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 10 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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