Tip Sheet on Trust Transfers for Timeshares Located in California, Florida, Hawaii and Nevada by Deed and Record
HUNTINGTON BEACH, Calif. (PRWEB) October 11, 2018 -- This Tip Sheet by Deed and Record explains how to fund living trusts with timeshares located in California, Florida, Hawaii and Nevada. Without a change in ownership from the timeshare owners to the timeshare owners’ trust the trust is useless. Probate is not avoided.
Timeshares are fractional real property interest. Each state is responsible for maintaining records of who owns each real property interest. Florida delegates its responsibility to the courthouse located in each County. California and Nevada delegate their responsibility to an independent government entity, the recorder, that is created in each County. Hawaii delegates it responsibility to the Bureau of Conveyances that maintains real property records for the entire state.
A deed is prepared and recorded with the state to fund the trust so the trust is the official owner of record. A deed is a document signed by the owners to transfers ownership to the owners’ trust. The owner either “grants” or “quit claims” ownership. “Grant” has implied warranties of valid ownership and disclosure of loans and liens on the real property. “Quit claim” is the equivalent of “as is.” A quit claim does not promise valid ownership and does not provide disclosure of loans or liens outstanding.
California, Hawaii and Nevada require the owner’s signature on the deed acknowledged by a notary. Florida in addition to the acknowledgement, requires the owner’s signature witnessed by two individuals. After the deed is prepared and the signature acknowledged the deed is recorded.
After the deed and been prepared and recorded, a copy of the recorded deed must be provided to the timeshare company to update their records of ownership. Timeshare companies may have additional documentation requirements, depending on the company. These companies also require a fee to update those records. Fees vary from $25 to $500.
This Tip Sheet explains; how to fund a timeshare into a trust. Change of ownership is by deed, signed by the owners, transferring ownership to their trust. States covered in this Tip Sheet are California, Florida, Hawaii and Nevada.
This press release is provided by Mark W. Bidwell, an attorney in California. Office is at 4952 Warner Avenue, Suite 235, Huntington Beach, California 92649. Phone number is 714-846-2888. Mr. Bidwell markets through a website DeedandRecord.com.
Mark Bidwell, Deedandrecord.com, http://www.deedandrecord.com, +1 714-846-2888, [email protected]
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