CHICAGO TITLE
Resort Development Division 316 W. Mission Avenue Ste. 121 Escondido, CA 92025 Tel. (800) 834-3882 Fax (760) 746-6750
GUIDELINE FOR COMPLETING QUITCLAIM DEED INSTRUCTIONS California, Arizona, Nevada, and Florida Timeshares
This packet does NOT need to be Notarized
1) The criteria for a Quitclaim Deed (or applicable document) as follows: that NO monetary value is being paid in connection with this timeshare.
2) Parties are asked to provide Escrow Holder with a legible copy of current deed that includes a legal description of the property.
3) All parties must sign the instructions, which provide that no examination of the title or title insurance will be obtained.
4) The Grantees are asked to complete vesting worksheet so Escrow Holder may prepare title transfer documents in the manner which parties will hold title.
5) All Parties acknowledge that they assume the responsibility to notify the Resort of the transfer and pay any applicable transfer fees to the Resort.
6) All fees due Chicago Title Company for this service must be paid prior to sending the prepared deed for execution.
*** LENDERS DISCLOSURE-LOAN IS NOT ASSUMABLE: ***
You are advised that this transaction is still subject to the Original Note and Deed of Trust. The transfer of title does NOT relieve Original Owner from responsibility for payment of the Note. In the event of default under the terms of the Note by the new parties on title, the Lender will foreclose on the ORIGINAL OWNER. ALL PARTIES ARE AWARE, ACKNOWLEDGE AND UNDERSTAND THAT AFTER 90 DAYS, IF NO PROCESSING AND/OR RESPONSE HAS BEEN MADE WITH REGARD TO OUR WRITTEN REQUEST FOR ADDITIONAL DOCUMENTS, CLARIFICATIONS, VIA LETTER OR TELEPHONE CONVERSATION, THAT FILE WILL BE AUTOMATICALLY CANCELLED AND PAID FEE IS NON-REFUNDABLE. The fee for the preparation of the Quitclaim Deed (or applicable document) and requisite County Recorder transfer/change of ownership and recording is $200.00.
DATE: GRANTOR SIGNATURE: __________________________________ GRANTOR SIGNATURE: __________________________________
GRANTEE SIGNATURE: __________________________________ GRANTEE SIGNATURE: __________________________________ 1
PROPERTY DESCRIPTION:
Please complete in full. Any information can be verified with the Resort. RESORT: ___________________________________ CONTRACT/ACCOUNT NO: _____________________________ UNIT NO: _________ WEEK: __________ INTERVAL CONTROL NUMBER: _________ EVERY YEAR
EVERY OTHER YEAR
ODD
OR
EVEN (Circle One)
FIXED
OR
FLOATING (Circle One)
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CHICAGO TITLE
Resort Development Division 316 W. Mission Avenue Ste. 121 Escondido, CA 92025 Tel. (800) 834-3882 Fax (760) 746-6750
QUITCLAIM DEED INSTRUCTIONS
TO: CHICAGO TITLE COMPANY
The undersigned Grantor/Current Owner(s) (ALL persons who presently own an interest in the timeshare) will execute a Quitclaim Deed in favor of the undersigned Grantee(s)/New Owners (all persons who will now be in title, including all names of Grantor(s) remaining on title). The undersigned Grantor(s) and Grantee(s) hereby warrant that NO CONSIDERATION is being paid and that the Grantee(s) will complete a Preliminary Change of Ownership (or similar document required) form as required by the County Recorder stating that no consideration is being paid. The undersigned Grantor(s) and Grantee(s) will hand you the exact legal description to be used in this escrow. Both Grantor(s) and Grantee(s) by their signature hereon approve said legal description to be attached to the Quitclaim Deed to record through this escrow. The undersigned Grantor(s) and Grantee(s) acknowledge and request that there be NO EXAMINATION OF THE PRESENT TITLE to the timeshare and NO ISSUANCE OF A POLICY OF TITLE INSURANCE. Grantor(s) warrants that they hold fee title to the subject property and has disclosed to Grantee(s) the existence of any and all liens and/or encumbrances which presently affect the title. ALL PARTIES HEREBY AGREE TO INDEMNIFY, HOLD HARMLESS AND DEFEND ESCROW HOLDER AGAINST ANY LOSS, CAUSE OR ACTION ARISING BY REASON OF COMPLYING WITH THE PARTIES REQUEST FOR NO EXAMINATION OF TITLE AND FOR NO ISSUANCE OF TITLE INSURANCE. Escrow Holder is instructed to prepare the Quitclaim Deed and to attach a copy of the legal description provided, and Escrow Holder is instructed to prepare a Preliminary Change of Ownership (or similar document required) by the County Recorder's Office. Escrow Holder is authorized and instructed to prepare any additional documents required for transfer of ownership such as an Affidavit of Death or additional Quitclaim Deeds for spouses of Grantee(s) and/or Grantor(s) at the additional cost of $50.00 per document. AFFIDAVIT OF DEATH: If your spouse is deceased, an Affidavit of Death must be recorded prior to transfer of title. An additional charge of $50.00 is required per Affidavit of Death ***PLEASE NOTE*** an ORIGINAL certified copy of the Death Certificate must be attached...NOT A XEROX COPY...also...the last recorded Grant Deed with legal description must be provided. Escrow Holder is authorized and instructed to forward the PREPARED, BUT UNSIGNED, Quitclaim Deed and the PREPARED, BUT UNSIGNED, Preliminary Change of Ownership (or similar document required) to the Grantor(s), for signatures and to be returned to Escrow Holder. Escrow Holder shall forward the signed deed to the appropriate county recorder’s office to be recorded. Upon Escrow Holder’s receipt of the recorded deed, Escrow Holder will forward a copy of same to the Grantee. It is Grantee’s responsibility to forward a copy of the recorded deed together with the transfer fee, if any, to the resort and request the transfer. Escrow Holder's only responsibility shall be to prepare the Quitclaim Deed and Preliminary Change of Ownership (or similar document required) and to forward same to Grantor(s) for signature and to forward the signed document to the appropriate county recorder’s office. Escrow Holder will not forward documents until all fees have been paid and check has cleared.
