New York Deed to Time Share Condominium with Covenants of Title

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US-02717BG
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Description

Time share is a type of property right under which the purchaser of a time share has access to the 'share' they own in a property for a specific 'time'. Time-shares have been sold for cruises, recreational vehicles, campgrounds, and many other types of properties, but their most popular use is for shares in condominiums at timeshare resorts.


A Warranty Deed s provides the most protection against defects of title- covenants that the grantor has title to, and the power to convey, the property; that the buyer will not be disturbed in possession of the land; and that transfer is made without unknown adverse claims of third parties. A Special Warranty Deed only that the grantor held good title during his or her ownership of the property, not that there were no title defects when others owned it. If all liens and encumbrances are disclosed, the seller is not liable if a third person interferes with the buyer's ownership.


This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.

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FAQ

A special warranty deed is a deed to real estate where the seller of the property?known as the grantor?warrants only against anything that occurred during their physical ownership. In other words, the grantor doesn't guarantee against any defects in clear title that existed before they took possession of the property.

covenantandwarranty deed is a written document that shows the transfer of ownership of land from one person to another. It guarantees that the seller has the legal right to sell the property and promises to protect the buyer from any future legal claims against the property.

In a warranty deed with lien covenant, the grantor is guaranteeing the grantee that there are no outstanding liens on the property and if such a lien would appear, then it would be the duty of the grantor to satisfy that lien. A warranty deed with lien covenant is common in New York.

However, in the case of an owner's death, a timeshare becomes part of that owner's estate, and thus, the benefits, investment, and obligations attached to it are passed onto the next-of-kin or the beneficiary of the estate.

A deeded timeshare means that the person/people who have bought into the timeshare own a certain amount of that vacation property. The person typically buys in for a certain place and/or certain unit for a specific number of weeks during a year.

You and the other timeshare owners collectively own the resort. Because this is real property, you receive a deed that will be recorded in the public records. Unless you have purchased the timeshare outright for cash, you will receive a copy of a recorded mortgage, lien, or deed of trust document.

Sometimes, timeshare owners who no longer wish to own the property or lose it due to bankruptcy or foreclosure may be offered a warranty deed by the resort or lender to sign to legally remove their ownership status.

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Time share is a type of property right under which the purchaser of a time share has access to the 'share' they own in a property for a specific 'time'. May 24, 2023 — A New York deed with full covenants provides the new owner a complete warranty of title made up of five covenants of title given by the seller:.The deed includes several covenants of title, which are promises made by the seller to the buyer to ensure that the title to the property is clear and free from ... (o)State of title. (1) Describe in detail the present state of title to the timeshare property and property outside the immediate timeshare regime which ... This form is available on Westlaw. Easily search more than 600,000 legal forms to find the exact form you need. Please visit our site to learn more and request ... The project declaration should include a three-dimensional legal description, which will allow for the creation of units that can be further subdivided by the ... Dec 20, 2021 — Developers purchase or build one or more condominium-type units and complete the required legal steps in order to sell brief time-period stays ( ... Deeds of Trust means any deed of trust executed and delivered by a Purchaser encumbering all of the right, title and interest of each such Purchaser in and to ... The most common approach in the United States is to submit all of the developer's fee simple title in the property to a timeshare regime. Under this approach,. by PJ Rohan · 1984 · Cited by 19 — For example, section 339-i of New York's Condominium Act states in part: The common elements shall remain undivided and no right shall exist as to par-.

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New York Deed to Time Share Condominium with Covenants of Title