Gifts

Quit claim deeds can be used to give away timeshares in Hawaii. Timeshares are most often gifted to children of the owners. Other owners want to gift to nieces, nephews, other relatives or friends. Sometimes a ‘gift’ occurs when the timeshare owner sells the timeshare for nominal value.  

A quit claim deed works in gifting because little or no money is exchanged and the parties know each other. Gifting may have income tax, capital gains tax or gift tax consequences. Owners are advised to consult with a tax accountant for tax consequences of gifting a timeshare by quit claim deed.

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Posted on Jan 29, 2013

Timeshare transfers to Trust

Quit claim deeds can be used to fund trusts and avoid probate. Hawaiian timeshares not owned or titled in a trust are at risk for probate.  A timeshare must be transferred into trust while the person is still living.  A quit claim deed works to fund a trust because no real change in ownership occurs. What is changed is how title is held.

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Posted on Jan 29, 2013

Timeshare transfer for Divorce

Use quit claim deeds to remove a former spouse as owner of a timeshare. A timeshare awarded to one spouse in a divorce must have the non-owning spouse removed as owner. Until the former spouse is removed from title the owning spouse cannot sell or transfer the timeshare and the former spouse will inherit the timeshare in the event of death.  Quit claim deeds work in divorce because the parties have complete information and disclosure on the value of the timeshare and amount of debt outstanding.

Posted on Jan 29, 2013

Hawaii Timeshare Trends

Today’s Hawaiian timeshare is not the same as the shady timeshare of yesterday.  The industry is now dominated by big corporations like Hilton, Disney, Hyatt, Starwood, Marriott and Wyndham. These big corporations have standardized the timeshare industry.   

Another factor in growth is Hawaii’s Bureau of Conveyances which maintains accurate records of timeshare units. These records are readily accessible by the public. This accuracy and accessibility of ownership records protects the public and their timeshare investment.

 

As a result timeshares in Hawaii have grown 23% since the economy collapse in 2008.  In 2008 there were 8,314 timeshare units in Hawaii. Last year in 2011 there were 10,201. Deed and Record does it all to change ownership and title by quit claim deed for the growing number of timeshare owners.

Posted on Jan 18, 2013

For Californians

Californians have many options to sell their Hawaiian timeshares, but have limited options to change ownership or title due to divorce, to gift, to fund a trust or for post-death trust administration. DeedAndRecord.com is an independent service for quit claim deeds to change ownership or title of timeshares in Hawaii without using escrow, title insurance or probate.

Californians with timeshares in Hawaii need to change how title is held in divorce, to fund into a trust, to transfer to heirs or beneficiaries out of trust and for gifting to friends or relatives. Complete service is provided at DeedAndRecord.com.

Posted on Jan 18, 2013

Divorce, Trust and Gifts

A quit claim deed transfers property ‘as is.’ Quit claim deeds do not contain any implied warranties of debt outstanding or good title. An owner who ‘quit claims’ real property simply conveys whatever ownership interest he or she has along with any debt or loans secured by the property. A quit claim is the easiest and cheapest way to transfer ownership between parties who personally know each other.

Quit claim deeds can be used to give away timeshares in Hawaii. Timeshares are most often gifted to children of the owners. Other owners want to gift to nieces, nephews, other relatives or friends. Sometimes a ‘gift’ occurs when the timeshare owner sells the timeshare for nominal value.  

A quit claim deed works in gifting because little or no money is exchanged and the parties know each other. Gifting may have income tax, capital gains tax or gift tax consequences. Owners are advised to consult with a tax accountant for tax consequences of gifting a timeshare by quit claim deed.

Quit claim deeds can be used to fund trusts and avoid probate. Hawaiian timeshares not owned or titled in a trust are at risk for probate.  A timeshare must be transferred into trust while the person is still living.  A quit claim deed works to fund a trust because no real change in ownership occurs. What is changed is how title is held.

Use quit claim deeds to remove a former spouse as owner of a timeshare. A timeshare awarded to one spouse in a divorce must have the non-owning spouse removed as owner. Until the former spouse is removed from title the owning spouse cannot sell or transfer the timeshare and the former spouse will inherit the timeshare in the event of death.  Quit claim deeds work in divorce because the parties have complete information and disclosure on the value of the timeshare and amount of debt outstanding.

In Hawaii a quit claim deed must have attached Form P-64B, ‘Exemption from Conveyance Tax.’ Hawaii collects a transfer tax on all filings or recordings with the Bureau of Conveyances. But there are exclusions. Transfers in and out of a trust are exempt. Transfers due to divorce and dissolution of marriage are exempt. True gifts are also exempt. To obtain the exclusion, either the Grantor or the Grantee completes Form P-64B, ‘Exemption from Conveyance Tax’ and submits the form with the quit claim deed.

The deed must be recorded with the Bureau of Conveyances to put the world on notice of the change in timeshare ownership. Maintaining an accurate, timely and permanent record system of timeshare ownership is the responsibility of the State of Hawaii Bureau of Conveyances.  A properly prepared quit claim deed must have the legal description, interval control number and reference to a prior recorded document.

Once the quit claim deed has been recorded it is returned by the Bureau with proof of recording. This recorded deed must be provided to the resort management company to update their records for reservations, accounting and billing.

Posted on Jan 18, 2013

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