Timeshare Regulations and Nevada Law
Important Legal Information Regarding Your CHTA Ownership
Did you know that in Nevada your timeshare at the Carriage House, unless you are license holder, is considered real estate? This fact has real consequences on the death of an owner. In Nevada, as in most states, a real estate interest must be probated, unless: (1) there is a surviving Joint Tenant*; or (2) the title to the timeshare is not held in the deceased owner's name. For example, if the title had been conveyed into a living trust or title was held by a corporation then the owner's death will not cause the need for a probate in Nevada.
When title is held in joint tenancy, the surviving tenant or tenants must merely file an Affidavit of Surviving Joint Tenant, with a certified death certificate of the not-as-lucky joint tenant attached, in order to perfect title in the surviving joint tenant or tenants.
If neither exception listed above is available, do not panic! If the timeshare interest is the only asset of the descendant in Nevada, the probate procedure required to pass the timeshare to the heirs is relatively simple. There is a provision under Nevada Law especially for Small Estates (NRS 146.070 et seq.). "Small" means a value located in Nevada of $100,000, or less. This section will apply to most Carriage House owners. The owner's relatives or heirs will have to hire Nevada counsel to file the proceeding. The cost of the proceeding should run approximately $1,500 because a court appearance may be required. The time involved is approximately 90 days.
It would be advisable for you to contact your lawyer and make sure that he or she understands that you have real estate in Nevada and make sure that you are holding title in a way that makes the transition to your heirs the easiest.
Joan C. Wright
Allison, MacKenzie, Pavlakis, Wright & Fagan, Ltd.
* Or other tenancy which has the attributes of a "right of survival." For instance, “community property with right of survivorship” is one. Tenants in common is not one.
SELLING, BUYING, OR CHANGING YOUR DEED
For information on selling, buying or changing your deed contact Kaecy Freeman at Kaecy's Data Service in Las Vegas. Kaecy has all of the Association’s records and can be reached at 702.435.5978 or by email at firstname.lastname@example.org. If you have a question about this notice or any other information regarding your Nevada timeshare please do not hesitate to contact our Owner Services Department.
Toll Free: 800.221.2301 ext.101