Title Insurance Policy?

[skyywalker]

Did anyone financing to purchase DVC require a title insurance policy? If so who did you get the policy from and what can I expect to pay? I'm assuming this is only needed for the life of the loan? Thanks in advance!

 

[CMNJ]

Title insurance is a 1 time cost usually included in the closing costs quoted by the broker-it's only like $100-$200. It isn't an insurance policy in case you default on the loan like mortgage insurance it is a policy protecting the buyer from any leins, fees or problems with the contract from the previous owner. It guarantees a free and clear title to the new owner (or they pay to settle any problems that crop up).

 

[Dream big]

My title company requires the insurance regardless of financing, but Monera (my lender) required it as well I believe. It was included in the closing costs and about $95 I think.

 

[firerunner1965]

We paid cash for ours and still needed title insurance. As previously stated it is to ensure there is no liens etc it is to protect you regardless of how you paid.

 

[skyywalker]

Thanks! The insurance makes perfect sense now that I understand what it's for. We're probably going to finance with Monera as well.

 

[Dean]

Mortgages will normally require it but light stream shouldn't and likely will be cheaper. For most situations it's an unnecessary expense with a little due diligence. Even though it's "cheap" it's still mostly profit for the company and that's why the title company "requires it".