Add, remove or transfer Florida timeshare by deed.
RUSKIN, Fla. (PRWEB) April 18, 2019
A current owner of a Florida timeshare can either add a new owner, remove a co-owner or transfer all ownership interest to a new owner. In Florida, change of ownership is by deed recorded at the courthouse in the county where the timeshare is located. This Tip Sheet by Deed and Record explains how owners are changed.
To add a new co-owner, the current owner signs a deed. The deed transfers ownership from the current owner to the current owner and the new owner. It is important that both owners appear on the same deed so they can own the timeshare as joint tenants.
Joint tenancy creates the right of survivorship. This means on the death of the first owner, the surviving owner inherits the other owner’s interest without filing a petition in probate court. But on the death of the surviving co-owner, his or her heirs must file a petition in probate court to inherit the timeshare.
To remove a co-owner, the exiting owner must sign the deed. The deed transfers the exiting owner’s interest to the current owner. Often the removal of one owner is because of a divorce or dissolution of marriage. At other times friends buy a timeshare together and then their lives separate. If the co-owners are not married and a loan balance remains outstanding, permission from the lender should first be obtained.
Transfer of all ownership is by either gift or for a nominal amount of consideration. The deed is signed by the current owner. But the loan balance must be paid off and maintenance fees current for a timeshare company to accept a complete transfer of ownership.
In all transfers, both partial and total, a copy the recorded deed is forwarded to the timeshare company to update its records of owners. At this point the removed owner is relieved of any future obligations to pay maintenance fees and a new owner has access to the timeshare.
A current owner of a Florida timeshare can either add a new owner, remove a co-owner or transfer all ownership interest to a new owner. In Florida, change of ownership is by deed recorded with the courthouse in the county where the timeshare is located.
This Tip Sheet provided by Mark W. Bidwell. Phone is 714-846-2888. Office is located at 4952 Warner Avenue, Suite 235, Huntington Beach, CA 92649. Email is Mark(at)DeedandRecord.com. Website is http://www.DeedandRecord.com.