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Title Insurance and TCS

Dolfan

TUG Member
Joined
Feb 25, 2006
Messages
1
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Location
AZ
Hello Everyone:

I recently picked up a timeshare resale on Ebay. Only after I won did I find out it was through the infamous 43namal posted on several boards here. In either case, the closing is going through Timeshare Closing Services out of Orlando. The closing papers were sent to me stating I elected not to get title insurance even though for peace of mind i would like to have it. When I contacted them, they said they don't offer title insurance outside of Florida(the timeshare is the Westin Kierland in AZ). Their represenative said they would have to call around AZ to get quotes. My question is that isn't it unusual for a closing company in the US not to offer title insuarance even though they technically do a title search??? (I'm probably going to call title insurance companies in AZ just to be sure I get an accurate quote.)

Dolfan
 

jalexander

TUG Member
Joined
Jun 6, 2005
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Are they pulling that again?

Speak the seller .. that answer is unacceptable.. they gave it to me and after I spoke to the seller (Marijo) and complained, their attitude had significantly improved and they found a reasonably priced title company
 

Dave M

TUG Lifetime Member
Joined
Jun 16, 2004
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Sun City Hilton Head, SC
Seems like two different discussions here. The OP asked about whether closing companies routinely offer title insurance and it appears as though the responder is concerned about something the seller may have done ("Are they pulling that again?").

Yes, Timeshare Closing Services, a low-cost closing company which is highly rated by TUGgers, generally offers title insurance only for Florida timeshares. That is disclosed on their website and has been their policy for a number of years. That's consistent with the general philosophy of TUGgers, most of whom, based on past posts here, do not get title insurance when purchasing a timeshare.

Note that the title risks with a timeshare are much different than for a personal residence. For example, it's extremely unlikely that there is an outstanding mortgage against the timeshare, since most timeshare loans are written as consumer loans. Here is a past thread that discusses the issue.
 
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