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Should I buy timeshare title insurance for $550 when I'm buying a $100 timeshare? Seems like the most I'd be out would be one hundred bucks if there was a problem with the timeshare title.
I've only had title insurance for one of my timeshares. The timeshare cost almost $30,000 and the closing costs including title insurance was less than $550. (Fortunately I came to my senses and sold it before the market crashed.)
In my opinion Denise is correct. If you are only paying $100.00 title insurance will only pay for your loss in the event of a claim. To protect yourself:
1. Get copy of estoppel before you close AND READ IT.
2. If ROFR applies get copy of waiver letter before you close
3. Within 60 days after closing be sure to get the recorded deed
4. Review the title search the closing company will get to be sure that any mortgages or other liens are paid at closing, there are no judgments against the Seller and that the seller is not bankrupt. Read the the title search. You can do it. You must get a title search to confirm that seller owns the unit free and clear of liens. This is different than title insurance.
My answer would be different if you were paying $1000s for the unit. In that case I would purchase a title insurance policy.
In my opinion Denise is correct. If you are only paying $100.00 title insurance will only pay for your loss in the event of a claim. To protect yourself:
1. Get copy of estoppel before you close AND READ IT.
2. If ROFR applies get copy of waiver letter before you close
3. Within 60 days after closing be sure to get the recorded deed
4. Review the title search the closing company will get to be sure that any mortgages or other liens are paid at closing, there are no judgments against the Seller and that the seller is not bankrupt. Read the the title search. You can do it. You must get a title search to confirm that seller owns the unit free and clear of liens. This is different than title insurance.
My answer would be different if you were paying $1000s for the unit. In that case I would purchase a title insurance policy.
Lot of times the closing company doesn't do a title or lien search but you can do it yourself by doing a document search on the county recorder's website in the county in which the resort is located. Just do a seach for all documents with the seller's name on it. Look carefully for any that are liens or deeds of trust.
I totally agree that in most cases a title policy is a waste of money for a TS. I would only buy a title policy if the TS cost is over $5,000 but I always do a thourough lien search in addition to the items Phil described.
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