Posted by Nate on February 21, 2001 at 15:04:17:
You’ve got several questions here:
- 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.
- 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?