Ownership/Title

[David Sa]

Hello All,
I have a general timeshare ownership/title question...
Is it better to list the buyer as myself for the purchase of a new timeshare or to include my children as buyers too since they will eventually inherit it anyway to save future cost/effort to them if any when that time comes?
I currently have a HCVC deed in my name only, and am now looking to buy another on resale.

we will be set it up as:
JOINT TENANCY, or JOINT TENANTS WITH FULL RIGHTS OF SURVIVORSHIP: The surviving party(ies) would automatically take title upon one owner's death after recordation of certified copy of death certificate.

Does having three people on the deed pose any problems with the timeshare use or any other aspects of the timeshare that would be a better way to create the deed?

Thank you kindly, David.

 

[Passepartout]

What makes you think that your children will even want your timeshares and their ongoing maintenance and use fees after you are gone? If it (they) are just in your name, the TSs would pass to your estate anyway and like any negatively valued 'asset' can be refused or accepted at your heirs choice.

AND, simply having them titled in your name only would make them easier to sell if you want, rather than chasing down the 'kid's' signatures.

 

[brp]

One advantage this does have is that, if they ever want to use the TS without you, there would be no Guest Certificate required since they are on the deed. (Pretty sure that's true )

Cheers.

 

[CalGalTraveler]

I wouldn't add them. Like @Passepartout stated, this gives them the option to refuse the unit when you die. A lot can happen financially over the years, people lose jobs, become disabled. Why lock in and burden them now when it can pass to them in the future when they have a choice given the circumstances at the time.

 

[David Sa]

What makes you think that your children will even want your timeshares and their ongoing maintenance and use fees after you are gone? If it (they) are just in your name, the TSs would pass to your estate anyway and like any negatively valued 'asset' can be refused or accepted at your heirs choice.

AND, simply having them titled in your name only would make them easier to sell if you want, rather than chasing down the 'kid's' signatures.

I knew someone would clear this up for me...perfectly put, thanks

 

[David Sa]

One advantage this does have is that, if they ever want to use the TS without you, there would be no Guest Certificate required since they are on the deed. (Pretty sure that's true )

Cheers.

I do believe I could add them on my account as a "permanent" guest and would not have to get the GC each time?

 

[David Sa]

Does anyone have info on Title Insurance;
Is it advisable to get title insurance with timeshares? Is it automatic or do I need to add it? What are my options and cost?

 

[Passepartout]

Does anyone have info on Title Insurance;
Is it advisable to get title insurance with timeshares? Is it automatic or do I need to add it? What are my options and cost?

Why? I am not aware of anyone who has come to TUG and said 'Thank God I Had Title Insurance!' We assume you are buying a resale for pennies on the developer's dollars, and that for the few hundreds or thousands of dollars involved, why bother? Timeshares are luxury goods, to be bought ONLY with disposable income. If something in life really goes off the rails, you can walk away with no long term repercussions. Don't sweat the title insurance- like you would with a mortgage or second home.

Jim

 

[CalGalTraveler]

Maybe I'm the first Tugger but "Thank god I purchased title insurance." I would buy insurance because it's not about protecting your purchase price; which is a common misperception.

It's a small price to pay (approx $300) to ensure that your deed recorded correctly and is free and clear so you can get rid of it someday. If your deed is clouded you could find yourself locked in and paying MF until you die because you cannot sell it. Many of these third party closing shops make mistakes and are clerks not lawyers e.g. put wrong property on deed, typos etc. The errors are not found until years later when you want to sell but cannot find the seller to file a corrective deed (or seller has passed). You cannot walk either. Search HGVC threads for "title insurance" for more details.

If the last owner purchased from the developer your risk is less because you can ask the 3rd party closing company to get a copy of the sellers deed and developer sales contract and do it DIY to double check property descriptions etc. You should also double check the estoppel from the developer. This is an option if you don't mind combing through contracts and details. We did this on the recommendation of a broker and found that the property title was incorrectly listed on the deed by the 3rd party closing company; very sloppy work as we found multiple typos. Fortunately we were able to go back to the seller and file a corrective deed. What a hassle! Never again.

If the seller bought the property resale, then the risk increases significantly if they did not have title insurance because the third party closing agency could have made a big error on the deed title from the last sale and no one knows (until now because you are asking.)

Bottom line: Title is about enabling you to sell easily in the future. It's not about the purchase price. $300 is a small price to sleep at night.

 

[dayooper]

Does anyone have info on Title Insurance;
Is it advisable to get title insurance with timeshares? Is it automatic or do I need to add it? What are my options and cost?

There was a thread a couple months ago where someone bought an HGVC property, it went through ROFR and was recorded by the county as owned by the new owner. When the deed went to HGVC, they rejected it due to the previous owner still had a loan. So the new owner had a deed recorded by the county as theirs, but HGVC recognized it as the previous owners. A big mess that needed to get sorted out. Title insurance would have prevented that.

Now, I'm a worry wart, but for around $250-$400, it bought me peace of mind.

 

[GT75]

So the new owner had a deed recorded by the county as theirs, but HGVC recognized it as the previous owners. A big mess that needed to get sorted out. Title insurance would have prevented that.

Here is that thread.

Title Insurance .... do I need this for my HGVC purchase? another thread.

 

[SmithOp]

One other reason to title it the same as your existing hgvc deed, HGV will only merge the new points into the same account if it matches. If you add the kids you could end up with 2 accounts and 2 club fees with no way to combine the points without getting one of the deeds recorded again.


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[1Kflyerguy]

One other reason to title it the same as your existing hgvc deed, HGV will only merge the new points into the same account if it matches. If you add the kids you could end up with 2 accounts and 2 club fees with no way to combine the points without getting one of the deeds recorded again.


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I agree, you should have them both titled the same. If you have a trust, you might consider putting the current timeshare into the trust. That would avoid probate and allow the timeshare to pass easily to your kids, or they can still reject it if thats what they decide at the time.

Which ever way you go, i would change the title on your current unit to match your long term plans now. It would be much easier and less expensive to change the title on one unit than to try and change after the fact and get the accounts combined.