How Do I Transfer a Timeshare to My Daughters?
Full Question:
Answer:
There are two basic types of deeds: a warranty deed, which guarantees that the grantor owns title, and the quitclaim deed, which transfers only that interest in the real property which the grantor actually has. The only type of deed that creates "liability by reason of covenants of warranty" as to matters of record is a general warranty deed. A quit claim deed contains no warranties and the seller doesn't have liability to the buyer for other recorded claims on the property. The purchaser takes the property subject to existing taxes, assessments, liens, encumbrances, covenants, conditions, restrictions, rights of way and easements of record. However, a person who obtains a mortgage or is under a timeshare contract is still liable for payments after executing a quit claim deed on the property. The contract with the other party will govern your rights and obligations regarding a transfer of the property. Check with the resort for their specific rules regarding the sale and transfer of timeshares. Some resorts just require you inform them of your intent to sell. The quitclaim is often used among family members or from one joint owner to the other when there is little question about existing ownership, or just to clear the title.