Legal Terms & FAQ´s

Transferring Title
The legal document used to convey real property from one party to another is a Claim or Warranty deed. 

Quit Claim Deed
This deed transfers whatever interest or title a grantor may have, without warranty or guarantee of clear title. 

Warranty Deed
This deed provides a guarantee from the seller that he has good, clear and marketable title to the property and is conveying the property free of all judgments, tax liens or assessment liens.


 
The Grantor & The Grantee
The Grantor is the person conveying the property; the Grantee is the person receiving the property. Once the Grantor executes a deed (signs a deed before a notary), it is recorded in the county where the property is located and the transfer is completed. The Seller should provide the Closing Company with a copy of the deed they received when they took title in order to ensure that the legal description and names of the Grantors appear the same on the new deed.

Closing
The final act of a real estate transaction signifying mutual acceptance of financial and legal matters indicated by the signing and recording of deeds and the disbursing of funds. 

 
Closing Cost
Those costs associated with the closing process. 

 
Community Property
This type of ownership is available to married couples in nine states: Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington and Wisconsin. Both husband and wife have an equal right to possess the property during their marriage, and in some states, upon the death of either spouse, the survivor automatically receives half of the community property and the other half passes to the lawful heirs. 
Deed 
Alegal document that certifies ownership.

 
Disclosure Statement 
Details of the purchase and a breakdown of costs and distribution of funds at the closing.

Escrow 
A special secured account used to hold funds from the buyer and the seller related to closing of purchase and/or sale of a property.


 
Fixed Unit 
Owning a fixed unit at a resort assures the owner of the same physical unit each year he/she vacations at the resort.

Fixed Week 
The purchase of a fixed week property assures the owners that they will always vacation the same week on the interval calendar each year.

 
Floating Unit 
Interval owners of a floating unit at a resort may not vacation in the same physical unit each year they vacation at their home resort. Interval owners may request a specific unit and, if available for that particular week, the resort normally will honor the request.

 
Floating Weeks 
A system whereby the timeshare weeks purchased vary from year to year. Resorts have specific guideline for this plan.

 
Grantor 
One who grants possession or title by a deed.

 
Grantee 
One who receives possession or title by a deed.
Interval Ownership/Timesharing 
Individuals buy or lease a specific time period in a selected condominium. Owners then have possession of deed and Title Insurance with the right to rent, loan or resell the property.

Joint Tenancy 

The main distinguishing characteristic of joint tenancy is the right of survivor ship. If one of the joint tenants dies, his interest passes automatically to the surviving party or parties instead of being tied up in lengthy probate proceedings. When two or more people own a property as joint tenants, they own an undivided equal interest in the property.
 

Lease 
An alternative to ownership whereby the developer retains ownership of the property and the customer enters into a contract to use the property for a specified time.


 

Quitclaim Deed 
A deed that transfers whatever interest or title a grantor may have, without warranty.


 

Right of First Refusal (ROFR) 
The legal right a resort company or group has to buy back or assume ownership of a timeshare property if elected. A resort must be offered a reselling price before the ownership can be conveyed to an outside source. The resort can exercise and purchase the property back at the sales price stated, or it will be waived, and the new owner can assume title. Not all resorts have this option of Right of First Refusal.


 

Right To Use 
A type of ownership whereby actual ownership reverts back to the developer after a specified period of time.


 

Title Insurance 
A document that guarantees that property is free and clear of claims by others pronouncing an interest in the property.


 

Warranty Deed 
A deed that guarantees the title from the seller to the buyer.


 

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