a total 5 names. Fees apply separately for deed and waiver. 9. Mail in the new Deed to the orange county comptroller along with a check. Include: Warranty Deed Waiver Deed document fee 10. Recieve paperwork back from OCC with the necessary document stamps. 11. Mail the following to DVC New Deed - copy Waiver - copy Change request form received in step 5 Check for any outstanding mortgage balances or dues on the contract |
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Post by brp on Jun 29, 2024 17:38:29 GMT -5
This doesn't sound too ominous, but part of it is not clear to me:
It seems that the form in #2 is filled out with the old names and construction. Then, wouldn't the ROFR waiver in #5 also have those old names? If so, then then new Warranty Deed created in #6 has the old names as well. It's not clear where the change from the individual names to the trust happens in the steps above.
Cheers.
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Post by FessParker1 on Jun 30, 2024 21:47:12 GMT -5
#2, 5, 6 and 8
I missed putting in the "new title information " on #2
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Post by brp on Jul 4, 2024 14:31:13 GMT -5
So, looking further into this, I am not able to find a " request to change title form" anywhere on the DVC site or the web. Any idea where to get this? I can call DVC member services tomorrow, but thought someone might now.
Also, we own BCV and BWV. With BWV we have a resale and a smaller direct purchase. For the two BWV parcels, they are listed as XXXXXX.0 and XXXXXX.1. Is this really two separate contracts or just one?
Cheers.
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Post by FessParker1 on Jul 4, 2024 14:46:35 GMT -5
.0 and .1 are two separate contracts
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Post by brp on Jul 4, 2024 14:59:53 GMT -5
.0 and .1 are two separate contracts Thanks!
Your instructions look very straightforward. In digging in, I find that the blank Warranty Deed form from formswift has some of the structure of our existing DVC contracts, but a good bit of the verbiage is missing, specifically the part about the ownership specifics: 0.yyyy% interest in Unit ZZZ, ...
I know you stated that the must be consistent, but there doesn't seem to exist the same verbiage for the details, unless the section : "Full legal description" is meant to hold all of this, and maybe it is. This is the only step that seems less straightforward, and I'm sure that getting the wording right on the new deed is important 
Cheers.
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Post by starry_solo on Jul 4, 2024 18:21:35 GMT -5
Just make sure to get a copy of the original deed that transferred title to you.
In the part that says "legal description", just say "see Attachment 1 [or A if you prefer to use a letter]) and make a photocopy of the legal description from the original deed that transferred title to you.
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Post by brp on Jul 4, 2024 19:39:14 GMT -5
Just make sure to get a copy of the original deed that transferred title to you. In the part that says "legal description", just say "see Attachment 1 [or A if you prefer to use a letter]) and make a photocopy of the legal description from the original deed that transferred title to you. Thanks for the suggestion. I did get copies of the original deeds and can certainly copy out the relevant portions as an attachment.
In the end, it's even simpler. I have a legal plan that I pay a little bit for each month. I got it while working and seems that it is still active. It covers this 100%. So I got an attorney in Florida who knows this stuff (and made sure that I knew that DVC's process was not like normal real estate) and I'm only liable for the filing fees and any mailing.
But they do want to see the Membership Contracts, and I had to email Member Services for that. Hope they don't take too long to respond
Cheers.
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Post by greenban on Jul 9, 2024 9:12:35 GMT -5
FWIW:
In the coming months I will be retitling about 27 contracts (under 8 Memberships).
Originally I was going to transfer them out of a Chapter S-Corp that I owned to myself.
However, after reading about the family trust, I may instead retitle all to a family trust.
Once I start this process, I will post each and every step of the current process for us all to digest.
About 2 years ago, Member Accounting implied it was a one page document for each contract, with automatic ROFR waiver.
From the above posts, it seems that the process is not that simple.
Fingers crossed!
-Tony
🐸
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Post by BWV Dreamin on Jul 9, 2024 9:40:02 GMT -5
FWIW: In the coming months I will be retitling about 27 contracts (under 8 Memberships). Originally I was going to transfer them out of a Chapter S-Corp that I owned to myself. However, after reading about the family trust, I may instead retitle all to a family trust. Once I start this process, I will post each and every step of the current process for us all to digest. About 2 years ago, Member Accounting implied it was a one page document for each contract, with automatic ROFR waiver. From the above posts, it seems that the process is not that simple. Fingers crossed! -Tony 🐸 Will be following! Are you considering a Revocable Living Trust? That is what we have our DVC titled into. |
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Post by brp on Jul 9, 2024 9:43:15 GMT -5
FWIW: In the coming months I will be retitling about 27 contracts (under 8 Memberships). Originally I was going to transfer them out of a Chapter S-Corp that I owned to myself. However, after reading about the family trust, I may instead retitle all to a family trust. Once I start this process, I will post each and every step of the current process for us all to digest. About 2 years ago, Member Accounting implied it was a one page document for each contract, with automatic ROFR waiver. From the above posts, it seems that the process is not that simple. Fingers crossed! -Tony 🐸 Will be following! Are you considering a Revocable Living Trust? That is what we have our DVC titled into. We decided not to pull ours into the Trust we're creating now as we saw no benefit. Just adding my sister-in-law and niece seemed easier as it will expire in 18 years and, if we both die before then, it will still be in their names with no changes necessary at a time when a lot will be happening with that is in the trust already.
Cheers.
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Post by greenban on Jul 9, 2024 10:56:03 GMT -5
Thank you BWVDreaming and brp:
In the past I used Corps and LLCs to protect our assets.
I have to really explore the benefits of various trusts.
Although from early browing the revocable looks interesting.
-Tony
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Post by brp on Jul 9, 2024 12:34:09 GMT -5
Thank you BWVDreaming and brp: In the past I used Corps and LLCs to protect our assets. I have to really explore the benefits of various trusts. Although from early browing the revocable looks interesting. -Tony From what I've read, revocable trusts are the way to go. We are (finally) in the processing creating one now. We just saw no benefit to adding our DVC there. Same with any accounts where we can name beneficiaries. Easier to distribute that way.
Cheers.
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