If my father-in-law wants to deed his time-share to my husband and I, how does he go about doing this?
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If my father-in-law wants to deed his time-share to my husband and I, how does he go about doing this?
Asked on January 18, 2011 under Real Estate Law, South Carolina
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
A timeshare ownership is an ownership interest in real property, just like a house, and should be handled with the same attention to detail and legal requirements of the state or country in which it is located. You will need the original paperwork here: the deed, the laws and by laws governing the property, etc. Is the timeshare financed or owned outright? What are the requirements for transfer? Is there a transfer agent that you must use as per the original agreement? You will also need to discuss the matter with a tax attorney or an accountant as deeding the timeshare could be considered a gift subject to taxes. Maybe an estate planner could help here as well. Good luck.
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