Usa Timeshare Legislation By State
Florida – Recently Passed Legislation
Orlando, Florida. – June 7, 2010 – Florida Governor Charlie Crist signed into law last week legislation that gives much needed relief to timeshare owners associations HOAs and developers from the lengthy judicial processes for timeshare interest foreclosures. <P>
The “Trustee Foreclosure” bill FL HB 1411 promises to help HOAs reduce the time and cost involved in reclaiming timeshare interests from owners who are delinquent in paying their maintenance fees, assists timeshare developers in recovering inventory from owners who are unable to make their mortgage payments and will prevent thousands of timeshare foreclosure cases from being filed with Florida courts already overwhelmed by residential foreclosure cases.
“The need for this legislation arose in direct response to the growing challenge faced by HOAs and lenders from timeshare owners who either could not afford to maintain their payments or chose to “walk away” from their maintenance fee or mortgage payment obligations.
The new process, referred to as a “trustee foreclosure” will shorten the time to complete a foreclosure action from as long as 18 months to as little as 90 days. This will give an HOA the opportunity to replace a non-paying owner more quickly and cost effectively while eliminating the need for assessment increases or reducing or deferring much needed maintenance projects.
Most importantly, it will provide the unqualified right for an owner to opt out of the trustee process and force a judicial foreclosure, or to pay their debt at any time prior to a trustee sale without financial penalty. If the delinquent owner does consent to the trustee foreclosure, the owner will not be subject to any deficiency judgment for amounts not recaptured by the sale of the timeshare interest as can be the case through the judicial process.
“The economy has affected everyone, including timeshare owners. This new legislation provides HOAs in Florida with the tools they need to act quickly and to hopefully avoid the ill effects of owners who are delinquent in paying their assessments. Timeshare owners in Florida will definitely benefit from this new process.
Arizona Beneficiary Deeds
This is a must for owners of timeshare property in Arizona who wish to avoid Probate. Click Here
Missouri Beneficiary Deeds
This is a must for owners of timeshare property in Missouri who wish to avoid Probate. Click Here
Colorado Beneficiary Deeds
This is a must for owners of timeshare property in Colorado who wish to avoid Probate. Click Here
Eleven States Offering Timeshare Beneficiary Deeds
Additional Information for timeshare property owners in 11 States regarding Beneficiary Deeds Click Here
Click Here For Transfer-On-Death Deeds That Avoid Probate And Apply to Timeshare Real Estate
Transfer-on-Death Deeds for Real Estate
In Arkansas, Arizona, Colorado, Indiana, Kansas, Minnesota, Missouri, Montana, Nevada, New Mexico, Ohio, Oklahoma and Wisconsin you can prepare a deed now but have it take effect only at your death. These transfer-on-death deeds must be prepared, signed, notarized and recorded (filed in the county land records office) just like a regular deed. But unlike a regular deed, you can revoke a transfer-on-death deed. The deed must expressly state that it does not take effect until death.
Generic Beneficiary Deeds That May Work
We have found a Generic Beneficiary Deed that May Work for most timeshare owners in most any state. We suggest that when you print this Generic Beneficiary Deed that you check with someone with legal knowledge and maybe even with your timeshare resort to make sure that your wishes will be honored in the event death.
Beneficiary Deed
I (We) ______________________________ (Owner) hereby convey to ____________________
__________ (Grantee Beneficiary) effective on my (our) death the following described real property:
Property Address: ___________________________________________
Legal Description: ________________________
___________________________________________
____________________________________________
If the Grantee Beneficiary precedes the Owner in death, then the conveyance to that Grantee Beneficiary shall either (choose one):
[ ] Become null and void.
[ ] Become part of the estate of the Grantee Beneficiary
Dated: _______________
Name(s) of Grantor(s): ______________________________________
Signature(s) of Grantor(s): ___________________________________
STATE OF _________________________
COUNTY OF _________________________
On this day, personally appeared before me, _________________________, to me known to be the person(s) described in and who executed the within instrument, and acknowledged that he/she signed the same as his/her voluntary act and deed, for the uses and purposes therein mentioned.
Witness my hand and official seal hereto affixed on this day of _______________, 20__.
Notary’s Public Signature: ______________________
My commission expires _______________.
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USA Timeshare Legislation By State - 2011
TimeSharing Today
The TimeShare Authority
The Timeshare Users Group
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Usa Timeshare Legislation By State
Usa Timeshare Legislation By State
Usa Timeshare Legislation By State
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