Timeshare Title, Inc.
FAQs
How long will closing take?Where are funds held before being disbursed?
What are the two most common types of Deeds?
Must a Deed be recorded for the title transfer?
Is joint ownership possible with timeshare properties?
Glossary of terms
How long will closing take?
An estimated time for the closing process is typically 4-8 weeks depending on where the property is located. Some states and/or countries can take longer due to specific recording or transfer procedures. We do email closing documents to all parties if requested which helps to lessen closing time. And of course if all parties return documents as soon as they have been received then the timeframe will be reduced even more. Where are funds held before being disbursed?
Purchase money funds are held in an escrow account pending closing. An initial closing deposit is collected at the start of closing by credit card, certified check or money order and the balance is due at signing for the remainder purchase funds and closing costs. Payment must be made by cashier's check or money order in the form of United States Dollars. Funds are disbursed as needed for recording, maintenance fees, attorney fees ... etc. Final funds are disbursed to the seller when the Resort confirms the completed transfer.. What are the two most common types of Deeds?
- A Warranty Deed ("General Warranty Deed") is the type of deed most commonly used in timeshare title transfers. A warranty deed transfers all rights to a property from a Grantor (Seller) to a Grantee (Buyer). A warranty deed however will contain certain promises or guarantees about the property made by the Seller to the Buyer. Warranty Deeds are used to ensure that the Buyer is getting exactly what the Seller claims - nothing more or less. If any of the warranties are later found to be false, the transaction may be legally challenged.
- A Quitclaim Deed, on the other hand, is a release by the grantor, or conveyor of the deed, of any interest the grantor may have in the property described in the deed. Generally a quitclaim deed relieves the grantor of liability regarding the ownership of the property. Thus, the grantor of a quitclaim deed will not be liable to the grantee, or recipient of the deed, if a competing claim to the property is later discovered.
Recording the Deed is extremely important in assuring that the transfer of ownership appears in the chain of title, should any complications arise further down the road. The Deed must be made of public record in the county in which the property is located, at the Clerk of the Circuit Court. The recording of the Deed with the proper government agency is an integral part of our timeshare title transfer service. Is joint ownership possible with timeshare properties?
Yes, two or more individuals may obtain ownership of a timeshare property, however the exact nature of the joint ownership should be considered.
- A "tenants in common" relationship implies that all owners share equal proportions of the property, which may consequently be passed on to heirs as outlined by a will.
- A "joint ownership with right of survivorship" is typically used with married couples. In the case of one owner's death, all rights are passed on to the surviving owners - regardless of what may be claimed in the deceased's will.
Glossary of Terms
Grantor:The Seller in a timeshare title transfer. The Grantor is the person who owns the property and is in the process of granting all rights of ownership to the Grantee. Grantee:
The Buyer in a timeshare title transfer. The Grantee is the person who is receiving rights of ownership to a property from the Grantor. Deed of Title:
Legally-binding document that specifies ownership, gives a Legal Description of the Property, and outlines the rights granted to the Owner of the Property Quitclaim Deed:
A release by the grantor, or conveyor of the deed, of any interest the grantor may have in the property described in the deed. Generally a quitclaim deed relieves the grantor of liability regarding the ownership of the property. Thus, the grantor of a quitclaim deed will not be liable to the grantee, or recipient of the deed, if a competing claim to the property is later discovered. Warranty Deed:
A specific kind of Deed of Title where all rights of ownership are granted to the Grantee, but also contains certain promises or "warranties" from the Grantor. Should any discrepancies later arise, the Grantor will be held responsible for the veracity of all warranties made in this Deed of Title. Legal Description of Property:
An exact description of the property, filed with public records, and is derived over time through the chain of title. Any significant changes made to the property will require an update of the Legal Description as it appears in the title before granting ownership to another individual. Escrow Account:
A temporary account used as a mediator between the financial accounts of the Grantor and Grantee while all aspects of the closing are being processed. It is used as a method of verifying for the Seller that the Buyer's funds are good, and as an assurance to the Buyer that the funds will not be disbursed until all the documents have been properly filed and all relevant fees are made known. Estoppel Certificate:
A certificate or letter from the resort that outlines the exact status of the timeshare property. It explains any maintenance fees pending, as well as the rules or restrictions on how the timeshare may be used. - top -