Timeshare properties have been a popular way of affording vacation property. Many buy them knowing that there is a cost involved and that the property is shared with others, but they are happy to know they will have a comfortable place to stay while on vacation. A nice advantage is that timeshare property is exactly that: property. If you are an owner this property is an asset that can increase in value over time, you can sell it; you can even will it to your children if you so choose. As a matter of fact, you can easily change the name of the deed with a Quit Claim deed.
Reasons for Changing Timeshare Names
There really are all sorts of reasons one might have for wanting to use a Quit Claim timeshare deed change. Perhaps you've purchased the timeshare with other family members, but come to find out that really only one of you uses it. If you've just gotten married perhaps you'd like to change the name on the deed to reflect your new name, or to add a spouse's name to the title.
The following are some of the most common reasons for using a Quit Claim timeshare change:
- Transfer the property into a trust
- Remove the name of someone who has died
- Name change due to marriage, legal name change, or divorce
- Transfer of property to children or other family member
Quit Claim Deed Defined
Perhaps it is due to the way "Quit Claim" sounds, but it gets called by different names, including Quitclaim, and Quick Claim deeds. In any case, what it amounts to is a legal document that allows you to transfer interest in real property to another person. State regulations vary as to who must sign the form and what it must contain; for this reason, it is best to review these papers with an attorney. In the case of timeshare property, this hundred(s) dollar investment could save you from potentially owing thousands should you incorrectly complete the Quit Claim Deed process and discover that you still own the property and continue to be responsible for expensive timeshare payments and fees.
Filing a Quit Claim Deed
The jurisdiction/county in which the timeshare is located is the same court in which a Quit Claim Deed should be filed. It will need to be notarized prior to its being recorded with the county clerk. Despite where you currently reside, the Quit Claim Deed that you use must also be one for that particular state where the timeshare is located.
Signatures on the Quit Claim Deed
The Quit Claim Deed must be signed by the person who is relinquishing interest in the timeshare - the grantor. This individual will describe the timeshare property. In most states the grantee - the person to whom the property is being granted - must also sign the Quit Claim Deed. If the grantee fails to sign the Quit Claim, potential problems can occur. If the grantor is the only one who signed the Quit Claim Deed, and the grantee refuses to accept ownership, the grantor will continue to own the property and be liable for payments and expenses. Simply put, anyone listed on the timeshare deed who fails to sign the Quit Claim Deed will remain attached to the property, their rights remain unaffected. The Quit Claim Deed only has power over those who sign it.
Obtaining a Quit Claim Deed
The Internet has grown to include many things, including many legal services that supply legal documents. Some of these services include LegalZoom, US Legal Forms and Law Guru. Quite often there are legal forms available for each state located on their state websites. In any case, a search under "State Quit Claim Deed" will more than likely render you several possibilities. If you aren't comfortable using the Internet, or online services, contact a lawyer who specializes in timeshare property cases, or possibly the resort through whom the deed will have to be executed.
Returning Timeshare Property
In most cases, the person desiring a Quit Claim Deed will have in mind dissolving their interest in the timeshare property. This is fine as long as the person receiving the timeshare property also agrees to accept the property and signs the deed as well. It is not in the power of one individual to unilaterally decide to remove their name from a timeshare and grant it to another - including all the responsibilities included - without the consent of the all parties involved.
Many people may become dissatisfied for whatever reason with their timeshare property and decide to Quit Claim the property back to the resort. This generally isn't as easy and painless as it sounds. In most cases the resort is not going to be willing to take the property back. Unfortunately, it would be a waste of time to complete the Quit Claim Deed only to have the other party deny it. In such a case, legally the property continues to belong to you.
Contact an Attorney
If you need assistance with the Quit Claim Deed, or have questions regarding how you might be able to employ one, contact an attorney who specializes in property and deeds.