Insurance & Technology News
Tip Sheet on Hawaiian Timeshare Post Divorce Transfers by Mark W. Bidwell
Irvine, CA, Dec 31, 2012 (PRWeb.com via COMTEX) --
Deedandrecord.com is an online resource for Hawaiian timeshare owners to change title by quit claim deed. The website is promoted by Mark W. Bidwell. Quit claim deeds convey property "as is" and are used to remove a former spouse as owner without escrow, title insurance and warranties of title.
In a divorce, ownership of a timeshare is awarded to one spouse. The spouse awarded the timeshare needs to obtain sole ownership to sell, gift or fund the timeshare into a trust. If title remains in joint tenancy or tenancy-in-the-entirety the ex-spouse will automatically inherit the house on the death of the timeshare owner.
To transfer title the non-owning spouse signs a deed conveying his or her ownership interest to the spouse awarded the real property. The deed transferring ownership has many names, quit claim deed, inter-spousal deed and grant deed. These deeds transfer ownership of property "as is."
"As is" does not contain any implied warranties such as free and clear title or amount of debt. The former spouse simple conveys whatever ownership he or she has along with any debt or loans secured by the property. The deed does not remove the former spouse as a borrower. Until the loan is refinanced the former owning spouse will remain as a debtor on the loan.
Once the deed is recorded with the Bureau of Conveyances it is presented to the resort management company. The management company updates its records and removes the former spouse as owner. This step relieves the former spouse of any obligation to pay ongoing maintenance fees. The resort management company most likely will charge a fee to update their records.
Deed and Record does it all to change ownership and title by quit claim deed for owners of timeshares in Hawaii. Service includes:
Title search to determine the precise legal description of the timeshare
Research to determine how title is held
Prepared quit claim deed for signature
Prepared transfer tax exemption reports to keep the deed free of transfer tax
Document filing with the Bureau of Conveyances of Hawaii
Hawaii is the only state in the nation with a single statewide recording office. There are two systems of recording in the State of Hawaii. The Regular System basically serves to give "notice" that something is on record. The Regular System is similar to the recording by county found in the other states. The Land Court issues certificate of titles to owners of land. Ownership in Land Court is guaranteed by the State of Hawaii.
Timeshares in Hawaii were recorded in the Land Court, the Regular System, or both. Recently Hawaii no longer accepts timeshare filings in the Land Court. All Hawaii timeshares now must be recorded and filed in the Regular System maintained by the Bureau of Conveyances.
For more information http://deedandrecord.com/timeshares/hawaii_timeshares or call 949-474-0961 or email Mark(at)DeedAndRecord(dot)com
Deed and Record is an online service to prepare quit claim deeds for real property transfers into or out of trusts, remove former spouses and add or remove co-owners. The Company records deeds it has prepared with the appropriate government agency. Deed and Record does not offer legal advice or services.
The Company markets through websites, primarily DeedAndRecord.com. The owner of the websites is Mark W. Bidwell, Attorney at Law and CPA Inactive. The office is located at 18831 Von Karman Avenue, Suite 270, Irvine, California 92612. Phone number is 949-474-0961.Email is Mark(at)DeedandRecord(dot)com.
Read the full story at http://www.prweb.com/releases/2012/12/prweb10200933.htm
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UPDATED 4:37 PM EST - Dec 11, 2013
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