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Author
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Topic: Recording your Deed- is it necessary?
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Tia
TUG MemberPosts: 927
From: Colorado
Registered: DEC 2000
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posted 10-18-2001 16:15
Let me try and ask this so it makes sense here. We bought a deeded timeshare week that is paid off, Originally the Purchase Agreement stated they would record the Deed for 2.2%recording fees etc. when it was paid off if we asked them to. We haven't gotten it recorded yet as didn't think there was an advantage and the developer didn't seem to care either. Well now another company(Equivest) has gotten ahold of our resort group and they no longer will record the deed, but are refering owners to a lawyer who then charges a fee that doubles the cost. The annual property taxes for our other unit come to us as that deed is recorded....we so far do not get a tax bill for the second unit I suppose because the deed isn't recorded. What can anyone tell me about this? I am not the only owner in this boat with this situation. Thanks.
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LindaK
TUG MemberPosts: 411
From: Kenmore, WA USA Own at: WhiskiJack Village Gatehouse, Continental Plaza PV, Pono Kai-Kauai, Sunterra Pacific, Worldmark Points
Registered: DEC 2000
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posted 10-18-2001 16:59
I had a similar experience with a Peppertree (now Equivest) property that was donated to our school. Equivest told me that the original owners had never had the deed recorded and that for $200 they could have recorded the deed. However, they also said that it was not necessary to actually have the recorded deed now, but that they would prepare transfer paperwork and charge a $200 transfer fee. Either way it appeared to come out to $200. In the end, however, after many phone calls, they verified that the property had in fact been deeded (and recorded it guess) and there was no transfer fee. On the tax issue however, it appears that on the one property that was recorded you pay the taxes yourself, but on the other one who is paying the taxes? The resort?
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mdmbdumont
TUG MemberPosts: 1363
From: Gonic, NH, USA
Registered: MAY 2001
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posted 10-18-2001 18:13
If you have the deed you can record it yourself. There is no need for someone else to do it. Contact the registry of deeds, normally in the county seat of the county the property is located in and check the cost. There may just be a recording fee, about $32 in NH for example. There also may be tax stamps based on the transfer price of the property, again 1.25% of sales price in NH.It is in the buyers best interest to record a deed ASAP after closing. Often the purchaser's attorney will not disburse funds until this is accomplished. Good Luck, ------------------
Michael Go Rusty Go !
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Carolinian
TUG MemberPosts: 5681
From: North Carolina
Registered: DEC 2000
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posted 10-18-2001 18:22
Yes, you should get a deed recorded. The priorities aginst competing claims will vary with state law from state to state,
but in all states it is to your advantage to record. Among other things, liens against the developer will also be liens against your timeshare until you record in most if not all states. At one resort on the Crystal Coast of N.C., the developer went under. Those with recorded deeds were generally protected, but those buyers whose deeds had not been recorded lost out.
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snelson
TUG VolunteerPosts: 6520
From: Belly-View, WA. Owner: Embassy Poipu (floating); Winners Circle (Week 52), Raintree Vacation Club; Club Regina
Registered: DEC 2000
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posted 10-18-2001 19:06
Deed recording is part of the requirements under statute of frauds. I am not a lawyer, so consider the following accordingly.As I understand the statute of frauds, as far as the government is concerned, the recorded owner of a piece of property is the legal owner. Title does not transfer until a deed is recorded. So right now the person who sold you the property could sell it again to someone else. If that second buyer recorded their deed, they would be the owner of the property and would have the right to occupy it and use it. Your only course of action would be some kind of action against the seller, but you would not have any recourse against the second buyer (unless you could show that when they purchased it they knew it had already been sold to you). The second party is colloquially known as a TPWOK (third party without knowledge). For more on TPWOKs, see the following thread: http://www1.askme.com/SearchRe sults.asp?pm=va&AnswerRating=&go.y=7&cid=836&xShowNew=1&QA=on&go.x=8&xid=29605&query=title&prev=QA%2520&vid=807359 You might also post your question for one of the legal experts at askme.com for a direct response from a lawyer - you may be able to get one located in the same state as the timeshare. ------------------
Steve Nelson
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What is this life if, full of care,
We have no time to stand and stare?
- W.H. Davies [This message has been edited by snelson (edited 10-18-2001).]
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luv2travel
TUG MemberPosts: 110
From: Bristol, UK
Registered: MAR 2001
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posted 10-19-2001 11:30
quote:
Originally posted by snelson:
... the recorded owner of a piece of property is the legal owner. Title does not transfer until a deed is recorded. So right now the person who sold you the property could sell it again to someone else. If that second buyer recorded their deed, they would be the owner of the property and would have the right to occupy it and use it.
That implies to me that if you are not the legal owner of the property until the deed is recorded (and the loan is paid off) then you can't sell your timeshare until it is deeded. I was going to sell my timeshare and pay of the remaining part of the loan with the proceeds (obviously losing money) but I would be rid of the timeshare and the high maintenance fees. Now it appears I have to pay the loan off first get the deed recorded then sell it. Well that sucks! You don't have to do that with a house so why change the rules with a timeshare. ------------------
----------------------
Sands Of Kahana
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snelson
TUG VolunteerPosts: 6520
From: Belly-View, WA. Owner: Embassy Poipu (floating); Winners Circle (Week 52), Raintree Vacation Club; Club Regina
Registered: DEC 2000
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posted 10-19-2001 11:44
The rules are not any different with a timeshare. You should look closely at your sales contract. If you bought the property and are making payments, you should be able to record the deed, just as you would with a house. The seller is obligated to provide you with a deed, and, really, it is your obligation (and right) to record the deed, not the sellers. If your contract says that the property is not deeded until you make the payments, then you don't own the property until you pay it off and you would not receive a deed until then. If your contract says you were supposed to receive a deed and you haven't received one, then the seller hasn't performed.If you are supposed to receive a deed and have not received one, you need to follow up with the seller to get one. If they are refusing to provide one, you should then get some legal advice. ------------------
Steve Nelson
**
What is this life if, full of care,
We have no time to stand and stare?
- W.H. Davies
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Carolinian
TUG MemberPosts: 5681
From: North Carolina
Registered: DEC 2000
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posted 10-19-2001 15:20
The consequences of not recording a deed vary from state to state but mostly have to do with priorities among competing claims. Sometimes property, including timeshare is sold by a contract of sale that provides for execution of a deed after all payments have been made. For a variety of reasons, these arrangements are not advantageous to buyers, and in eastern North CArolina are most often encountered in the sale of mobile home lots.
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Tia
TUG MemberPosts: 927
From: Colorado
Registered: DEC 2000
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posted 10-19-2001 17:09
Thanks for these replies. The unit in question is in the USVI, and as far as taxes go... the government down there is a bit slow, but I have emailed our resort manager with my questions about taxes and not recieving the deed yet. Will see what reply I get and go from there. We unfortunately bought the unit from the Developer (pre TUG), so they should know they can't resell the unit as they bill us a huge maint. fee annually. Won't go into that this time.
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Gerie
TUG MemberPosts: 111
From: NY, US
Registered: DEC 2000
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posted 10-19-2001 18:23
quote:
Originally posted by Tia:
as they bill us a huge maint. fee annually. Won't go into that this time.
Ah, go ahead, Tia. You did a great job explaining your question on the deed recording and got some great responses (thanks, everyone). Now, start a thread and tell them about what they're doing with your maintenance fees. I'm dying to hear what other TUGGERS would have to say about that.
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