(PRWEB) October 25, 2011
Timeshare transfers recorded in the Hawaii Land Court must now be decertified. This applies to quit claim deeds used to fund living trust and remove a spouse as an owner. Deed and Record prepares quit claim deeds (http://www.DeedAndRecord.com)
A quit claim deed is most common method to change title to a living trust and transfers between spouses. A quit claim deed simply transfers title on record without any warranties of real ownership or identification of debt or liens.
Transfers to living trusts are not a change in ownership. The owner transfers title out as an individual to the same individual as trustee of the living trust of that individual. As both parties are the same no real change in ownership has occurred. No escrow is needed and no warranties of valid title and outstanding debt are needed. A quit claim deed is the most economical way to fund a trust with a timeshare.
Quit claim deeds are also the most economical method to affect transfers between former spouses due to a divorce. All warranties of ownership and outstanding debt on the timeshare have been decided in the divorce action. A court order has been made awarding ownership. All that is left is to transfer title on the public record.
Deed and Records prepares the following documents to fund living trusts and make inter-spousal transfers due to divorce.
1. Quit claim deed, including the legal description and cover page information as required by the Bureau of Conveyances
2. Decertification cover sheet if timeshare has been previously been recorded in the land court
3. Form P-64B to request an exemption from the conveyance tax
A conveyance tax is imposed on all transfers of ownership or interest in real property through deed unless the transfer is specifically exempted. Transfers into living trusts and transfers due to divorce are exempt transfers. But the exemption must be requested on Form P-64B.
Deed and Record is a website to prepare and record timeshare transfers by quit claim deed. For more information please go to http://www.DeedAndRecord.com, call 949-474-0961 or email Mark(at)DeedAndRecord(dot)com. The website is sponsored by Mark W. Bidwell, attorney at law and CPA Inactive.
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