Hawaiian “timeshare,” “interval” and “vacation plan” ownership change to add or remove a co-owner, to gift an ownership and to fund a trust.
HUNTINGTON BEACH, Calif. (PRWEB) May 17, 2018
Fractional ownership interests in Hawaiian real property are commonly known as timeshares, intervals and vacation plans. Tip Sheet by Deed and Record explains how to change fractional ownership to add or remove a co-owner, to gift an ownership and to fund a trust.
Fractional ownership of real property located in Hawaii have several names. The most common name is “timeshare,” but the names “interval” and “vacation plan” are also often used. An owner of any of these fractional ownership interests who wants to change ownership must use a document referred to as a deed and record the deed with the Bureau of Conveyances.
A deed is a paper document. The most important wording on the deed is the sentence transferring ownership interest from the current owner to the new owner. The current owner dates and signs the deed as evidence of intent to transfer. The signature must be acknowledged by a notary to confirm identity. The State of Hawaii requires additional information on the deed such as; mailing address of the new owner, the tax map key, the internal control number, the document number and date of the prior deed and a legal description.
Transfer of ownership is by either grant or quit claim. The current owner in a grant deed guarantees valid title. A current owner who quit claims the deed is conveying real property ownership “as is.” Either of these deeds are appropriate to add or remove a co-owner, to gift or to fund a trust.
A couple who have divorced use a deed signed by the spouse giving up his or her ownership interest. A current owner will use a deed to add friends or relatives as joint tenants to give them access to the timeshare and to provide for the transfer on death without probate. A co-owner in joint tenancy who has died is removed by deed.
Deeds are used to gift by the current owners who no longer use the timeshare, interval or vacation plan to someone who wants to use the timeshare. A gift of a fractional interest also transfers the obligation to pay maintenance fees.
Persons who have created a trust need to fund the trust to avoid probate. A deed signed by the settlor of the trust transfers ownership to the trustee of the trust. On death of the trustee a deed transfers ownership out of the trust to the beneficiary of the trust.
An owner of “timeshare,” but the names “interval” and “vacation plan” who wants to change ownership must use a document referred to as a deed and record the deed with the Bureau of Conveyances. Deeds are used to add or remove a co-owner, to gift an ownership and to fund a trust.
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 is 714-846-2888.