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.
Wisconsin Deed to Time Share Condominium with Covenants of Title is a legal document that transfers ownership of a particular time-share unit within a condominium development. This type of deed is used specifically for time-share properties in Wisconsin, ensuring the rights and obligations of both the buyer and seller are protected. The deed is subject to certain covenants of title, which provide additional assurances to the purchaser regarding the property's ownership and title. Key components of a Wisconsin Deed to Time Share Condominium with Covenants of Title include: 1. Property Description: The deed includes a detailed description of the time-share unit being conveyed, outlining its physical location, size, and any unique features. This ensures clarity regarding the specific unit being transferred. 2. Transfer of Ownership: The deed clearly states that the seller, also known as the granter, is transferring ownership of the time-share unit to the buyer, referred to as the grantee. This transfer is legally binding and signifies a change in ownership rights and responsibilities. 3. Covenants of Title: These covenants serve to protect the buyer's interests and provide assurances regarding the property's title. They typically include warranties that the granter has legal ownership of the property, that there are no liens or encumbrances on the property, and that the granter will defend against any future claims to the title. 4. Rights and Obligations: The deed outlines the rights and obligations of the time-share owner, including access to shared amenities, maintenance fees, and the time-share's designated usage period. It may also specify any restrictions or rules imposed by the condominium association. 5. Signature and Notarization: The deed requires the signatures of both the granter and grantee, indicating their agreement and acceptance of the terms. Additionally, it must be notarized to ensure its authenticity and compliance with legal requirements. Different types of Wisconsin Deed to Time Share Condominium with Covenants of Title may be distinguished based on the specific time-share development or property. While the overall structure and essential elements remain the same, the content and terms of the deed can vary depending on the particular condominium project and its governing documents. Some possible variations or additional terms may include: 1. Fixed Week Time Share: This type of deed assigns a specific week or weeks during the year to the time-share owner, guaranteeing their usage rights during that fixed period annually. 2. Floating Week Time Share: In this case, the owner has the flexibility to select their preferred week or weeks within a predetermined set of options, allowing for more flexibility in scheduling. 3. Points-Based Time Share: Instead of specific weeks, this type of deed assigns the owner a certain number of points that can be used to reserve accommodations during different times throughout the year, offering more flexibility in vacation planning. 4. Right-to-Use Time Share: Unlike traditional ownership, this type of deed grants the purchaser the right to use the time-share unit for a specific number of years, without actual ownership of the property itself. It is crucial to review the specific terms and conditions of a Wisconsin Deed to Time Share Condominium with Covenants of Title, as they can vary depending on the particular development and type of time-share being conveyed. Engaging legal professionals with expertise in real estate law is highly recommended ensuring a thorough understanding before entering into any time-share agreement.
