Brief overview of timeshare ownership change.
HUNTINGTON BEACH, Calif. (PRWEB) June 14, 2018
This Tip Sheet by Deed and Record provides a brief overview of ownership change for timeshares located in California, Florida, Hawaii and Nevada. Ownership change is needed to add or remove a spouse as an owner, to make a trust the owner or to give away a timeshare.
To replace a current owner of a timeshare with a new owner two events must happen. First a deed is prepared and submitted to the State for recording. Recording makes public who is the owner of the timeshare. Second a copy of the recorded deed is provided to the timeshare company. Copying the timeshare company allows the new owner access and relieves the prior owner of responsibility for maintenance fees.
A deed is a document signed by the current owner that transfers ownership in real property to another person. The owner either “grants” or “quit claims” ownership. “Grant” has implied warranties of valid ownership and disclosure of loans and liens on the real property. “Quit claim” is the equivalent of “as is.” A quit claim does not promise valid ownership and does not provide disclosure of loans or liens outstanding.
California, Hawaii and Nevada require the owner’s signature on the deed acknowledged by a notary. Florida in addition to the acknowledgement, requires the owner’s signature witnessed by two individuals. After the deed is prepared and the signature acknowledged the deed is recorded.
In Florida, deeds are recorded by county with the county’s courthouse. In California and Nevada deeds are recorded by county with a government entity whose sole function is to keep track of deeds, the recorder’s office. In Hawaii deeds are not recorded by county but with a statewide government agency called the “Bureau of Conveyances.”
After the deed and been prepared and recorded, a copy of the recorded deed must be provided to the timeshare company to update their records of ownership. Timeshare companies may have additional documentation requirements, depending on the company. These companies also require a fee to update those records. Fees vary from $25 to $500.
This Tip Sheet explains; how to replace a current owner of a timeshare with a new owner. Ownership change is needed to add or remove a spouse as an owner, to make a trust the owner or to gift a timeshare. States covered in this Tip Sheet are California, Florida, Hawaii and Nevada.
This press release is provided by Mark W. Bidwell, an attorney in California. Office is at 4952 Warner Avenue, Suite 235, Huntington Beach, California 92649. Phone number is 714-846-2888. Mr. Bidwell markets through a website DeedandRecord.com.
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