I have always been an advocate for insurance but I don’t know when it makes sense to get title insurance on a timeshare. Once a deed is transferred is there really any concern? Does it also cover MF's and closing cost associated with a timeshare transfer?
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Title Insurance
- Thread starter RLOGO
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- Sep 7, 2006
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- Westin Kierland x2
The purpose of title insurance is to insure ownership, so it comes into play only after the deed is recorded. It protects you from unpaid liens against the property, legal insufficiency of the deed, or the seller not actually owning the property.
Title insurance policies vary, but they almost always cover only the purchase price of whatever is being insured. That would exclude MF's, assessments, closing costs, etc.
It usually does not make sense to buy title insurance unless your purchase price is at least a few thousand dollars.
Title insurance policies vary, but they almost always cover only the purchase price of whatever is being insured. That would exclude MF's, assessments, closing costs, etc.
It usually does not make sense to buy title insurance unless your purchase price is at least a few thousand dollars.
If you use a good closing company, they let you know when they find problem on title or title history during transfer.
It's not too late to buy a title insurance then.
It's not too late to buy a title insurance then.
I am looking at a purchase of approximately $1400 but when you a add MF's & closing it will add up so I am not sure how to proceed. The MF's and closing cost will always be lost.
gregb
TUG Member
I am sometimes cynical, and I look at buying title insurance as paying an extra fee to the title company to "guarantee" they did their job. If a title company did what they are paid to do, then no one would really need title insurance because all titles would be clear. That said, if it is a large purchase, then you probably need to buy it.
Also, per Fredm, watch out. Title Insurance will not protect you in all cases. For example, if there is fraud on the part of the seller. This was discussed in another thread about Ebay sales.
Greg
Also, per Fredm, watch out. Title Insurance will not protect you in all cases. For example, if there is fraud on the part of the seller. This was discussed in another thread about Ebay sales.
Greg
Are Tile escrow companies responsible for checking for liens? That is one of my concerns.