Using Quit Claim Deed for a Timeshare Deed

[samara64]

Hi All,

If we have 2 people on a timeshare deed and one of them wants out, can he simply write a quit claim deed to the other.

Does the second owner, already on the deed, have to be included as a grantor to quit claim to himself since he is already on the deed.

Thanks.

Sam

 

[dioxide45]

I think the correct way to do it is for both owners to sign a new deed over to the one single grantee.

 

[raygo123]

Yes you both are grantors, while the person remaining on the deed is the grantee.

Sent from my Nexus 7 using Tapatalk

 

[Harry]

Hi All,

If we have 2 people on a timeshare deed and one of them wants out, can he simply write a quit claim deed to the other.

Does the second owner, already on the deed, have to be included as a grantor to quit claim to himself since he is already on the deed.

Thanks.

Sam

Your from WA? WA is a community property state. Who is the other person on the deed? Is the timeshare in WA?
Quit claims are easy ways to convey but be careful.

Harry

 

[samara64]

Your from WA? WA is a community property state. Who is the other person on the deed? Is the timeshare in WA?
Quit claims are easy ways to convey but be careful.

Harry

The 2 people are unrelated. Timeshare in Ca.

Why should you be careful with a QC. What could happen.

 

[bogey21]

I think the correct way to do it is for both owners to sign a new deed over to the one single grantee.

I did exactly this a couple of times in the past but used a Warranty Deed. All I did was copy the language in the existing Deed and insert the correct names of the grantors and grantee.

George

 

[Harry]

The 2 people are unrelated. Timeshare in Ca.

Why should you be careful with a QC. What could happen.

Ah, better yet. CA is the model of community property states. Also CA has a long litigation history on quit claims. Basically when this device is utilized there is no warranty of anything. The seller simply conveys what purports to be conveyed if anything. Knowing your seller and trust plays an important role. Also, if the title looks clean in prior conveyances (CA uses title companies) then the method is a fast and easy way to transfer title. The fun begins when one party quit claims to another not revealing a spouse, a lien and who knows what else. Believe me, you never know. Personally, I prefer Dioxide's Warranty Deed.

Harry

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[theo]

A frequent occurrence that I personally always find very strange on Planet Timeshare (community property states and issues completely aside) is when a resale buyer knowingly and willfully agrees to accept a Quit Claim deed in instances where the existing grantor-to-be deed is a Warranty Deed.

To do this just seems outright foolish and reckless on the part of any such buyer / grantee-to-be, but that's just my personal (not a legal) viewpoint and opinion.

 

[Talent312]

It's not uncommon to use a quitclaim deed where there grantors are merely releasing the interest of one of them to the other. It's also often done in divorces were one spouse releases his or her interest to the other.

Presumably the co-owners know enuff about each other that they'd be aware of any actions by one that would affect the other's interest. But there's the rub. Do they? If one party is buying the other out becuz the other is financially at risk, it may behoove the grantee-to-be to obtain the recourse that a warranty deed would provide.
.

 

[theo]

It's not uncommon to use a quitclaim deed where there grantors are merely releasing the interest of one of them to the other. It's also often done in divorces were one spouse releases his or her interest to the other.

Presumably the co-owners know enuff about each other that they'd be aware of any actions by one that would affect the other's interest. But there's the rub. Do they? If one party is buying the other out becuz the other is financially at risk, it may behoove the grantee-to-be to obtain the recourse that a warranty deed would provide.
.

I should perhaps have been more precise. I am more confounded by the many resale timeshare transactions where the seller (grantor) and buyer (grantee) don't know one another at all, yet the buyer (grantee) still willingly (...and without adequate research) blindly accepts a Quit Claim deed when the seller (grantor) actually possesses a Warranty Deed to start with. This just seems like avoidable and unnecessary laziness and carelessness to me, but that's just my personal opinion. To each their own.

 

[BocaBoy]

I would never buy real estate (and a timeshare is indeed real estate) with a quit claim deed. Too dangerous.

 

[theo]

I would never buy real estate (and a timeshare is indeed real estate) with a quit claim deed. Too dangerous.

I agree wholeheartedly, but the fact is that people do so in timeshare transactions, seemingly without any hesitation whatsoever, every single day.

As stated already, IMnsHO a grantee-to-be accepting a QC deed is unnecessarily foolish and reckless when the (unfamiliar) grantor-to-be currently has a Warranty Deed.
If the grantor-to-be currently possesses a Warranty Deed, the new deed only requires replicating that instrument, merely changing the names of the grantor and grantee. Accordingly, if a grantor-to-be with a Warranty Deed seeks to provide a Quit Claim deed instead to the new grantee-to-be, doesn't that raise (...scream out, actually) the obvious question WHY? It certainly would immediately raise (shout quite loudly, actually) that very question to me, but to each their own I guess.