Lakeside Closing Service, LLC

 

Legal Terms

Tax Information
Any seller(s) receiving $600 or more at the closing will be issued an IRS 1099. All non-U.S. resident(s) selling real property within the U.S. will be charged a 10% tax by the U.S. IRS at the time of closing. All non-Hawaii residents selling real property in Hawaii will be subject to a 5% tax by the state of Hawaii. When selling your property at a loss you can apply for a refund from the State of Hawaii or the U.S. IRS after the close of escrow. This can be discussed with a tax advisor.


Tenancy by the Entirety
 Tenancy created between husband and wife, by which together they hold title to the whole with right of survivorship. Upon death of either party, the surviving spouse takes whole to exclusion of deceased heirs.

Joint Tenancy
Joint tenancy is the right of survivorship. Should one of the joint tenants dies, their interest passes to the surviving party.

Transferring Title
This is the documentation used to transfer real property from one party to another using a Quitclaim or Warranty deed.

Quitclaim Deed
This deed transfer does not warranty or guarantee a clear title by the grantor.

Warranty Deed
This deed provides clear title to the property and is conveying the property free of all judgments, tax liens or assessment liens
Escrow
A secured account used to hold funds until timeshare has been recorded and transferred to new owner.
Grantor
Person(s) who grants possession or title by a deed.

Grantee
Person(s) who receives possession or title by a deed.

Right of First Refusal (ROFR)
The legal right a resort has to buy back or assume ownership of a timeshare property if selling price is below a certain dollar amount. A resort must be notified of resale price before the ownership can be transferred to an outside source. The resort can purchase the property back at the sales price, or it will be waived, allowing the new owner to assume title. Not every resort has the Right of First Refusal.

Right To Use
Ownership that can revert back to the developer after a stated period of time.

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