PRLog (Press Release) - Dec. 27, 2011 - Quit claim deeds are needed for timeshare ownership changes due to divorce, death, the creation of a living trust and gifting. Owners of timeshares in Hawaii face unique challenges in ownership and title change not found in other states.
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.
Each system has its own mailing address and procedures. As of July 1, 2011, the Land Court of Hawaii will not accept any document affecting timeshare ownership. Timeshare transfers must be decertified out of Land Court and recorded with Hawaii’s Bureau of Conveyances.
Documents changing title are subject to a transfer tax unless otherwise exempt. Any change in ownership must have included Form P-64b to apply for the exemption. Deed and Record prepares both the quit claim deed and the transfer tax exemption form and submits them to the Bureau of Conveyances. Deed and Record is a complete service.
1. Deed and Record prepares the quit claim deed, including the legal description and cover page information as required by the Bureau of Conveyances
2. Deed and Record decertifies the timeshare if it has been previously been recorded in Land Court
3. Deed and Record prepares Form P-64B to request an exemption from the conveyance tax
4. Deed and Record submits and records all documents with the Bureau of Conveyances
5. Deed and Record provides the timeshare owner with proof of recording from the Bureau of Conveyances
A quit claim deed is the most common method to change title to a living trust, transfers between spouses, and gifting. Quit claims transfer ownership without any warranties of title or declarations of debt. Title is conveyed “as is.”
Transfers to living trusts are not a real change in ownership. The owner transfers title out as an individual to the same individual as trustee of the living trust of that individual. As both parties are the same, no real change in ownership has occurred. No escrow is needed and no warranties of valid title and outstanding debt are needed. A quit claim deed is the most economical way to fund a trust with a timeshare.
Quit claim deeds are also the most economical method to affect transfers between former spouses due to a divorce. All warranties of ownership and outstanding debt on the timeshare have been decided in the divorce action. A court order has been made awarding ownership. All that is left is to transfer title by interspousal transfer deed on the public record.
DeedAndRecord.com is an independent service for ownership and title change by quit claim of timeshares in Hawaii. Cost is $249. No hidden fees, no additional costs. For more information please go to http://www.DeedAndRecord.com, call 949-474-0961 or email Mark@DeedAndRecord.com. The website is sponsored by Mark W. Bidwell, attorney at law and CPA Inactive.
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Preparation of quit claim deeds for funding trusts, interspousal transfers, transfers out of trusts and recording of quit claim deed with recording government entity.