Irvine, CA (August 17, 2012) — Deed and Record uses a shortcut probate procedure for timeshares known as Affidavit Real Property of Small Value. Short cut is for real property totaling less than $50,000. The California Affidavit Real Property of Small Value is the quickest and cheapest way to transfer ownership of a timeshare in California by will or intestacy.
In today’s economy of free-falling real estate values, this procedure is available when the decedent owned multiple timeshares. This $50,000 exemption can be used even if the decedent owned other real property, provided the other real property does not go through probate.
HOW IT IS DONE
The Affidavit is simple compared to formal probate. But there is paperwork that still must be submitted to the probate court. Documents needed are:
*Affidavit Re Real Property of Small Value
*certified copy of the decedent’s death certificate
*copy of the decedent’s will, if there is a will.
*an inventory and appraisal of the decedent’s timeshares in California. The appraisal must be by a probate referee appointed by the state controller in the county where the decedent’s property is located.
*Additional requirements are: six months have passed from date of death; there is no other probate action; and all debts of decedent have been paid.
DEED AND RECORD DOES IT ALL
*Prepare Affidavit Form DE-305
*Obtain Appraisal from probate referee,
*Prepare Inventory and Appraisal Form DE-160
*Prepare transfer Deed
*File Affidavit and supporting documents with Clerk of the Court
*File Affidavit with County Recorder
*File Deed with County Recorder
ANCILLARY ADMINISTRATION FOR CALIFORNIA TIMESHARES
Ancillary administration may be needed when someone living in another state dies and has a timeshare in California. Proper venue or court is the county where the decedent owned the timeshare. Deed and Record covers all counties in California.
COMPANY PROFILE Deed and Record is an online service for real property transfers into or out of trusts, to remove former spouses from title due to divorce and death and to add or remove co-owners. The Company records and files documents it has prepared with the courts and county recorders.
The Company markets through websites, primarily DeedAndRecord.com. The owner of the websites is Mark W. Bidwell, Attorney at Law and CPA Inactive. The office is located at 18831 Von Karman Avenue, Suite 270, Irvine, California 92612. Phone number is 949-474-0961. Email is Mark@DeedandRecord.com.
SOURCE: Deed and Record