Frequently Asked Questions
I manage an HOA, how can you help me?
VOS will work with your operations team to determine what your delinquency base looks like. We can then devise an action plan to help you get your delinquent inventory transferred back to your HOA so you can monetize that valuable real estate.
Can you help us move our inventory?
We have relationships with many different companies in the timeshare vertical. We can help you find Clubs to partner with or Repurposing companies that can help right size your inventory or Sales teams that can sell your inventory.
I am a timeshare owner and want out of my ownership. Howe can you help me?
If you are looking to exit your timeshare ownership, call us and let's see how we can help. We aren't an exit company but we have helped exit companies satisfy some of their contracts. Likewise, we may have relationships with various developers or HOAs and we may find a back door to rid you of your obligation.
Warranty Deed Vs Quit Claim Deed
A warranty deed promises that the grantor holds good, clear title to a piece of real estate. It promises also that the grantor has the right and authority right to sell it to the grantee or buyer. A quitclaim deed, on the other hand, makes no promises about the quality of the title to the property.
For more information, please see this link from RhodesLaw.com
Vesting What is title vesting and why is it important?
Title vesting in real estate refers to the legal way in which ownership of a property is held. It defines how the names of the property owners are listed on the official documents, such as the deed. The method of title vesting determines the rights and responsibilities of each individual or entity that holds an ownership interest in the property.
There are different forms of title vesting, and the choice of vesting method can have significant implications, particularly in situations like property transfers, sales, inheritance, or disputes. Some common types of title vesting include:
- Sole Ownership: When a property is owned by a single individual, it is considered sole ownership. In this case, the owner has complete control and rights over the property.
- Joint Tenancy: Joint tenancy is a form of co-ownership in which two or more individuals own equal shares of the property. If one co-owner passes away, their share automatically transfers to the surviving co-owners. This right of survivorship is a distinguishing feature of joint tenancy.
- Tenancy in Common: Tenancy in common is another form of co-ownership, but unlike joint tenancy, each owner can have unequal shares in the property. Additionally, there is no right of survivorship in tenancy in common, meaning that if one owner dies, their share will pass on to their heirs rather than the remaining co-owners.
- Tenancy by the Entirety: This form of title vesting is only available to married couples in some states. It is similar to joint tenancy but with an added feature that protects the property from being seized by creditors if one spouse has debts.
- Community Property: In some states, married couples can hold property as community property, where each spouse has an equal ownership interest in any property acquired during the marriage.
The choice of title vesting can have legal, tax, and estate planning implications, so it’s essential for property owners to understand the different options available and seek advice from legal and financial professionals to make the best decision for their specific circumstances.
Can I create my own deed?
Absolutely! It isn't rocket science to create a deed. But there is a reason why Title and Escrow Agencies exist. It is to ensure properly formatted document that conveys the correct inventory and one that the resort will recognize.
However, you need to ensure a few things on the deed you create:
1) You have the proper details conveying the property you own;
2) The HOA / Property approves of your deed;
3) The deed you record can be transferred without issue down the road in case of sale or insurability.
My ex-spouse has remarried, should they come off the deed?
Removing an ex-spouse from the timeshare deed is a good idea on many levels.
1) both parties on the deed are equally responsible for the maintenance fees and any other debts related to the ownership;
2) both parties have equal will continue to have full access to the ownership until the other party is removed. If in a community property state, the new spouse will have access to the unit. This may require a spousal deed for a proper legal transfer removing a spouse from ownership;
3) transferring the unit now alleviates issues when one spouse wants to sell their unit or passes away.
Community property states in the U.S. follow a legal framework where most property acquired during a marriage is considered jointly owned by both spouses. Here is a list of the states that follow community property laws:
Arizona
California
Idaho
Louisiana
Nevada
New Mexico
Texas
Washington
Wisconsin
Additionally, Alaska allows couples to opt into a community property agreement, but it is not automatically a community property state.
How do I deal with real estate that was part of a dissolved trust?
Question: If a trust is dissolved, can the former trustees still sign off on real estate transfers
Answer: No, once a trust is dissolved, former trustees generally lose the authority to act on behalf of the trust, including signing documents to transfer real estate or other property held by the trust. Here's why:
- Termination of Authority: The legal authority of a trustee to manage trust assets derives from the existence of the trust. When the trust is dissolved, the trust no longer exists as a legal entity, and the trustee’s powers to act on its behalf are terminated.
- Transfer of Property: When a trust is dissolved, its assets are typically distributed according to the trust's terms or applicable law. The distribution usually involves a final transfer of property to the beneficiaries. After this point, any further actions concerning those assets would need to be taken by the new owners (the beneficiaries) or through other legal mechanisms.
- Exception: If there is a need to rectify an oversight, such as a failure to transfer title during the winding-up process, a court order or other legal authority may be required to authorize the former trustees to sign documents post-dissolution.
To ensure compliance with state or local property laws, consult with a real estate attorney or trust specialist when handling property related to a dissolved trust.