lawyer needed for deed transfer?

[petec9686]

We have a private buyer for our float week at water's edge in Ct.

We went there today to fill out paperwork. The buyer is paying a $500 fee to water's edge to handle the sale. We figured we'd just show up, sign some papers and be done. Not quite.

We were asked for the notorized deed drawn up by our lawyer. We don't have that. All we have is our deed with our name on it.

We were told that we need to take that to an attorney and have a deed transfer drawn up. This of course will cost around 300 bucks.

Is there a way around this? Can we get a blank form and fill it out ourselves?

We are only getting $1000 dollars and I'd hate to give a big chunk of it away to a lawyer.

We own our week outright. Finished making payments on it over 10 years ago. So there is no mortgage or lien issues. There are also no payment escrow issues. Infact the buyer has already written us a check.

I have read about companies that handle the entire process for less than $500 dollars and am tempted to have my buyer give his money to one of them rather than water's edge.

Any advice would be appreciated.

 

[Bill4728]

Most all TS transfers are done by a lawyer or a company which does nothing but TS transfers.

So yes you do need a new deed prepared.

Can you do it yourself? People do BUT I wouldn't.
Look at the top of this board to the "how to sell your TS thread" In that thread there are several TS transfer companies which have been recommended. Including one which is cheap,they tell you how to do it yourself.

Lastly, Most of the time, the buyer has to pay all closing costs like for the new deed ect.

Hope that helps & Welcome to TUG

 

[king1]

I'm not a lawyer and don't play one on TV, but here's my two cents worth: Didn't the deed you have work just fine all the time you've owned? Why not just copy it with the proper name changes, get it sign and notarized and presto!
You've saved all that money. All the lawyers will chime in and tell you horror stories about botched closings, but this is not transferring a shopping mall or a mansion--just a 1K timeshare.

 

[Talent312]

We have a private buyer for our float week at water's edge in Ct.

We went there today to fill out paperwork. The buyer is paying a $500 fee to water's edge to handle the sale. We figured we'd just show up, sign some papers and be done. Not quite.

We were asked for the notorized deed drawn up by our lawyer. We don't have that. All we have is our deed with our name on it.

We were told that we need to take that to an attorney and have a deed transfer drawn up. This of course will cost around 300 bucks.

Is there a way around this? Can we get a blank form and fill it out ourselves?

Of course... A deed does not have to be drawn by an attorney to be valid. You can DIY, if you know how to draft a deed that is valid and sufficient under CT law. What most laypeople do is get a deed from an office supply store, the internet or a small-county clerk of court used to helping the public with such issues.

As another poster suggested: Take your deed, make an exact copy, but place your identities in place of the fellow(s) who sold to you and the buyers' identities where your names are. There is a way to find similar deeds for that resort at the county public records office, as well.

Be sure to enter correct "drawn by" and "return to" infomation, if needed. Most banks offer notary services. Its where my wife and I signed our last deed. The deed may require additional witnesses and the notary may act as a witness.

 

[Denise L]

We acquired a timeshare this year and used TimeTravelTraders (recommended on TUG) to do the transfer paperwork. They (Alan, Barbara) prepared the deed and took care of getting signatures, sent it to be recorded, and also could notify the resort (I did that myself to save time). I'm not sure why your buyer has to pay Water's Edge $500 to handle anything, but maybe that is the resort transfer fee?

In any case, I was very pleased with the service and would recommend them for such a transfer if they could do it for you . I think my total fees were $114?

I also bought another timeshare this year for a low price, and wrote up my own deed by getting copies of similar resale deeds at the same resort, plus the original deed. Okay, so it took me a few hours to create what I thought was a good warranty deed, but it appears to have been recorded properly.

If you stick around here long enough, you can learn how to do anything !

Good luck!

 

[Carolinian]

I'm not a lawyer and don't play one on TV, but here's my two cents worth: Didn't the deed you have work just fine all the time you've owned? Why not just copy it with the proper name changes, get it sign and notarized and presto!
You've saved all that money. All the lawyers will chime in and tell you horror stories about botched closings, but this is not transferring a shopping mall or a mansion--just a 1K timeshare.

This probably has a better chance of producing an accurate deed, if the deed you are copying was prepared by a lawyer in the state where the timeshare is located than using one of those out of state timeshare closing companies. I have seen way too many invalid deeds prepared by out of state timeshare closing companies that have been recorded in North Carolina. ''Attorney reviewed'' as listed on their websites probably means some out of state attorney drew up the form, but there are problems in quirks between the laws of different states and a deed valid in one will not necessarily be valid in another.

 

[Carolinian]

Recording does not mean a deed is valid. If the defect has to do with the notary's certificate, a North Carolina Register of Deeds will almost certainly send it back unrecorded. A missing ''prepared by ...'' statement which does not impact the underlying validity of the deed will probably get it sent back. There are quite a number of other fatal deed defects they do not even look at, however. So thinking your deed is valid from the mere fact of recording is whistling past the graveyard.

One thing that has become annoying for some with Register of Deeds in NC is that a couple of years ago the state association of the Registers convinced the legislature to mandate ''standard'' paper sizes and type sizes for deeds, and if you are a little bit off, there is a much larger fee for recording a ''nonstandard instrument''. Many of the printed forms that were sold by office supply companies and such turned out to be ''nonstandard'' under these rules.

We acquired a timeshare this year and used TimeTravelTraders (recommended on TUG) to do the transfer paperwork. They (Alan, Barbara) prepared the deed and took care of getting signatures, sent it to be recorded, and also could notify the resort (I did that myself to save time). I'm not sure why your buyer has to pay Water's Edge $500 to handle anything, but maybe that is the resort transfer fee?

In any case, I was very pleased with the service and would recommend them for such a transfer if they could do it for you . I think my total fees were $114?

I also bought another timeshare this year for a low price, and wrote up my own deed by getting copies of similar resale deeds at the same resort, plus the original deed. Okay, so it took me a few hours to create what I thought was a good warranty deed, but it appears to have been recorded properly.

If you stick around here long enough, you can learn how to do anything !

Good luck!

 

[e.bram]

Carolinian:
If you copy the original deed prepared by the developer, there is a good chance it was prepared by a lawyer.
However some states require certain tax forms to be presented to the state.