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Title insurance

hvacrsteve

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We are going to close on several Hilton Club NY time shares and I would
like to know if title insurance is required or not.
They want $644.00 dollars for 11000 pts.
I don't think it is needed but I would like some others input.

Thanks,

:whoopie:
 

yumdrey

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I purchased title insurance when I bought 5000 HGVC points.
HGVC city points has higher value than ordinary HGVC points, and 11000 city points has worth to buy title insurance, but it is just my 2 cents.
 

Bill4728

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We are going to close on several Hilton Club NY time shares and I would
like to know if title insurance is required or not.
They want $644.00 dollars for 11000 pts.
Title insurance is not required.

It is a good deal?? Probably not but when you're talking over $20,000 ( I assume the price of 11,000 pts is over $20K) I'd buy the insurance.

PS welcome to TUG
 

hvacrsteve

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Actually the amount is 18 k ,
HGVC is telling me it is not optional.
I was a little surprised myself.
I also have another one for 7000 points going to setlement through timeshare
adventures.
Thanks Bill, this seems like a very helpful place.
 

Bill4728

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Actually the amount is 18 k ,
HGVC is telling me it is not optional.
I was a little surprised myself.
I also have another one for 7000 points going to setlement through timeshare
adventures.
Thanks Bill, this seems like a very helpful place.
Are you saying that your are buying direct from HGVC?

If so you may wish to reconsider. Buying direct will likely cost you several thousand more than you could if you buy from a current owner.
 

hvacrsteve

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Bill,
I bought this one through Judy,
Hilton Grand Vacation title is doing the settlement.
I got a good deal on this one at 11000 pts and I also
purchased another one on ebay.
Both are NY city Hilton Club.
We like the city and frequently
visit, we spent a week at the Hilton club
and really enjoyed it last year.

So I have been shopping and I found
two that were priced what I thought
was reasonably.
They both passed ROFR and
we should settle by the end of the
year on both.
 

Talent312

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The dirty-little-secret in the title insurance business is that the title company or attorney who originates the policy typically quotes a premium that's significantly higher than the "minimum" required by the insurance company (using an in-house schedule), and they keep the excess plus ~70% of actual premium in their own pockets.

The actual amount remitted to the insurance company is often a very small part of the amount charged the buyer. IOW, its a cash-cow and naturally, closers prefer to use an all-inclusive approach in which its "required."

OTOH, without it, you'd merely be taking the seller's word that there are no unpaid liens, MF's, taxes or other claims that may affect the title; unless, that is, you do your own inquiry and title search to verify.
 
Last edited:

Dave H

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The dirty-little-secret in the title insurance business is that the title company or attorney who originates the policy typically quotes a premium that's significantly higher than the "minimum" required by the insurance company (using an in-house schedule), and they keep the excess plus ~70% of actual premium in their own pockets.

The actual amount remitted to the insurance company is often a very small part of the amount charged the buyer. IOW, its a cash-cow and naturally, closers prefer to use an all-inclusive approach in which its "required."

OTOH, without it, you'd merely be taking the seller's word that there are no unpaid liens, MF's, taxes or other claims that may affect the title; unless, that is, you do your own inquiry and title search to verify.
Talent

Maybe used to be that way, but not every state does 70/30 like Florida does and Floirda for a long time has Promulgated the rate and you can not charge more than the promulgated fee. In Florida it is on a timeshare a minium policy of $60.00 and the promulgated rates are the same as residential at $5.75 per 1000 to 100k and 5.00 per 1000 after 100k and less than a million.

So, most transfers are at minimum and at $42.00 I hardly call that a cash cow.... By the way, have you priced E&O insurance and bonds for a title agent... my E&O, Fidelity and my bonds run about 5-6k a year, so at $42.00 I have a lot of policies to sell...
 

Dave H

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Actually the amount is 18 k ,
HGVC is telling me it is not optional.
I was a little surprised myself.
I also have another one for 7000 points going to setlement through timeshare
adventures.
Thanks Bill, this seems like a very helpful place.
HVACRSTEVE:

HGVC maybe correct. Since they are not attorneys preparing the documents, many states require the closing company to issue a title insurance policy to be able to handle the closing without having attorneys do it...

I know several developers that require it to stay in compliance with the law.. so yes, for them it may not be an option.

Dave
 

hvacrsteve

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At this point it is $402.00, it is overpriced for sure.
It is however not worth fighting them over it.
I don't get mad, I just get even.
Thanks for the info and comments.
 
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