HUNTINGTON BEACH, Calif. (PRWEB) November 30, 2017
Tip Sheet by Deed and Record explains how to remove a former spouse as an owner of a timeshare, how to transfer a timeshare into a trust, how to give away a timeshare and how to add or remove an owner of a timeshare. Change in ownership in the states of California, Florida, Hawaii and Nevada is by deed. The deed must be recorded and a copy of the deed provided to the timeshare company to update their records of ownership.
In a divorce or dissolution of marriage a timeshare is awarded to one of the former spouses. A deed must be prepared and signed by the spouse who is transferring his or her ownership. The signature of the transferring spouse must be acknowledged by a notary. Until the deed is recorded and a copy of the deed provided to the timeshare company both spouses can use the timeshare and both spouses are liable for the annual maintenance fees.
Trusts are created to avoid probate and for the orderly transfer of assets to heirs. A deed must be prepared and signed by the owners of the timeshare. The deed transfers ownership from the current owners to the current owners’ trust. Without a deed transferring ownership into the trust, the timeshare will require probate on the death of the second owner.
As people age or life circumstances change they no longer use the timeshare but continue to pay the maintenance fees. The resale market value for most timeshares is nominal. An alternative to a sale is to gift the timeshare to a friend or relative who can use the timeshare. The deed is signed by the current owner and transfers ownership to the new owner.
People buy a timeshare together. Later, only one person uses the timeshare but both owners remain liable for the maintenance fees. A deed signed by non-using owner transfers ownership to owner using the timeshare. The non-using owner is relieved of the maintenance fees and owner using the timeshare has sole ownership and control of the timeshare.
One person is the sole owner of a timeshare and later marries or his or children become adults. The spouse or children want access to the timeshare. To access the timeshare, they must be owners of record with the timeshare company. To allow access the sole owner signs a deed to add owners.
Ownership for timeshares located in California, Florida, Hawaii and Nevada is by deed. The current owner signs the deed which must be acknowledged before a notary. The deed is recorded. A copy of the recorded deed is provided to the timeshare company to update their records of ownership.
This Tip Sheet was authored by Mark W. Bidwell, an attorney in Orange County, California, who specializes in probate and trust law. Mr. Bidwell’s office is located at 4952 Warner Avenue, Suite 235, Huntington Beach, CA 92649. Phone number is 714-846-2888. Mr. Bidwell markets primarily through a website, http://www.DeedandRecord.com.