Closing Question?!

[Laxmom]

Not sure if this is where I need to post this and I did a search and it turned up nothing so here goes...

On a closing contract for DVC, we were given 2 options; full closing and deed only. I definately would do a full closing on a house with title search but it was my understanding that DVC will not let the contract go thru if there are any delinquencies in either mortgage or MF's. Any body got any idea which box to check? I have heard arguements both ways with other ts companies. I want a DVC perspective.

TIA

 

[disneynutz]

Not sure if this is where I need to post this and I did a search and it turned up nothing so here goes...

On a closing contract for DVC, we were given 2 options; full closing and deed only. I definately would do a full closing on a house with title search but it was my understanding that DVC will not let the contract go thru if there are any delinquencies in either mortgage or MF's. Any body got any idea which box to check? I have heard arguements both ways with other ts companies. I want a DVC perspective.

TIA

Only GMAC gives you this option. I discussed this issue with Disney and they told me that there could be other title issues that only a title search would uncover. We went with the full closing.

 

[Laxmom]

I was given this option on a Marriott property that got ROFR'd also. Both properties on HHI. I thought it might be a South Carolina thing because they require an attorney to close.

Thanks for the info. I figured I would do it but I am a "why" person.

 

[bookwormde]

With Disney the only one who does maintenance and charges fees I do not see were there is a need for title insurance in this area. As to ownership "trail" this should ,if properly reviewed by the closing company, not be an issue especially because Disney with rofr also has an ownership trail. Not an attorney, but in most area for liens to be enforceable they must be recorded in the home county, so if the closing company checks this there seems to be very limited exposure. There is also no issue with boundaries and legal description in this case.

So unless the title insurance is very cheap or your lender requires it, there does not seem to be much sense in it. If the closing agency failed to do any of the standard checks then they would still be on the "hook" for the problem, although it might take some effort to enforce this.

Anyone have a different perspective

bookwormde

 

[Laxmom]

That's pretty much how I see it. I am not convinced that it isn't a way to build the commission. Any lien put against the property would be from DVC for not paying annual dues and they certainly would let the contract go through without collecting that money. At least that is what I figure. I would probably still do it unless I consulted an expert or attorney.

 

[disneynutz]

Anyone can put a lien on your DVC ownership, not just Disney.

 

[PrincessDadx2]

People also ocassionally forge their spouses signature, etc. Not extremely likely, but what is your peace of mind worth?