Owners policy of title insurance

[AndyMil]

Hi guys,

I was really pleased to receive my title deeds today, but in the letter came quite a long document called 'owners policy of title insurance'...

I am not quite sure what this document is or relates to, does anyone know?

Thanks in advance for any help!

 

[dmunsil]

It's your title insurance policy. If something was uncovered during the sale that impaired your title (like a lien that no one found or a separate mortgage), the title insurance would conceivably pay off.

Most real estate transactions include title insurance, because in the worst case you could find out you don't actually own anything. With timeshares, in some cases it makes sense to self-insure and save the money, for two reasons. The money amounts are lower, and realistically, timeshare titles are less likely to have hidden problems.

http://tug2.net/timeshare_advice/timeshare-title-insurance.html

 

[Dean]

It's your title insurance policy. If something was uncovered during the sale that impaired your title (like a lien that no one found or a separate mortgage), the title insurance would conceivably pay off.

Most real estate transactions include title insurance, because in the worst case you could find out you don't actually own anything. With timeshares, in some cases it makes sense to self-insure and save the money, for two reasons. The money amounts are lower, and realistically, timeshare titles are less likely to have hidden problems.

http://tug2.net/timeshare_advice/timeshare-title-insurance.html

IMO, when it comes to DVC or even most timeshares, it almost never makes sense to buy title insurance. DVC is easy to check out and there really are few situations where one could get into trouble. One should do some basic investigation but if there are no red flags, I'd say it's money wasted.

 

[JimMIA]

IMO, when it comes to DVC or even most timeshares, it almost never makes sense to buy title insurance. DVC is easy to check out and there really are few situations where one could get into trouble. One should do some basic investigation but if there are no red flags, I'd say it's money wasted.

What Dean said.

If someone is "suggesting" title insurance on DVC, or requiring it, I'd say they are probably pushing it because they are getting a commission for selling something you don't really need.