Quit Claim Deed

[Ramosgina]

Has anyone had experience with Removing someone on their Timeshare Deed and adding a new person? I have spoke to realtors and title and no onw seems to have the correct wording, or explanation for a quit claim deed. This does not involve and money exchange.

 

[Passepartout]

Has anyone had experience with Removing someone on their Timeshare Deed and adding a new person? I have spoke to realtors and title and no onw seems to have the correct wording, or explanation for a quit claim deed. This does not involve and money exchange.

This would involve a new title. It's not difficult to do yourself- assuming all parties are agreeable. You can pay a transfer service like www.LTTransfers.com/ to do it for a few hundred$ plus postage. These folks are TUGgers and very reliable. Now, if the person(s) being removed/added are not agreeable, that's another issue.

Jim

 

[davidvel]

Has anyone had experience with Removing someone on their Timeshare Deed and adding a new person? I have spoke to realtors and title and no onw seems to have the correct wording, or explanation for a quit claim deed. This does not involve and money exchange.

We need a lot more info to give a meaningful response as Passepartout notes.
Who is being taken off, who is being added, who is remaining and why? Also, different systems have different rules relating to ROFR, etc., so the relationships may also matter.

 

[The Colorado Kid]

As an aside, thanks so very very much for using the proper term and not..."Quick Claim Deed"

 

[singingcowgirl]

A quit claim deed simply means that the owner(s) are quitting any claim they have to the property and giving it to the buyer. It does not include a title search for liens or other claims that may be on the property. It usually used on property transferred between family members.

This differs with most real estate transactions which do a title search and use a Warranty deed, usually with title insurance in case someone makes a claim to the property.

That said, yes, a quit claim deed is appropriate in your situation, but I would still recommend using a transfer company because there might be other things, like transfer fees at the resort, and they know whatever else is involved.

 

[davidvel]

A quit claim deed simply means that the owner(s) are quitting any claim they have to the property and giving it to the buyer. It does not include a title search for liens or other claims that may be on the property. It usually used on property transferred between family members.

This differs with most real estate transactions which do a title search and use a Warranty deed, usually with title insurance in case someone makes a claim to the property.

That said, yes, a quit claim deed is appropriate in your situation, but I would still recommend using a transfer company because there might be other things, like transfer fees at the resort, and they know whatever else is involved.

Just to clarify, use of a quit claim deed does not preclude the use of a title search (and such a search and preliminary report occur prior to the deed being prepared), though it likely will preclude title insurance in most cases.

You correctly note that a warranty deed and grant deeds make certain promises and warranties abut the title being conveyed.

A quit claim deed on the other hand means only "To get whatever interest I own, which may be none at all."