ADDITIONAL INSTRUCTIONS ATTACHED HERETO AND MADE A PART HEREOF My initials below represent my acknowledgment and agreement to the foregoing.
Grantor Initials: _____ / _____ Page 1
Grantee Initials: _____ / _____
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CHICAGO TITLE COMPANY
Resort Development Division
The instructions in this escrow are hereby continued:
ADDITIONAL INSTRUCTIONS In consideration of your acting as Escrow Holder herein, it is agreed that you shall in no case or event be liable for the failure of any of the conditions of this transaction or damage caused by the exercise of your discretion in any particular manner, or for any other reason, except gross negligence or willful misconduct with reference to said transaction, and you shall not be liable or responsible for your failure to ascertain the terms or conditions, or to comply with any of the provisions of, any agreement, contract or other documents filed herewith or referred to herein, nor shall you be liable or responsible for forgeries or false impersonation. The Escrow Holder is not bound by any instructions or agreements not specifically stated in this written instrument, whether conditions precedent, concurrent or subsequent, nor by any modifications thereof nor any conditions precedent or other conditions unless the same are in writing and subscribed by all parties. It is further agreed that if any controversy arises, between the parties hereto or with any third person with respect to the subject matter of this escrow, its terms or conditions, you shall not be required to determine the same or take any action in the premises, but you may await settlement of any such controversy by final appropriate legal proceedings or otherwise as you may require, notwithstanding anything in the following instructions to the contrary, and in such event you shall not be liable for interest or damage. IT IS UNDERSTOOD that the fee agreed upon for your services hereunder shall be considered compensation for your ordinary services as contemplated by these instructions, and in the event that the conditions of this transaction are not promptly fulfilled or that you render any service hereunder not provided for in the following instructions, or that there is any assignment or interest in the subject matter of this transaction or modification hereof, or that any controversy arises hereunder or that you are made a party to , or intervene in, any litigation pertaining to this transaction or the subject matter thereof, you shall be reasonably compensated for such extraordinary services and reimbursed for all costs and expenses occasioned by such default, delay, controversy or litigation and you shall have the right to retain all documents and/or other things of value at any time held by you hereunder until such compensation, fees, costs, and expenses shall be paid, the undersigned hereby jointly and severally promising to pay such sums upon demand. *** LENDERS DISCLOSURE-LOAN IS NOT ASSUMABLE: *** You are advised that this transaction is still subject to the Original Note and Deed of Trust. The transfer of someone from title to the timeshare interval does NOT relieve you from responsibility for payment of the Note. In the event of default under the terms of the Note by the new parties on title, the Lender will foreclose on the ORIGINAL OWNER. I, JOINTLY AND SEVERALLY, ACKNOWLEDGE RECEIPT OF AN ENTIRE COPY OF THE WITHIN ESCROW INSTRUCTIONS. BY MY SIGNATURE SET FORTH BELOW, I ACKNOWLEDGE THAT I HAVE READ, UNDERSTAND AND AGREE TO BE BOUND BY THE TERMS, PROVISIONS, AND CONDITIONS CONTAINED IN THESE ESCROW INSTRUCTIONS, IN THEIR ENTIRETY. Signature: ______________________________________ Grantor (current owner) Date ______________________________________ Grantor (current owner) Date Grantor(s) Address: ______________________________________ ______________________________________ Phone Number: _______________________ Email Address: ________________________ ______________________________________ Grantee (new owner) Date ______________________________________ Grantee (new owner) Date Grantee(s) Address: _______________________________________ _______________________________________ Phone Number: ________________________ Email Address: _________________________
My initials below represent my acknowledgment and agreement to the foregoing.
