I would check with your accountant. This could be considered a Gift for inheritance tax purposes. You can give $14,000 per year (last time I checked) with no paperwork. If you are married, both spouses can give $14,000 (total of 28,000) with no paperwork. If your children are married, you could give each spouse 14,000 with no paperwork. So potentially you could give up to $56,000 per year per child with no paperwork. For amounts over this, you can give $1,000,000 over your lifetime but you have to file the Gift Tax form with your 1040. Unless you go over a million, there is no tax involved.
This all changes frequently, and I am not a CPA, so consult your CPA.
As for changing the titles, you can add them as joint, or change it totally over to them. If you expect them to start paying the Maintenance Fees, then I would title it to them. You will need to go through ROFR but it is formality.
As long as you are passing to your children, the grandfathered benefits should remain.