FREE - Oceanique - Florida East Coast Oceanfront - Great II Trader

[hunkyleebo]

2BR/2BA oceanfront unit during winter season - last year's maintenance fees were $1,200. I'll provide a quit claim deed that will enable you to register with the resort.

Resort website: https://oceaniqueresort.com/

 

[chapjim]

I don't know why a buyer would accept a quitclaim.

 

[hunkyleebo]

I don't know why a buyer would accept a quitclaim.

Why not? Especially when it is free?

 

[Ski-Dad]

I don't know why a buyer would accept a quitclaim.

I don't know why anyone giving a free unit away would provide a warranty deed. At $1 you are not exactly a buyer and have no risk, aside from MF in perpetuity, which also comes with a warranty deed.

 

[WorldT]

People are so attached to the word "warranty deed" they think it is the only way to go. I see people talking about title insurance for a deed that is work $0.

 

[chapjim]

Why not? Especially when it is free?

A quit claim transfers whatever interest the grantor has in a property, which could be no interest at all. The grantee doesn't know if the grantor holds the property free and clear.

 

[dioxide45]

I don't know why anyone giving a free unit away would provide a warranty deed. At $1 you are not exactly a buyer and have no risk, aside from MF in perpetuity, which also comes with a warranty deed.

A warranty deed promises that the grantor holds good, clear title to a piece of real estate. It promises also that the grantor has the right and authority right to sell it to the grantee or buyer. A quitclaim deed, on the other hand, makes no promises about the quality of the title to the property.

I don't know why anyone would accept any real property via a quit claim deed. Just because it is free doesn't mean you don't want to ensure clean title so you don't have issues later when you want to get rid of it yourself. Getting clouded title is a very real risk that can cost thousands of dollars to get fixed. That can still happen with a warranty deed.

 

[Ski-Dad]

Your warranty deed is only as good as the entity issuing it. Tracking down your seller years later to claim damages for not providing a clear title to a free timeshare would be a fruitless endeavour. Costly legal process for limited return. The best insurance if worried about title, is either a certificate of clear title from a reputable law firm or title insurance.

If HOA or marriott/wyndam/hyatt have issues with your title, agree with them, and walk away. No MF payable if you do not own it.

All said, a warranty deed is better than a quit claim deed, but it is of limited value unless issued by someone with deep pockets who will still be around if you have a problem.

That is why the banks need a certificate of clear title from a law firm or title insurance before they will issue $$ on a mortgage.

 

[dioxide45]

If HOA or marriott/wyndam/hyatt have issues with your title, agree with them, and walk away. No MF payable if you do not own it.

I believe we found that it doesn't quite work like that. I believe @Panina had an issue with clouded title and it took a long time to get fixed.

 

[Ski-Dad]

I believe we found that it doesn't quite work like that. I believe @Panina had an issue with clouded title and it took a long time to get fixed.

Fair enough, but relying on the warranty deed as a guaranty is questionable.

 

[dioxide45]

Fair enough, but relying on the warranty deed as a guaranty is questionable.

I wonder if/when it comes to quiet title, does the type of deed matter? I suspect a quit claim may require the the current owner to go back to more grantors in order to remedy?

 

[Ski-Dad]

I wonder if/when it comes to quiet title, does the type of deed matter? I suspect a quit claim may require the the current owner to go back to more grantors in order to remedy?

Its a good question, but my sense is the a quit claim vs warranty deed would be of no relevance in a quieting of titles application. I did practice property law 30 years ago, but I shifted to specialize labour and employment law for the past 30 years.

The current owner would have no warranty claim against prior grantors. The warranty deed from a prior grantor does not run with the property. The warranty is as between the two parties to the deed. It is not for the benefit of future owners, except that it can be brought to bear in a chain reaction of claims. This is entirely possible for $500K condo, but impractical for a $5K timeshare as the legal fees would far outweigh the valuer of the claim.

 

[Ski-Dad]

Apologies to the OP. Didn't mean to hijack your free timeshare thread.

 

[chapjim]

Apologies to the OP. Didn't mean to hijack your free timeshare thread.

Since it was part of OP's offer, a discussion of quit claim deeds is relevant and appropriate.

 

[hunkyleebo]

Thanks for the education! I am happy to create any type of deed a new owner would like.

A related question since I have the attention of experts: how does a resale owner become responsible for maintenance fees forever if they only provided a copy of their new deed to the resort to gain access and never signed any type of contract agreeing to that responsibility?

 

[dioxide45]

Thanks for the education! I am happy to create any type of deed a new owner would like.

A related question since I have the attention of experts: how does a resale owner become responsible for maintenance fees forever if they only provided a copy of their new deed to the resort to gain access and never signed any type of contract agreeing to that responsibility?

The deed is tied to the resort CC&R documents. Those underlying documents outline the requirements of all owners. Anyone who holds a deed is agreeing to those underlying CC&R documents.

 

[Bailey#1]

2BR/2BA oceanfront unit during winter season - last year's maintenance fees were $1,200. I'll provide a quit claim deed that will enable you to register with the resort.

Resort website: https://oceaniqueresort.com/

Is this a fixed week or floating winter week. If fixed what week would it be?

 

[hunkyleebo]

Is this a fixed week or floating winter week. If fixed what week would it be?

Floating Winter season.