Limited Warranty Deed?

[2ndfiddle]

I've read over and over here about Quitclaim Deeds, but a search turned up nothing about Limited Warranty Deeds.

The owners assn at The Cottages at Shipyard (Hilton Head) has agreed to take back our week. We received a Limited Warranty Deed from the management company last week, with instructions on who signs where in what color ink. Hubby and I went to our bank this morning to sign everything and have the Deed notarized.

I don't doubt that this is legit, but I kind of expected a Quitclaim Deed.

Should I be concerned about this type of Deed?

 

[theo]

I've read over and over here about Quitclaim Deeds, but a search turned up nothing about Limited Warranty Deeds.

The owners assn at The Cottages at Shipyard (Hilton Head) has agreed to take back our week. We received a Limited Warranty Deed from the management company last week, with instructions on who signs where in what color ink. Hubby and I went to our bank this morning to sign everything and have the Deed notarized.

I don't doubt that this is legit, but I kind of expected a Quitclaim Deed.

Should I be concerned about this type of Deed?

I frankly don't think that you need to be "concerned" at all.

The difference in part is that (unlike in a quit claim deed) you might have some responsibility for any unpaid bills and may be agreeing to defend the title (to an extent unclear to me, being completely ignorant of SC law) in a Warranty Deed.
If this was originally a developer-direct purchase on your part, it should be of no interest or concern to you at all (IMnsHO). Frankly, I've always offered Warranty Deeds in my own resale transactions; it's really no big deal if you are confident about the provenance of your particular ownership.

 

[2ndfiddle]

I frankly don't think that you need to be "concerned" at all.

The difference in part is that (unlike in a quit claim deed) you might have some responsibility for any unpaid bills and may be agreeing to defend the title (to an extent unclear to me, being completely ignorant of SC law) in a Warranty Deed.
If this was originally a developer-direct purchase on your part, it should be of no interest or concern to you at all (IMnsHO). Frankly, I've always offered Warranty Deeds in my own resale transactions; it's really no big deal if you are confident about the provenance of your particular ownership.

We did not buy from the developer. We found the ad on eBay, offered by VI Network out of Florida.

I just looked at our paperwork (from 2008) and we were given a "Warranty Deed" with VI Network as the grantor. The last paragraph says "...grantor is lawfully seized of said land in fee simple; that the grantor has good right and lawful authority to sell and convey said land; that the grantor hereby fully warrants the title to said land and will defend the same against the lawful claims of all persons whomsoever; and that said land is free of all encumbrances."

We've had it for ten years and there is no mortgage. Sounds good to me.

 

[theo]

I just looked at our paperwork (from 2008) and we were given a "Warranty Deed" with VI Network as the grantor. <snip> We've had it for ten years and there is no mortgage. Sounds good to me.

Yup. You already had a warranty deed, so certainly no worries about signing a new deed now as grantor.

 

[2ndfiddle]

Yup. You already had a warranty deed, so certainly no worries about signing one now as grantor.

Thank you - again - Theo for responding so quickly and offering your insight.

 

[eschjw]

The owners assn at The Cottages at Shipyard (Hilton Head) has agreed to take back our week. We received a Limited Warranty Deed from the management company last week, with instructions on who signs where in what color ink. Hubby and I went to our bank this morning to sign everything and have the Deed notarized.

Interesting. My neighbor purchased a Coral Reef week from the developer in 2002 and I am trying to help him dispose of it. Coral Reef is described in his warranty deed as being within "The Cottages at Shipyard No. 3 Horizontal Property Regime". He has not used it in years but he continues to pay his fees. He is in his seventies and his health prevents him from traveling very much.

Who did you talk to at the homeowners association? His ownership is paid in full and up to date. He really just needs to divest this week as cheaply as possible.

Thanks, Joe

 

[2ndfiddle]

Joe, I just responded to you when I clicked on a link I got in my email (telling me there was a new conversation), but I don't know where it went! If I can find it, I'll post it here. If you find it, please do the same.

In my reply I referenced another thread where someone was able to accomplish the same thing here's the link to that thread...

https://tugbbs.com/forums/index.php?threads/spinnaker-exit-program.241946/

 

[2ndfiddle]

Found it!

*************

Hi Joe.

Contact Karen Geiger
Southwind Management Corp.
35 DeAllyon Avenue
Hilton Head Island, SC 29928

Or

P.O. Box 6685
Hilton Head Island, SC 29938-6685

Karen was not the first person I spoke to, but I was ultimately transferred to her, and she is the person who sent us the package with the deed and instructions.

Her number is 843-785-3355 X 5211.

Note that she is with Southwind Management Corp., which manages The Cottages Vacation Weeks Owners Association.

I told her that my husband and I were unable to travel due to physical limitations, which is true. I did not need to provide any kind of medical verification. I think there is another condition that will allow them to do this - maybe advanced age? There is another thread here somewhere that mentions that.

Good luck in helping your neighbor!

 

[eschjw]

Thanks for your help. I did talk to Karen and found out that even though Coral Reef is next to the Cottages in Shipyard Plantation, they have a different management company (Elite Resort Group). I will be contacting them about a deed back.

My 80 year old neighbor will be having major back surgery next month. He has a platinum even year float week at Coral Reef and I am advising him to reserve a week for this year. His ownership includes 4 rounds of golf a day, free bike rentals and tennis. One of the weeks he can reserve is the week of the RBC Heritage professional golf tournament in Hilton Head. I may be posting a rental ad on TUG to help him recover some of his fees for this year and a Bargain sale ad to give away his ownership.