Got my contract- title insurance?

[PottersMom]

we recieved out contract to go over, sign and return. The contract discusses title insurance if we chose to have it. Of course I did this when we boutgh our HOUSe- but do I need it for a timeshare?

 

[PottersMom]

We save over $200 w/o title insurance- I just want to know if it's a waste of money- or if we are stupid to go without it.

 

[lisah0711]

Like everything else about DVC it is a personal decision whether you want to buy the title insurance.

Title insurance insures that you own your very small portion of the leasehold condominium that is your DVC ownership. This means the title company would pay you the value of the policy -- probably the amount you paid for your points -- if there is a problem with the deed from Disney. You could still look to Disney to take care of the issue if there was some problem with the title.

My husband and I are real estate attorneys and we chose not to buy the title insurance -- although we always recommend it to our clients (like the shoemakers children . . . ). We felt like the chances of any problem with the title from Disney are pretty slim and that Disney has more than enough assets to make good on something if there was a problem.

You might want to take the insurance. I imagine the cost is about $200. It depends on your own comfort level.

 

[Mtnman44]

If you are buying direct from Disney, don't worry about it.

If you are buying from a private party, then perhaps...

 

[PottersMom]

not private party- but through GMAC. It's just that its such a small contract- only 40points. I can't imagine there would be a problem with the title. (?) I'd rather have my $200 or so in my pocket since I'm already spending $3500. Then again whats another $200 on the pile? I absolutely hate spending money on things that aren't necessary- but i just don't know what to do here.

 

[michamato]

I am curious about this too. We just passed through ROFR, and I am waiting for my closing paperwork in the next few weeks. We bought 150 points for SSR through TTS. I never even thought about Title Insurance for this property. I would also hate to spend more money on something that isn't necessary. I have it on my home, but I don't know if we would need it on something like this.

 

[JimC]

Just my opinion, but I would buy it for a private sale and probably not worry about it if purchasing from Disney.

 

[michamato]

By Private sale do you mean from an individual? Or would that include resales like GMAC and TTS?
Thanks!!!!

 

[lisah0711]

I agree with Jim if your seller is anyone else but Disney -- resale through anyone -- then title insurance would be a good idea. IMHO

 

[michamato]

hmmm...very interesting! I will be doing some research so I can be ready with my answers when we close in a month or so!!!!

 

[PottersMom]

well, here is a question- does TTS build title insurance into their closing cost? I was wondering why my closing costs seemed to be higher with GMAC than with TTS. GMAC quoted me closing costs over the phone with Title Ins., and didn't say it was a separate cost. When I read the documents it VERY CLEARLY listed closing cost at $575 (w/Title ins) OR "deed only" closing for $350. I'm not saying that GMAC is doing anything wrong- I've been very happy with their services so far.
I'm just wondering, if a company like TTS, which sells a lot of DVC and has a good reputation; doesn't require/reccomend title insurance then maybe its not a true need, but an extra, (sort of like insurance on a rental car- 9/10 times you're already covered under your own ins.).
I just don't want to waste $250- but I want to protect my purchase also.

 

[michamato]

I will contact my TTS agent and ask if my closing costs include Title Insurance, or if they don't think it is needed, or if it is an additional charge. My closing costs fees were quoted at 475.00

I will let you know what they say.

 

[michamato]

Ok..that was fast!

An Agent at the TTS told me that my 475.00 in closing fees included TITLE insurance. That it is pretty much an automatic unless the Buyers specifically requests not to have it. The total charge for Title Insurance in my case would only be 60.00.

I hope I helped you a bit!!

 

[PottersMom]

that did help! I am going to get it. I thought I should, but i just didn't want to pay for it unless I really needed it. Of course, the more I think about it- Its better to have it and not need it, than to need it and not have it!
Thanks!

 

[michamato]

Your welcome!!

 

[JimC]

By Private sale do you mean from an individual? Or would that include resales like GMAC and TTS?
Thanks!!!!

A private sale is any seller other than Disney.

 

[michamato]

Thanks JimC I think we have it all set now. My TTS agent told me never to buy without Title Insurance, and mine was included in my closing costs, so all is good!!

 

[IndianaMouseLover]

I just received our contracts from Disney the other day. I can't find anywhere it talks about title insurance in contracts. Of course I have around 40 pages in front of me to read through. Does anyone know if Disney has this their contracts?

Thanks!

 

[IndianaMouseLover]

I just received our contracts from Disney the other day. I can't find anywhere it talks about title insurance in contracts. Of course I have around 40 pages in front of me to read through. Does anyone know if Disney has this their contracts?

Thanks!

I found the answer to my own question. The quality assurance caller was helpful with this. The title insurance is in the contracts and Disney pays for it. I imagine I pay for it somehow but it is listed under the sellers expense.