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[ 2008 ] Transfer of ownership letter?

M

mm1103

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Okay so I'm trying to figure out how to get my name off the title of the timeshare along with the loan. :confused: My ex-boyfriend and I got the timeshare jointly back in January and now that we've broken up he's agreed to take the timeshare in full. I've called the company Club Regina and was told that I need to do a transfer of ownership which will cost me $280. What they need is notarized letters signed by me and my ex stating an intent to give up all rights, obligations and privileges. So what I need help with today, is writing up such a letter. I'm no legal expert and don't think in this case that we need to use a closing company but I want to make sure this is all taken care of properly. I want to make sure I am taken off the loan, taken off the title of the timeshare, reimbursed by my ex for the money I have already put into the timeshare (which he has agreed on for the time being) and no longer held responsible in any way to this timeshare. Any suggestions or samples of how to write up such a letter (Basically a letter of transfer of ownership.) :shrug: I guess you can say I'm just not good with wording legal documents and want to do it the right way. Please help! Thanks in advance.
 
You need a quitclaim deed. Have it notarized by both parties and record it.

On another note and I know it's none of my business but you're asking him for the money back you've put into the timeshare? if you bought developer this doesn't seem fair to me at all, if he tries to resell he will probably lose most of his money. Again, not my business but personally I'd just let the money part go and be happy he's willing to take it off your hands without making you pay for half the loan. He's letting you off pretty easy on the loan.
 
Where do I get a quitclaim deed? How come the company did not mention this when I asked about a transfer of ownership?

Oh as a reply. He was the one that wanted the timeshare and he's the one that is going to use it. He has no plans on selling it, he wants the timeshare. I'm going to pay the maint. fee for this year and he's going to go on vacation this year basically on me and I'm not going to get the money he asked me to put as the down on the timeshare which is nearly $2500. I think I'm losing out as well. I'm the one who's going to walk away with a debt and absolutely nothing to show for it.
 
You should be able to get a quitclaim deed from any office supplies store, or online.
 
I don't think a Quick claim deed will work in Mexico

As all you own is a right to use, nothing with a deed.

I would guess that if you just write up something along the lines of their instructions, (since they will be the ones doing the name change), anything that you both sign that says that He will be the new owner should work.

( Be very glad that he wants this, and that they are going to let you off the contract)

If you can get him to give you the money, great, if not, just be happy as the value of this retail purchased timeshare is now about 25% of what paid the developer. :eek:

So, getting out from under the further costs on this is the biggest win!!!

fwiw, Greg

mm1103 said:
Where do I get a quitclaim deed? How come the company did not mention this when I asked about a transfer of ownership?

Oh as a reply. He was the one that wanted the timeshare and he's the one that is going to use it. He has no plans on selling it, he wants the timeshare. I'm going to pay the maint. fee for this year and he's going to go on vacation this year basically on me and I'm not going to get the money he asked me to put as the down on the timeshare which is nearly $2500. I think I'm losing out as well. I'm the one who's going to walk away with a debt and absolutely nothing to show for it.
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Getting your name off of the ownership may be easy, but getting your name off the loan may be difficult. Why would a lender want to take on the additional risk of only being able to go back to 1 borrower when two signed the note? They are under no obligation to do so. It is easy to add joint account holders to a credit card, but once there is a balance you can't take them off.
The ex may need to refianance the loan under only his name. I find it very unlikely that the lender will just allow you to be removed from the loan even though you aren't an owner any more.
The loan was underwritten with each of you in mind. It needs to be reunderwritten in just his name.
 
dioxide45 said:
Getting your name off of the ownership may be easy, but getting your name off the loan may be difficult. Why would a lender want to take on the additional risk of only being able to go back to 1 borrower when two signed the note? They are under no obligation to do so. It is easy to add joint account holders to a credit card, but once there is a balance you can't take them off.
The ex may need to refianance the loan under only his name. I find it very unlikely that the lender will just allow you to be removed from the loan even though you aren't an owner any more.
The loan was underwritten with each of you in mind. It needs to be reunderwritten in just his name.
Click to expand...


He is correct. It will easy as pie to get your name off the title but when it comes to the loan he will definitely need to refinance to get your name off. So he will have to contact the loan company and pay fees to have it done. This could take a while.
 
You don't need a quit claim deed because you have a vacation membership. Write a letter that states you both agree that he is accepting all rights, privileges, and financial obligations for the Raintree Vacation Club membership. Go together to a notary and have your signatures notarized. Send in copies of a photo ID with your letter. Ask for confirmation that your name has been removed from the membership and the loan. Good luck
 
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