Title Search

[Johnnie Fedora]

I can't get the search function to work, and I know this has been asked before.

What's your opinion? Is a title search needed on a Disney resale. $200 for a 50pt resale?

 

[9walnuts]

The purpose of a title search is to insure that the Seller has good, clear and marketable title. Mostly likely the Seller does, however the only way for you to know for sure is to have the title examined. We buy insurance to protect us financially if something happens. A title examiner should find a problem before it becomes your problem. Therefore, it is not needed or required but is worth the money.

 

[Grandbuddy]

The purpose of a title search is to insure that the Seller has good, clear and marketable title. Mostly likely the Seller does, however the only way for you to know for sure is to have the title examined. We buy insurance to protect us financially if something happens. A title examiner should find a problem before it becomes your problem. Therefore, it is not needed or required but is worth the money.

But as for needed...$200 for peace of mind that no liens are going to show up later...a bargain, in my book.

 

[Dean]

IMO it's not needed for DVC if all parties on the deed and contract are signing the new deed. DVC won't release it ROFR if there's a loan against it or it's behind on dues in any way so you have built in protections there. I wouldn't throw away $4 a point in this situation and see no actual protection for the circumstances quoted.

 

[disneynutz]

The reason to buy a title policy is protection. Here are a few things that may affect your interest.

The seller files for bankrupcy,
the sellers are divorcing,
and the most common problem,
the seller decides to use additional points for a quick vacation before closing.

 

[Dean]

The reason to buy a title policy is protection. Here are a few things that may affect your interest.

The seller files for bankrupcy,
the sellers are divorcing,
and the most common problem,
the seller decides to use additional points for a quick vacation before closing.

Title insurance won't help with the latter, they only assure the title and not the points accounting. For divorce, if all on the deed sign it, you have no concern. For bankruptcy if there's no lien, you have no concerns and you can look for this easily yourself, esp for Orange County. IMO title insurance is a knee jerk reaction that many don't need. It's essentially never needed for timeshares, closing companies sell it as part of their profit plan, like a home warranty when you sell a home and the realtor wants you to provide a warranty, it's because they make a profit on the home warranty. Certainly for a house or expensive piece of land it's needed but not for timeshares. And if there's a quit claim deed along the way you may not be able to get it if you want.

 

[Grandbuddy]

Title insurance won't help with the latter, they only assure the title and not the points accounting. For divorce, if all on the deed sign it, you have no concern. For bankruptcy if there's no lien, you have no concerns and you can look for this easily yourself, esp for Orange County. IMO title insurance is a knee jerk reaction that many don't need. It's essentially never needed for timeshares, closing companies sell it as part of their profit plan, like a home warranty when you sell a home and the realtor wants you to provide a warranty, it's because they make a profit on the home warranty. Certainly for a house or expensive piece of land it's needed but not for timeshares. And if there's a quit claim deed along the way you may not be able to get it if you want.

I know Dean knows waaay more about this stuff than I do.

 

[Dean]

I know Dean knows waaay more about this stuff than I do.

LOL, I'm sure there are those here that know more about this particular area than do I. One of the problems though is that some carry over their thinking from regular RE and make assumptions that are not true for timeshares. Plus the dollar risks are far less with timeshare, even DVC for most situations. Certainly one spending $20-40K on a timeshare could easily justify an extra expense just for "peace of mind" but not on $5-10K IMO. Between closings cost, overpaying on maint fees and Title Insurance, one can easily throw away $500-$1000 or more on a resale. All I'd ask is that you think about what you're doing and why without making assumptions that may not be true.