Buying a contract with family

[eeyoreali]

Hello!

A thought has been running through my head about jointly owning two smaller contracts with my parent’s, my husband, and myself. Can this be done with each couple paying/financing separately?

I’m not concerned about possible issues like divorce, etc. The idea would be that we would vacation together and separately. I’d appreciate any info you all can give me!

 

[Deb & Bill]

The dues will need to be paid by one person. Especially if you get it deducted monthly from a bank account.

 

[peabody58]

You may want to consider setting up a Trust of all owners and purchase the contracts in the name of the Trust. FL probate court costs can get rather expensive if you need to sell the contracts or make deed changes due to member deaths.

 

[Dean]

Hello!

A thought has been running through my head about jointly owning two smaller contracts with my parent’s, my husband, and myself. Can this be done with each couple paying/financing separately?

I’m not concerned about possible issues like divorce, etc. The idea would be that we would vacation together and separately. I’d appreciate any info you all can give me!

This becomes a partnership. It's possible for each to pay part of the dues and part of the up front costs. It's rarely a good idea for a number of reasons beyond the ones you mentioned. Misunderstandings happen and can affect relationships plus things change. What if something happens and someone remarries? What if there are other heirs who feel entitled later? There are potential benefits but not as much as there were before the most recent changes. Just go through all the bad things and work them out ahead of time, preferably in writing.

 

[rg35]

This sounds like a bad idea. Everyone should buy their own contracts that they can use as they see fit.

 

[_auroraborealis_]

Also, everyone can log in and use the points.

 

[AnnaS]

No way. I would buy what I could afford on my own with my spouse. When you want to vacation together, combine your points (transfer, book a few nights each and link reservation).

 

[4luv2cdisney]

I think for some families it would work out fine...others maybe not so much.

I think the idea of buying 2 or more contracts in all your names is ok. I'm sure you could work out dues payments amongst yourselves (regardless of how they get paid to DVC) but I think the "financing" is where you'll run into problems. Probably best to only proceed when you can pay in cash (splitting however appropriate).

To me, it would seem easier to just each buy one contract and use your own contract for your individual trips and then pool points together when you're taking a combined trip.

 

[Dean]

I think for some families it would work out fine...others maybe not so much.

I think the idea of buying 2 or more contracts in all your names is ok. I'm sure you could work out dues payments amongst yourselves (regardless of how they get paid to DVC) but I think the "financing" is where you'll run into problems. Probably best to only proceed when you can pay in cash (splitting however appropriate).

To me, it would seem easier to just each buy one contract and use your own contract for your individual trips and then pool points together when you're taking a combined trip.

For the right situation it can be worthwhile but one just needs to understand the risks. Sometimes the perks are such an overwhelming benefit that the risks are comparatively very small. While I haven't generally seen timeshares worded as Tenancy in common with unequal shares, I could see that method being valuable for some of these situations.

 

[kniquy]

A thought has been running through my head about jointly owning two smaller contracts with my parent’s, my husband, and myself. Can this be done with each couple paying/financing separately?

I think intermingling financials with others can turn into an issue.

If you all want to travel to WDW then you and your husband buy a contract for your needs and then your parents buy what they need. If you buy at the same resort then this would make booking a larger room to accommodate all of you much easier. You can do transder of points between contracts. So if you want to book a larger room together then one person would transfer points to the other person and then the booking can take place at the 11 month mark. I believe booking with transferred points still requires you call MS to complete the booking.

This still allows you and your husband the freedom to book your own trips should you not want to travel with your parents. Which I am sure will happen at some point.

In this scenario then you are responsible for your own maintenance fees and your parents responsible for their own. This also allows both parties to still vacation on their own or get rid of their contract should they no longer need it.

I would not have everyone names on each contract. Keep it separate. Many issues can arise if one party can not pay the maintenance fees or conflict if one party no longer wants their contract.

 

[Dean]

I think intermingling financials with others can turn into an issue.

If you all want to travel to WDW then you and your husband buy a contract for your needs and then your parents buy what they need. If you buy at the same resort then this would make booking a larger room to accommodate all of you much easier. You can do transder of points between contracts. So if you want to book a larger room together then one person would transfer points to the other person and then the booking can take place at the 11 month mark. I believe booking with transferred points still requires you call MS to complete the booking.

This still allows you and your husband the freedom to book your own trips should you not want to travel with your parents. Which I am sure will happen at some point.

In this scenario then you are responsible for your own maintenance fees and your parents responsible for their own. This also allows both parties to still vacation on their own or get rid of their contract should they no longer need it.

I would not have everyone names on each contract. Keep it separate. Many issues can arise if one party can not pay the maintenance fees or conflict if one party no longer wants their contract.

While I tend to agree with you in general principle and have raised the same concerns over the years, I think there are situations where the benefits can be worth the risk. A smaller contract, "normal" people, significant benefits for perks when retail (or resale previously) and clear plans up front all increase the reasonableness. The more of these items one can check off the more sense it tends to make. It's often no different than adding adult children depending on the specifics. The OP hasn't shared specifics but I get the impression that we're talking a fairly small number of points even combined. I also get the sense that many of these potential issues are on the lower risk side for the OP.

 

[gharter]

My answer is don't do it.
While in a few families, this may work well, in most it will blow up into a huge problem.
i would suggest each family buy their own points. If their trips match up and they are there at the same time, great, they can meet up an have fun.

 

[LaneOT]

I'm in the "Don't do it " side. My sister and I went to Disney a few years ago and I had rented DVC points for the Poly and she had paid oop for AOA. She was totally jealous that I was at the Poly and she was not. When I told her I was buying DVC, she wanted us to go in together so that she could then book at the Poly... With over 75% of the points. Needless to say we didn't do that. I agree that with some families it may work out, but in my case I opted to do a solo venture so that I could ensure I could use my points as I wanted.

 

[Networth]

Terrible idea. Too many foreseeable and unforeseeable issues.

 

[kniquy]

I'm in the "Don't do it " side. My sister and I went to Disney a few years ago and I had rented DVC points for the Poly and she had paid oop for AOA. She was totally jealous that I was at the Poly and she was not. When I told her I was buying DVC, she wanted us to go in together so that she could then book at the Poly... With over 75% of the points. Needless to say we didn't do that. I agree that with some families it may work out, but in my case I opted to do a solo venture so that I could ensure I could use my points as I wanted.

Totally agree. I think there are only very rare or few instances where getting involved financially is a good thing. The one way to handle it would to be the sole owner of the contract and let your sister rent points from you, if she really wants to go.