Grantor Initials: _____ / _____
Grantee Initials: _____ / ____
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Transfer Information:
(Please Print)
Please describe the purpose or reason for this transfer:
______________________________________________________________________________ ______________________________________________________________________________ ______________________________________________________________________________ ______________________________________________________________________________ ______________________________________________________________________________ ______________________________________________________________________________ ______________________________________________________________________________ ______________________________________________________________________________ ______________________________________________________________________________ ______________________________________________________________________________ ______________________________________________________________________________ ______
Describe the relationship between the current owners and the new owners (if transfer is to a trust or in a situation where the owners will remain on title, state self): Name of Current Owner(s): (Hawaii property you must provide full first, middle and last name) ____________________________________________________________________________________ ____________________________________________________________________________________ ____________________________________ Name of New Owner(s): (Hawaii property you must provide full first, middle and last name) ____________________________________________________________________________________ ____________________________________________________________________________________ ____________________________________ Relationship (Husband and Wife, Parent and Child, Grandparent and Grandchild, Siblings, In-Laws, Friends etc.): ____________________________________________________________________________________ ____________________________________________________________________________________ ____________________________________________________________________________________ ____________________________________
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CHICAGO TITLE
Resort Development Division 316 W. Mission Avenue Ste. 121 Escondido, CA 92025 Tel. (800) 834-3882 Fax (760) 746-6750
Vesting Worksheet
Note: Please indicate your vesting choice by checking the appropriate selection 1-7 (only one). Please fill in the blanks completely and print names exactly as they should appear on all documents.
Escrow Holder is instructed to reflect my/our name(s) and vesting on documents in this transaction as follows: 1. [ ] Husband and Wife (Print Names Exactly as they should appear on documents including middle name/initial) ____________________________________________________________________________________ And ____________________________________________________________________________________ (Check One) A. [ ] As Joint Tenants with Right of Survivorship B. [ ] As Community Property C. [ ] As Tenants in Common-Each as to an Undivided ______ Interest (i.e. 1/4, 1/2, or 25%, 50%) D. [ ] As Tenants By The Entirety (Used only in Hawaii) 2. [ ] Married Man - As his sole and separate property [ ] Married Woman - As her sole and separate property ___________________________________________________________________________________
(Print Names Exactly as they should appear on documents including middle name/initial)
Please indicate the full name of your spouse for preparation of a Quitclaim deed: ___________________________________________________________________________________ 3. [ ] Individuals A. A single man (never married) D. A Single Woman (never married) B. An unmarried Man (divorced) E. An unmarried Woman (divorced) C. A Widower (wife is deceased) F. A Widow (husband is deceased) _____________________________________________ Vesting From Choice A-F Above: __________
(Print Names Exactly as they should appear on documents including middle name/initial)
_____________________________________________ Vesting From Choice A-F Above: __________
(Print Names Exactly as they should appear on documents including middle name/initial)
Special Instructions: You must provide Title Company and Escrow Holder with complete vesting when taking title with other parties. Indicate vesting selected here: __________________________________________ (See items “1a or “1c” above). 4. [ ] Trust Please print full name of your Trust as it appears on Trust Documents (Including date of trust) __________________________________________________________________________________ __________________________________________________________________________________ A. _______________________________________________________ As Trustee B. _______________________________________________________ As Trustee Special instructions: You must provide Escrow Holder with a complete copy of your trust agreement to be forwarded to the Title Company, who will examine same to determine proper trustee signature(s) and vesting. You will be required to complete a “Trust Certification” prior to close of escrow which will be furnished by escrow holder or the title insurer. 5. [ ] Corporation in the State of _______________________________ 6. [ ] Limited Liability Company in the state of ____________________ 7. [ ] partnership Limited or General (Circle one) in the State of _____________________ Please print name of Corporation / LLC / Partnership Exactly as it should appear on all documents: ____________________________________________________________________________________ ____________________________________________________________________________________ Special instructions: Corporation/LC you will be required to provide Escrow Holder with a Corporation resolution, Certification of Good Standing and Articles of Incorporation. The title company may, or may not require additional documentation. Partnership: A Statement of Partnership must be on file in the County that the property is located. HOW YOU HOLD TITLE TO YOUR PROPERTY CAN HAVE SERIOUS TAX CONSEQUESNCES. IT IS STRONGLY RECOMMENDED THAT YOU SEEK TAX/LEGAL COUSEL WHEN COMPLETING THIS FORM. Sign below exactly as names are completed above: Grantee(s) Signature(s): Date: ________________
_______________________________
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