Ex wants me to sign quit claim deed

[akrkck]

Jurisdiction

Florida

My ex-wife and I have a time-share in FL. It was not settled during the divorce. I am willing to give her my half, so she sent me a quit claim deed to sign. I would just like some clarification to the legal language spelled out in the agreement.

"Unit Week No. X, in Condominium Parcel No. XXX of XXXXX XXXXXX XXXXXX, a Condominium, according to the Declaration of Condominium and Exhibits thereto as recorded in Official Records Book XXXXX Pages XXX through XXX, inclusive in the Public Records of XXXX County, Florida, until 12:00 noon on the first Saturday in the year XXXX, at which date said estate shall terminate, together with at remainder over in fee simple absolute, as tenants in common with the other owners of all of the Unit Weeks in the above described condominium parcel in the percentage interest determined and established by Exhibit "X" to the aforesaid Declaration of Condominium."

Can anyone explain what this means? Do we lose all interest in the time-share on this date? Does it just get renewed? Is it being sold and she'll get some sort of financial windfall (since I would sign my half over to her)? I am unable to go to Florida to look up this declaration at the County Courthouse.

 

[army judge]

My ex-wife and I have a time-share in FL. It was not settled during the divorce. I am willing to give her my half, so she sent me a quit claim deed to sign. I would just like some clarification to the legal language spelled out in the agreement.

"Unit Week No. X, in Condominium Parcel No. XXX of XXXXX XXXXXX XXXXXX, a Condominium, according to the Declaration of Condominium and Exhibits thereto as recorded in Official Records Book XXXXX Pages XXX through XXX, inclusive in the Public Records of XXXX County, Florida, until 12:00 noon on the first Saturday in the year XXXX, at which date said estate shall terminate, together with at remainder over in fee simple absolute, as tenants in common with the other owners of all of the Unit Weeks in the above described condominium parcel in the percentage interest determined and established by Exhibit "X" to the aforesaid Declaration of Condominium."

Can anyone explain what this means? Do we lose all interest in the time-share on this date? Does it just get renewed? Is it being sold and she'll get some sort of financial windfall (since I would sign my half over to her)? I am unable to go to Florida to look up this declaration at the County Courthouse.

I suggest you seek the counsel of an attorney.

The way you phrased your question makes it appear I would be giving you legal advice.

I can't do that for people who are not my clients.

I can say, however, generally typing a "quit claim" deed allows a person to transfer ownership interests in real estate to another in "fee simple".

Quit claim transfers are among the easiest ways to transfer property.

They are, however, not without issues.

 

[adjusterjack]

That looks like the legal description to me, but I won't swear by it.

I agree that you not sign anything without talking to a lawyer.

I can tell you this much: That quitclaim deed will only be binding on you and your ex.

You will still be on the contractual hook to the time share company for any debts or fees that your ex defaults on and you won't have the benefit of ownership to fall back on.

I suggest that you demand that the time share be sold and you both split the proceeds. Stand fast on that and see what happens.

Quitclaiming it could be a very costly mistake.

 

[akrkck]

I appreciate the responses. I spoke to the Condo Association and they said a quit claim deed was the proper way to remove me from ownership. I don't have a problem with that and I don't have a problem with giving her my half since it's not worth much and it's the last legal tie I have to her from the divorce, as long as that legal mumbo jumbo doesn't say she'll get like $50K (an example) in 2023 when "said estate is terminated". I was just hoping to avoid paying a lawyer a few hundred bucks to tell me "nope, that's normal legal language. It's all good. Have a nice day". Know what I mean?

 

[adjusterjack]

I spoke to the Condo Association and they said a quit claim deed was the proper way to remove me from ownership.

That's right. It removes you from ownership but that's all it does. It doesn't relieve you of any contractual obligations that you had.

Example: You and wife buy a house. You're both on the deed and both on the mortgage. You quitclaim the house to her. You no longer own it but you are still on the mortgage. If she defaults, the mortgage company looks to you to pay or forecloses and destroys your credit.

Works the same way with a jointly owned car.

When you bought the time share you signed a contract with the time share company that obligated you to this, that and the other thing. Relinquishing ownership doesn't change that. Even if your ex agrees in writing to be responsible for all that, the time share company is not a party to that agreement and can still come after you.

Ask the time share company to release you, in writing, from any and all contractual obligations past, present, and future.

The response will be eye-opening. Come back and report the results.