What is Interval Conveyance?

[tango]

I'm thinking it's a Quit Claim, in reference to a Deed.
I'm in the process of purchasing, and in our discussions, I was assured by the owner that a warranty deed would be issued. Now, I hear from the closing company that the deed they will issue will be an "interval conveyance".
In which case, I'm going to have to insist on the warranty deed. What are the objections that the seller is going to put up, or should it not be an issue if they are full owner.

 

[theo]

Now, I hear from the closing company that the deed they will issue will be an "interval conveyance".
In which case, I'm going to have to insist on the warranty deed.

Far more knowledgeable legal minds will have to weigh in and elaborate or explain, but isn't "interval conveyance" just a generic phrase merely referring in general summary to a potential change in a timeshare ownership?

Do you have some particular reason to believe that a warranty deed isn't exactly what would actually be prepared and offered anyhow in the course of this "interval conveyance"?

Or....could it be that this particular "closing company" is somehow seeking to circumvent or evade attorney review, expense or involvement by instead trying to create an instrument which is not actually a valid deed at all?

Sounds like a great topic for some Carolinian input, or from someone else with that same high level of legal expertise regarding deed validity...

 

[tango]

I asked the lady at the closing company that we are dealing with what type of deed we would be getting, and she indicated that it would be an "interval conveyance". Implying that it was the usual thing they did. I did check up on the closing company (eMidsouth) and every one on this board had good things to say about them.
So I'm in the process of finding out what actually an "interval conveyance" is. But they did offer title insurance, which I doubt would be available with a quit claim deed.
I'm willing to take a warranty deed or title insurance, but a quit claim would be a no go.

 

[Dewnay]

When I purchased my Marriott Ko Olina resale, I received an Interval Conveyance Deed. It has language similar to a warranty deed.

Dewnay

 

[theo]

A few relevant (?) observations....

I did check up on the closing company (eMidsouth) and every one on this board had good things to say about them. So I'm in the process of finding out what actually an "interval conveyance" is. But they did offer title insurance, which I doubt would be available with a quit claim deed. I'm willing to take a warranty deed or title insurance, but a quit claim would be a no go.

1. eMidSouth is actually a reseller, not a closing company (although, as recently mentioned, Bryan Watson (principal in eMidSouth) may have recently established his own internal "closing company", for all I know.

2. I just found a 1996 deed in my files for a developer-direct purchase in Broward County, FL which was entitled "Deed of Interval Conveyance". Definitely not just a quit claim deed, but it's also not at all clear to me why that initial purchase wasn't a "warranty deed" (as the next deed certainly was, without any problem at all, when that ownership was sold about 10 years later). The language seems (to me, anyhow) indistinguishable from that which would have been found in a warranty deed, but I'm no expert.

In any event, you're correct that title insurance wouldn't be available with a quit claim deed, but I'm at a loss to explain the "conveyance" language. Legal expertise and input seems required here and I'd bet on getting a clear and definitive (...and correct) explanation from Carolinian at some point.

Do you even have the option here of using an independent closing company which is not the seller just putting on a different hat to "seal the deal"?
As mentioned already, I am not a fan of having foxes handle administrative details within the henhouse. There just seems to me to be a potential (and unsettling) lack of objectivity or detachment in such arrangements, when the seller and his/her closing entity are essentially one and the same....

 

[tango]

It seems like something of the same thing is being discussed in this thread:

http://www.tugbbs.com/forums/showthread.php?t=77701&highlight=conveyance

Where the deed is called one thing but the language is in effect that of a warranty deed. Which I am fine with if that is true.
I did heed your warnings about eMidsouth, and decided to take my chances. I think that even with foxes guarding henhouses, if there is no evidence of harm to the chickens, one could still work with them if the benefits were sufficiently great.

 

[theo]

Clarification / correction...

I did heed your warnings about eMidsouth, and decided to take my chances.

For the record, I offered no "warnings" whatsoever about eMidsouth.
My words of caution pertained soley to a heretofore unknown closing company which you identified in another thread as vacationclosings.com.
That much now corrected and clarified, I do hope that all goes well for you toward a successful closing which includes the preparation and recording of an accurate (and legally valid) new deed.

 

[theo]

Clarification / correction...

inadvertent duplicate post self-deleted here. Sorry --- brain cramp!

 

[tango]

When I purchased my Marriott Ko Olina resale, I received an Interval Conveyance Deed. It has language similar to a warranty deed.

Dewnay

That is somewhat reassuring. Thanks.