Timeshare

Foreclosure Action Deeded timeshares are a real estate property in which the buyer obtains a deed. Maintenance fees are part of the purchase contract. Failure to pay the maintenance fees results in the resort foreclosing on the property and selling it at auction to recover money owed.

Deed Back Documents You must fill out the resort's timeshare transfer form to start the process. To legally transfer ownership, most resorts will accept a quitclaim deed. You'll also need to provide a copy of the original deed when you first purchased the timeshare.

Quit claim deeds can be (and often are) used to convey a timeshare ownership, but please clearly understand that there must first be a willing recipient in order for a quit claim deed to be lawful and valid.To record a quitclaim deed in the deed records without the grantee's consent would be a criminal act.

Gift Tax. If you transfer property without consideration, you are effectively making a gift, regardless of whether you use a quitclaim deed or a gift deed. The Internal Revenue Service imposes federal gift tax rules to gift transactions.

A person who signs a quitclaim deed to transfer property they do not own results in no title at all being transferred since there is no actual ownership interest. The quitclaim deed only transfers the type of title you own.

Step 1Be careful. Before you even begin, make sure the other party is legitimate and trustworthy, especially if you're the seller. Step 2Create a buy sell agreement, known as an earnest money contract. Step 3Create a deed. Step 4Record your deed with the county. Step 5Notify the resort.

If the quitclaim deed requires the signature of all co-owners, the deed is invalid unless all co-owners have signed it and the deed is then delivered to the grantee.If one individual owns real estate and desires to add a co-owner such as a spouse, a quitclaim deed might be used.

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.

To file a quitclaim deed in Nevada, you will need to contact the Recorder of Deeds in the county in which the property is located and ask about the county's specific requirements for quitclaim deeds.