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Title Insurance

hrbrunell

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Am in the process of buying a reale timeshare unit. Am wondering if is necessary or advisable to purchase title insurance. Have purchsed other units without even thinking about it. Does anyone have experience or advice on the subject.
 

bnoble

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My take: I'm willing to take a loss on the purchase price if something fouls the chain of title, because all of my deeds are el-cheapo.

If you're spending serious money that you'd be unhappy to lose, it may be worth looking into.
 

richardm

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I strongly recommend a title search and title policy whenever possible. In most cases, your risk as a buyer isn't great- but I'm cautious as a rule. Like all insurance- the only time you'll regret buying it is when you write the check (which isn't that much in most cases anyway)- but that regret is nothing compared to how you'll feel if you don't buy it and find a problem later!
 

Bill4728

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My take: I'm willing to take a loss on the purchase price if something fouls the chain of title, because all of my deeds are el-cheapo.

If you're spending serious money that you'd be unhappy to lose, it may be worth looking into.
For me, I'd be comfortable without insurance if the purchase was below $3,000 AND want insurance if above $10,000. In between those #s, I'd be on the fence.
 

Talent312

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This is a frequently recurring question. IMHO, the answer is it depends. It depends on two primary things:

1. How much work (due diligence) you are prepared to do to assure yourself that the seller does in fact own the unit, free and clear of liens and past-due assessments. This means not only getting an estoppel letter from the resort, but also looking for judgment liens, mechanic's liens and other clouds upon a title.

2. How much are you willing to risk on your own work? If the the price is low and you believe your own research, let it ride. But if the price is high or you want someone else to bear the risk, pay the premium.
 

Dave H

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Talent and Rich, I agree with both of you. I personally would get it in many cases your talking about $200 or less.

The biggest problem is people rely on the estoppels as being proof positive. The other thing you have to know is not all states and courts list things on line like probates, and judgments....

To me it is like going to Vegas, only bet what you can comfortably afford to lose.......

Dave
 
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