Irvine, CA (PRWEB) October 30, 2014
Deed and Record is an internet service to change Hawaiian interval ownership by deed. Interval Deeds are used to remove a spouse due to divorce, add a spouse due to marriage, add or remove a co-owner, give away ownership and to fund a trust. “Interval Deeds” include “Interval Conveyance Deeds,” “Interval Ownership Deeds” and “Interval Warranty Assignments.”
Interval Deeds are prepared in format and the manner required by Hawaii’s Bureau of Conveyances, including legal description, demarcation and interval control number. Deeds are recorded electronically and returned to the customer by email. The customer provides a copy of the recorded deed to the Vacation Resort Club to update their records.
An example of the use of a Interval Deed is in divorce and dissolution of marriage. An interval ownership is awarded to one spouse. Until the non-owning spouse is removed as owner, he or she remains liable for property taxes and maintenance fees and has access to the timeshare. To remove a former spouse, the former spouse signs a deed conveying his or her interest to the owning spouse.
The opposite situation occurs in marriage. A newlywed wants to add his or her new spouse as owner of the interval interest. To add the spouse an interval deed is prepared granting joint ownership to the new spouse.
In marriage, best practice is for the husband and wife take title as tenants-in-the-entirety. On the death of the first spouse, the surviving spouse becomes the sole owner by filing an affidavit of death with the Bureau of Conveyances. After the affidavit is filed, the surviving spouse has full control to sell or transfer ownership of the interval interest.
Interval Interests are often overlooked in funding of trusts. A trust is created. But if title ownership is not changed to the trust, the interval will require probate. A deed transferring ownership from the individual to the individual’s trust avoids probate and court supervision.
Trusts avoid probate because on the death of the owner the successor trustee files an affidavit death of trustee. The affidavit notifies the Bureau the trustee has died and who is the successor trustee. Next the successor trustee signs a deed to transfer ownership from the trust to the beneficiary identified in the trust. The trust beneficiary becomes the owner of the interval.
As an alternate to a trust some interval owners add a child or relative as a joint tenant owner. In joint tenancy the deceased owner’s interest disappears by operation of law. The surviving joint tenant becomes the sole owner. The document to record the death is an “affidavit death of joint tenant.”
Interval owners who can no longer use the interval interest still incur maintenance fees. The resale market for intervals in Hawaii is not robust. To avoid ongoing resort charges an owner could consider selling his or her ownership for nominal value or gifting the timeshare. The cost of formal escrow may be avoided by quit claiming the interval interest.
In a “quit claim” the owner conveys ownership “as is” with no promises of the condition of the interval. The new owner is willing to accept a quit claim because he or she has not paid anything of real value and has little or no risk in the transfer of ownership.
Title and ownership change to remove a spouse due to divorce, add spouse due to marriage, add or remove a co-owner, to gift and to fund trusts is provided by Deed and Record. Service now includes next day electronic filing. For more information click here or call 949-474-0961.
This press release is provided by Mark W. Bidwell. Mr. Bidwell markets timeshare title transfer services through websites, primarily http://www.DeedAndRecord.com. Deed and Record provides change in timeshare ownership in California, Hawaii and Florida. Office is at 18831 Von Karman Avenue, Suite 270, Irvine, California 92612. Phone is 949-474-0961.