Do we need Title Insurance when buying direct?

[thelionqueen]

When I first bought, there were no closing costs, so not only did we not pay title, we didn’t pay the other costs either…other than maybe a $50 fee.

I remember this too and didn’t realize what a bargain I was getting back then.

 

[tidefan]

I remember this too and didn’t realize what a bargain I was getting back then.

We have 5 contracts, and only paid closing costs on the last one (PVB1). Definitely glad we got in when we did.

 

[RichVIII]

Reviving this old thread. Any newer thoughts on this? Especially for small direct contracts?

 

[Cfabar1]

Personally, I love buying anything with the word insurance in it...

 

[mkatsy]

Not specific to DVC but title insurance in general. One of my friends is suing her title company. There was a clerical error at the closing when she purchased a house with her boyfriend. The deed was supposed to say joint tenants (with survivorship) but the person filing the paperwork used Tennants in common. Then her boyfriend unexpectedly died, and his family is trying to take half of the house. They are in court now fighting it out. Check your paperwork and buy that title insurance.

 

[MikeOhio]

Not specific to DVC but title insurance in general. One of my friends is suing her title company. There was a clerical error at the closing when she purchased a house with her boyfriend. The deed was supposed to say joint tenants (with survivorship) but the person filing the paperwork used Tennants in common. Then her boyfriend unexpectedly died, and his family is trying to take half of the house. They are in court now fighting it out. Check your paperwork and buy that title insurance.

Title insurance would not help in this situation. Also just fyi, the boyfriend’s family is virtually guaranteed to win this dispute.

 

[Steelers0854]

Title insurance would not help in this situation. Also just fyi, the boyfriend’s family is virtually guaranteed to win this dispute

Im no lawyer, but this seems to be exactly what title insurance would cover, a clerical error in the recording of the title. If it truly was a clerical error and you can prove it, which may be the sticking point?