Quit Claim Question - Posted by Jim

Posted by Nate on February 21, 2001 at 15:04:17:

You’ve got several questions here:

  1. Will this trigger the DOS?

Yes. Doesn’t matter if you’re in the family. However, will this matter to the lender? Maybe, but probably not as long as the loan is paid.

  1. What deed to use? Don’t know; the fact that it is a time share adds a level of complication to it. A time share is not a fee simple interest in real estate – there are any number of ways to structure it, but often it is structured as a “right of use” which is most akin to a leasehold. Before I did anything I would talk to a lawyer that specifically handles timeshares (maybe at a local title company? I am sure you have a ton of timeshares in Arizona) to ask about what to do…

I forgot to ask WHY your mom wants to be off the title. What is her reasoning, anyway?

Quit Claim Question - Posted by Jim

Posted by Jim on February 21, 2001 at 12:47:52:

I am from Arizona, and my Mom & Dad have just recently purchased a condo here. They took title as Mom & Dad and now my Mom wants to come off the title and have me take her place.

They don’t really understand how this real estate thing works, and I was telling them about quit claiming her interest in the property. My Dad says that he heard he needs an attorney to get it done. (Imagine That)

Anyway… Can I just fill out a Quit Claim Deed here with all the pertinent information and mail it to them in Pennsylvania to sign and get notarized, then have them mail it back to me in Arizona, whereas then I would just go to the county courthouse and record it?

Or is this more complicated than I am seeing it?



Re: Quit Claim Question - Posted by Nate

Posted by Nate on February 21, 2001 at 13:06:18:

No, that’s pretty much it. Have mom-and-dad do a deed to you-and-dad and record it. If they got title insurance when they bought the condo (most likely), I wouldn’t worry about that, especially considering it’s your parents!


Re: Quit Claim Question - Posted by Jim

Posted by Jim on February 21, 2001 at 13:56:11:

Will this trigger the DOS? or is it because I am a family member, will that protect us from that?

What Deed would I use to title the propoerty? The only one I have been using is the Warranty Deed to Trustee using Land Trusts. Can this be done with this condo, (Actually it’s a time share) and the organization that owns the time share financed the thing.