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Title Insurance
- Thread starter birddog31
- Start date
DeniseM
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How much is the timeshare?
I would only buy it if I was buying an expensive (thousands of dollars) timeshare. Many sellers just offer it as a way to pad their profit.
For an inexpensive timeshare, you can do your own due diligence, get an estoppel letter from the management company, and use a reputable closing company, to protect your interest.
I would only buy it if I was buying an expensive (thousands of dollars) timeshare. Many sellers just offer it as a way to pad their profit.
For an inexpensive timeshare, you can do your own due diligence, get an estoppel letter from the management company, and use a reputable closing company, to protect your interest.
DeniseM
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You need to ask for an estoppel letter from the management company - this documents exactly what you are buying. The seller or closing company will probably have to request it.
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Most states make deeds available online. For a small fee anyone can download a copy. For me, it's worth the fee to make sure the deed matches the estoppel letter. As Denise said, not much value in title insurance unless the purchase price is high.
Saintsfanfl
TUG Member
Title insurance is a waste of money for timeshares. I would only possibly consider it for a unit worth more than $10k.
Title insurance is not needed to protect you from receiving what you paid for. You are entitled to receive what you contracted to buy with or without title insurance.
Title insurance would protect from known or unknown liens or encumbrances, or the fact that someone else actually owned the timeshare. These are things that are probably unknown even to the resort management and HOA. In other words they transfer you the timeshare and then later you find out that you are not actually the legal owner.
For example, the timeshare was sold to another party before it was sold to you. A deed was prepared but it was not recorded. It is still a legal transfer even though the deed was not recorded. You cannot own the timeshare because it was sold to someone else first but the seller skipped town with the money.
Another example is if the seller borrowed money against the property but it was not known or publicly recorded. They could have had a contract with a private party for a loan. This would be an unknown encumbrance.
The chances of any of this happening with a timeshare is very unlikely. Most people do not want a timeshare. Someone would have to sue in court to claim they hold title or a lien on a timeshare that is in the name of someone else at the resort.
Most things covered by title insurance do not really apply to timeshares but they charge you for it anyway.
Title insurance is not needed to protect you from receiving what you paid for. You are entitled to receive what you contracted to buy with or without title insurance.
Title insurance would protect from known or unknown liens or encumbrances, or the fact that someone else actually owned the timeshare. These are things that are probably unknown even to the resort management and HOA. In other words they transfer you the timeshare and then later you find out that you are not actually the legal owner.
For example, the timeshare was sold to another party before it was sold to you. A deed was prepared but it was not recorded. It is still a legal transfer even though the deed was not recorded. You cannot own the timeshare because it was sold to someone else first but the seller skipped town with the money.
Another example is if the seller borrowed money against the property but it was not known or publicly recorded. They could have had a contract with a private party for a loan. This would be an unknown encumbrance.
The chances of any of this happening with a timeshare is very unlikely. Most people do not want a timeshare. Someone would have to sue in court to claim they hold title or a lien on a timeshare that is in the name of someone else at the resort.
Most things covered by title insurance do not really apply to timeshares but they charge you for it anyway.
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