Title Search and Title Insurance

[zimboys]

I am looking at a small contract of 50 points. Do you need to do this on a small resale? Thanks

 

[ammo]

I am looking at a small contract of 50 points. Do you need to do this on a small resale? Thanks

DVC is not a true timeshare. When you buy DVC you are not actually buying real property, so you have no legal right to place encumbrances on your purchase (I don't even feel right calling it property). It is more like partial ownership of a leasehold.

Where's Dean? He (or somebody else) can answer this question more fully.

Edited: See below for relevant information about mortgage liens.

 

[Dean]

I don't think Title insurance is needed for DVC. It should be easy to do a little research and protect yourself. Make sure all those on the deed sign off. ROFR should clear both the current fees and any loan issues. If not, a quick call to DVC admin (with the sellers permission), should further solidify these issues.

 

[disneynutz]

I am looking at a small contract of 50 points. Do you need to do this on a small resale? Thanks

I have been told that since it's a deeded interest, liens can and have been placed on members ownership interest. I know that Disney has a mortgage lien on one of our contracts.

 

[RobDoc]

While few contracts may have any issue with a legal audit, the title insurance certainly buys some peace-of-mind for minimal expense ... and while it may be easy to do a little research, what if someone on the deed doesn't sign off or the title is embroiled in a bankruptcy or divorce? With the title search and insurance you do have some protection after the fact.