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Purchase Question

dayooper

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Hey, just had an offer accepted on an HGVC Flamingo through Redweek Full Service. Is title insurance necessary? I have no problem paying it if it's customary, but not sure if it is.
 

Talent312

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Typically, no.
The expense of TI substantially increases closing costs and is usually out-of-proportion to the price of the TS itself. Many, if not most buyers rely on the Estoppel furnished by the TS management. That reflects what their records show for ownership and status of fees, but it's not a guarantee against 3rd-party liens. So, if you're nervous about it and don't mind forking over the extra $$, go for it.
.
 

dayooper

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Typically, no.
The expense of TI substantially increases closing costs and is usually out-of-proportion to the price of the TS itself. Many, if not most buyers rely on the Estoppel furnished by the TS management. That reflects what their records show for ownership and status of fees, but it's not a guarantee against 3rd-party liens. So, if you're nervous about it and don't mind forking over the extra $$, go for it.
.
Thanks!
 

CalGalTraveler

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A rule of thumb is if you paid more than $5,000 or you want to ensure the property remains in your ownership e.g. it has value that you wouldn't want the developer to grab it back because of a deed filing flaw, then title insurance is a good idea. Property description errors in deeds happen and I believe it would be checked out or at least be covered by a Title policy.
 
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dayooper

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A rule of thumb is if you paid more than $5,000 or you want to ensure the property remains in your ownership e.g. it has value that you wouldn't want the developer to grab it back because of a deed filing flaw, then title insurance is a good idea. Property description errors in deeds happen and I believe it would be checked out or at least be covered by a Title policy.
We are close to $5000 at $4500 for a platinum 2 br. Our thought is that we are going to get it. It's our first purchase and we plan on it being our main source of points.
 

Panina

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We are close to $5000 at $4500 for a platinum 2 br. Our thought is that we are going to get it. It's our first purchase and we plan on it being our main source of points.
I would get the insurance for peace of mind.
 
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