Timeshare Title Tips


Transferring title to a timeshare unit week is very much like transferring title to any real estate property.  The key elements are how title is received, the type of instrument of transfer or deed, and whether title insurance is requested.   Knowledge of each element will assist you with closing of your timeshare property.

Receiving Title
When two or more persons are receiving title to a timeshare, ownership may be titled as:
· Joint Tenancy - the distinguishing characteristic of joint tenancy is the right of survivorship.  If one of the joint tenants dies, their interest passes automatically to the surviving party instead of being tied up in lengthy probate proceedings.  When two or more people own a property as joint tenants, they own an undivided co-equal interest in the property.
· Tenancy-in-Common - This is a standard form of ownership for unrelated buyers that is generally presumed to be the way they hold title if nothing else appears to the contrary.  The shares are presumed to be equal unless stated otherwise on the deed, and each of the tenants has equal rights of possession.  There is no right of survivorship; each tenant-in-common should bequeath in their Last Will and Testament the person or persons to whom his share will pass upon death.

Transferring Title
The legal document used to convey real property from one party to another is a Quitclaim or Warranty deed. 

· Quitclaim Deed - This deed transfers whatever interest or title a grantor may have, without warranty or guarantee of clear title.
· Warranty Deed - This deed provides a guarantee from the seller that he has good, clear and marketable title to the property and is conveying the property free of all judgments, tax liens or assessment liens.

The Grantor is the person conveying the property; the Grantee is the person receiving the property.                                 (next column) 

Once the Grantor executes a deed, it is then recorded in the county where the property is situated.  The recorded deed      is returned to the new owner as stated on the transfer deed.

Insuring Title
With timeshare transfers you have a choice - primarily due to the amount of dollars at stake - and since only a "portion" of the real property is being transferred.  The expense of title insurance must be weighed against the total risk of loss, and in most cases the decision to accept title without title insurance is a cost effective one.   In addition, timeshares are generally a part of a condominium where title has been established and proven as a part of the condominium creation - owning an interval week in a condominium is usually accepted as a "safe bet" - especially with a "warranty" deed. 

Simplifying Title Transfer
The closing process can be made very simple by preparing as follows:
1. If you're the Buyer, know how you want to take title (Joint Tenancy or Tenants-in-Common).
2. If you're the Seller, know how you want to transfer the property (Quitclaim or Warranty Deed). A copy of your existing deed will speed the process by providing your closing company the legal description and information they will need to prepare the new deed.
With these decisions made, the transfer of ownership can occur in a smooth and timely manner.
 

This article was written by Attorney Sean O'Haire, owner of ProDox Legal Center.  ProDox has been closing timeshare sales since 1995 and provides complete timeshare closing services for $200 online at www.prodox.com or by calling Toll-Free 1-888-477-6369. 



 

THANK- YOU LETTER

Chris,

Thank you so much for your successful marketing of my timeshare property in Colorado. The professionalism, efficiency and the introduction of prospective buyers was outstanding. I had my timeshares listed with several marketing firms one of which is in Palm Desert, Calif. After Eleven (11) and  fourteen (14) month listing with two firms, I did not receive one single client referral. Needless to say, I was skeptical when your firm contacted me to solicit my business and most reluctant to retain the services of another "marketing agency".

I was overwhelmed when after only two days (2) you had put me in contact with prospective clients. Within ten (10) days you had placed me in contact with a prospective buyer in Minnesota and several days later we entered into an agreement to transfer title on the property.

Outstanding,Outstanding and congratulations on a job well done.  There are so many unethical business purporting to be able to do what your firm is successfully doing. If you would like to display this letter in your business and or have prospective clients call me for reference, I am more than happy to do so. Again, thank you from the bottom of my heart.

Sincerely,

James F. Harlow

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