The resale market of timeshares in Hawaii is thin. An alternative to a sale is to gift the timeshare.
HUNTINGTON BEACH, Calif. (PRWEB) March 29, 2018
As timeshare owners age they no longer want to make the flight to Hawaii to use the timeshare. An owner could try to sell the timeshare. But the resale market for timeshares in Hawaii is thin and resale value low or non-existent. A viable option is to gift the timeshare. This Tip Sheet by Deed and Record explains how to gift a timeshare located in Hawaii.
Hawaiian Timeshare gifts can be a whole transfer or a partial transfer by adding new owners. New owners are usually relatives. Additional owners are added as joint tenants to avoid probate. There are two problems with joint ownership, the loss of control and maintenance fees.
Loss of control means any future ownership transfer or access requires cooperation of all joint owners. The problem of maintenance fees is the original owners remain responsible for the payment. To sever all ties to the timeshare it must be gifted in whole.
Regardless of partial or whole gifting a deed must be prepared and recorded with the Bureau of Conveyances. The deed is signed by the current owners and must be acknowledged by a notary. The deed transfers ownership from the current owners to the new owners. A copy of the recorded deed must be forwarded to the timeshare company to update their records of ownership.
When a Hawaiian timeshare owner can no longer use that timeshare, the owner can gift the timeshare. Timeshare gifts can be a whole transfer of the timeshare or a partial transfer by adding new owners. Additional owners are added as joint tenants to avoid probate. A gift should consider who will have access to the timeshare and who will be responsible for maintenance fees.
This press release is provided by Mark W. Bidwell. Mr. Bidwell markets through a website, DeedandRecord.com. Office is located at 4952 Warner Avenue, Suite 235, Huntington Beach, CA 92649. Phone number is 714-846-2888.