Titling Question - Two Contracts

[mrsclark]

My dad currently has two contracts with Disney for ROFR - both for BCV and both with June UY. These contracts are through two different brokers and I have a question about titling.

One contract says (I have changed the names and date for privacy): John David Smith and Mary Katherine Smith Joint Revocable Trust dated June 1, 2019

The other contract says: John David Smith and Mary Katherine Smith Joint Revocable Trust. It does not have the "dated June 1, 2019"

Will this be a problem when it comes to pooling the points/considering them as a big contract? I think I understand that for Disney to treat them as coming from the same place at 11 months, they need to be same home resort, same UY, and titled the same? If it does need to be corrected does that mean it needs to go back through ROFR?

I have also emailed this question to one of the brokers, but thought I would ask all the very knowledgeable people here too.

 

[sethschroeder]

It is supposed to be exactly the same but I don't think it would have to go through ROFR again. Others might know if there is some wiggle room to the name or not.

I would make sure to tell both brokers/title companies that you have two contracts going through ROFR.

 

[mrsclark]

It is supposed to be exactly the same but I don't think it would have to go through ROFR again. Others might know if there is some wiggle room to the name or not.

I would make sure to tell both brokers/title companies that you have two contracts going through ROFR.

Thanks! I just sent off a second email to the other broker too. Fingers crossed that they don't need to go back through ROFR...

 

[Sandisw]

It should be fine. My contracts have me listed first on one snd my husband on the other and it went into the same membership since we included the number of our membership.

 

[vinmar4]

It should be fine. My contracts have me listed first on one snd my husband on the other and it went into the same membership since we included the number of our membership.

Hello,
So I have some questions and I'm hoping that you can help me . We have two different contracts at AK and RIV with different UY.
We are now looking into buying some small contracts at another resort resale with the same UY as one of our direct contracts.

1. Will all the points be under the direct membership contract with the same UY as the resale ones?

2. If we buy 2 small ones for the same resort , will they be pulled together to make a larger contract?

3. I just read that people have issues borrowing on line with their resale contracts and they need to contact MS , is this a fact ?

thank you so much

 

[Best Aunt]

Are the contracts supposed to be titled the same? Or are they supposed to have the same owners?

It seems like this would be the same as a situation where one contract is titled Mickey Mouse, and the other is titled Mickey A. Mouse. If they are the same person, would the lack of middle initial on one contract matter?

In OP’s case, it’s the same trust, so it seems like the lack of a date would be the same as the lack of a middle initial.

 

[Sandisw]

Hello,
So I have some questions and I'm hoping that you can help me . We have two different contracts at AK and RIV with different UY.
We are now looking into buying some small contracts at another resort resale with the same UY as one of our direct contracts.

1. Will all the points be under the direct membership contract with the same UY as the resale ones?

2. If we buy 2 small ones for the same resort , will they be pulled together to make a larger contract?

3. I just read that people have issues borrowing on line with their resale contracts and they need to contact MS , is this a fact ?

thank you so much

Any points you buy with the same UY and same owners will go into the membership that matches. When you do this, you make sure that you include your current membership number on all the documents so when DVD gets them, they know for sure where it needs to go.

I have also sent an email to verify they have it correctly so there are no owners.

Contracts never change sizes and are never combined except via DVD when they ROFR and then put them back into their pool of points to sell.

For the rest of us, the contracts stay as they are. So, if you buy two small at the same resort, same UY, they will be listed as individual contracts, but for booking, will function as one big pool of points…you simply check both when booking.

Right now, some owners are having issues borrowing from resale contracts…though I know of a few people who even had an issue with direct points…since the 50% restriction went in place.

However, it is not all owners and not all resale contracts…though those are the ones having the majority of issues.

Personally, my account has been fine and no issues at all, so it is hit or miss and until you buy, and have your contracts, you won’t know if you are impacted. I think this is the reason so many of us don’t get it. How can some resale contracts work but others don’t.

 

[Sandisw]

Are the contracts supposed to be titled the same? Or are they supposed to have the same owners?

It seems like this would be the same as a situation where one contract is titled Mickey Mouse, and the other is titled Mickey A. Mouse. If they are the same person, would the lack of middle initial on one contract matter?

In OP’s case, it’s the same trust, so it seems like the lack of a date would be the same as the lack of a middle initial.

I can only say the order does not matter DH and I always use our middle initials but one contract has me first and other my DH and in the same membership.

I do know every time we have bought a contract resale, they have asked us to make sure our names are the same as our current membership.

 

[vinmar4]

Any points you buy with the same UY and same owners will go into the membership that matches. When you do this, you make sure that you include your current membership number on all the documents so when DVD gets them, they know for sure where it needs to go.

I have also sent an email to verify they have it correctly so there are no issues

Contracts never change sizes and are never combined except via DVD when they ROFR and then put them back into their pool of points to sell.

For the rest of us, the contracts stay as they are. So, if you buy two small at the same resort, same UY, they will be listed as individual contracts, but for booking, will function as one big pool of points…you simply check both when booking.

Right now, some owners are having issues borrowing from resale contracts…though I know of a few people who even had an issue with direct points…since the 50% restriction went in place.

However, it is not all owners and not all resale contracts…though those are the ones having the majority of issues.

Personally, my account has been fine and no issues at all, so it is hit or miss and until you buy, and have your contracts, you won’t know if you are impacted. I think this is the reason so many of us don’t get it. How can some resale contracts work but others don’t.

Thank you so much for that information!

 

[Twohsieh]

We have our contracts listed under our trust name too. The date being omitted on one of the contracts may be fine with DVD but you may want to ask your Trust Attorney about the date omission being a valid title for probate purposes. I remember that my attorney highly stressed the fact that we need to title our documents exactly as it was written on the Trust declaration page.

 

[mrsclark]

As an update, we were able to get the date added to the first contract so that it matches the second - so they both went to Disney after closings with the same trust names on each - on the first, we have the contract showing on our account, but the points have not been loaded yet and on the second, neither the contract nor points are there yet.

 

[RoseGold]

We have our contracts listed under our trust name too. The date being omitted on one of the contracts may be fine with DVD but you may want to ask your Trust Attorney about the date omission being a valid title for probate purposes. I remember that my attorney highly stressed the fact that we need to title our documents exactly as it was written on the Trust declaration page.

Yes, the least of your concerns is how Disney treats this. You care about how your home state treats your Florida real estate you may or may not be titling correctly.