Transferring ownership from parent to child

[daviator]

I'm a long-time Vistana owner, and my elderly mom is a long-time MVC owner. She owns both weeks (two EOY lockoffs at MOC) and points. There are no loans, everything is current, and it was all purchased from the developer. We are currently in Maui, enjoying our respective ownerships with other family and enjoying our EOY Thanksgiving tradition.

But my mom informed my sister and I that this is probably the end of her travels and she wants to deed her ownerships to my sister and I. I assume we will each get one of the MOC EOY weeks and maybe half the points (not sure how many DPs she has.)

My question is, what is the proper way to do the transfer. We obviously want to ensure that, after the transfers, the VOIs continue to be fully qualified as developer purchases and not considered resale. MVC has always touted the ability to pass VOIs to your children as a reason to buy, so I am sure there is a "right way" to do this.

I did search here and only found some very old posts with a Marriott phone number I'm not sure is current, so I thought I'd see if there is any updated info. Obviously the normal way of gifting real estate might be with a quitclaim deed, but I'm not sure that would allow the developer status to transfer, and I'm not sure how it works for the DPs (which aren't really real estate.)

The second question is related. Since this additional ownership may give me more VOIs than I can use in the next few years (eventually I will be able to use them all) – is the simplest way to monetize these new VOIs to elect DPs/club points and then offer the points to rent? I realize that I could probably make more money by reserving good weeks at MOC and then renting those, but that's all becoming more complicated in Hawaii with all of the extra taxes they want owners to pay when renting their units. I might prefer to take an easier road, at least initially.

Thanks in advance for info.

 

[Dean]

If done as a gratuitous transfer it should retain the developer rights from parent to child. Does your sister own anything? If not, it might be best for you and her to have it all transferred to you then work with her on any usage. That way you'll have additional options. LT transfers is a good company to do this. Reserving a good week and renting is likely the best return.

 

[geist1223]

Why not call MVC?

 

[daviator]

If done as a gratuitous transfer it should retain the developer rights from parent to child. Does your sister own anything? If not, it might be best for you and her to have it all transferred to you then work with her on any usage. That way you'll have additional options. LT transfers is a good company to do this. Reserving a good week and renting is likely the best return.

Yes, my sister already owns some MVC, so she will be able to make use of the points, etc. in combination with her existing ownership.

I will call them next week, I doubt the right people are working today. I'm just hoping for some info here to avoid getting bad information from MVC; it's been my experience lately that the people on the phone don't always know what they are talking about.

 

[DeniseM]

The ownership on the deeds has to be formally changed, recorded with the county of record, and sent to Marriott. This is who I use for title transfers - they are Tuggers, they get high marks on TUG, and they are more reliable and less expensive than other transfer companies:

L.T. Transfers
www.lttransfers.com
readylegal@gmail.com
706.219.2709

 

[Elliedog]

I also used LT Transfers when I (as my dad’s executor) had to transfer ownership of 3 MVC weeks that my parents owned to their kids (including me). The staff was great and I was impressed with their service and knowledge. My wonderful parents owned units in states, so, the rules were different for each, LOL. I highly recommend them.

 

[daviator]

The ownership on the deeds has to be formally changed, recorded with the county of record, and sent to Marriott. This is who I use for title transfers - they are Tuggers, they get high marks on TUG, and they are more reliable and less expensive than other transfer companies:

L.T. Transfers
www.lttransfers.com
readylegal@gmail.com
706.219.2709

Thanks. We will contact them. Do you know if the MVC points also need to be transferred by a company like L.T., or is that something that happens internally at MVC? And if there is a single VOI consisting of some amount of points, can that be split in two? I guess these are all questions for the transfer company.

Thanks for the advice

 

[DeniseM]

L.T. can tell you exactly what needs to be done - they have a wealth of experience.

 

[daviator]

For what it’s worth, the phone number for Owner Modifications, which is published in several places in this forum (800-443-4391) no longer works for that purpose, it seems to now be a generic number into MVCI. After identifying the caller, it gives you a choice of rentals, loans, or a vacation planner. The wait for a vacation planner is over an hour, so I’m waiting for them to call me back. Hoping that they can then transfer me to Owner Modifications.

Mary at LT Transfers was super helpful. But she didn’t know whether an ownership of trust points could be split in two, so I am hoping that MVC can tell me.

 

[jwalk03]

For what it’s worth, the phone number for Owner Modifications, which is published in several places in this forum (800-443-4391) no longer works for that purpose, it seems to now be a generic number into MVCI. After identifying the caller, it gives you a choice of rentals, loans, or a vacation planner. The wait for a vacation planner is over an hour, so I’m waiting for them to call me back. Hoping that they can then transfer me to Owner Modifications.

Mary at LT Transfers was super helpful. But she didn’t know whether an ownership of trust points could be split in two, so I am hoping that MVC can tell me.

The wait has been more than an hour all day it seems! I tried to call at 1053AM and got the same message. I got my call back about 1205PM.

 

[daviator]

I did get a call back from Marriott after about two hours and they transferred me to Owner Modifications, then I waited on hold for about 20 minutes. Spoke with someone helpful.

FYI, it is possible to split a trust points ownership in two, so that my mom can give half to me and half to my sister. It will cost extra with the transfer company because they'll be recording two deeds instead of one. But it’s no problem on the Marriott side.