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I just bid on a bluegreen timeshare through Ebay that has value of 5000 annual points. I won the auction at a cost of $0.20/point for a total of around $1000. TItle insurance would cost up to $400. Is it worth obtaining title insurance on this time share?
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It's up to you. If you want to pay 40% more. Generally the things that title insurance uncover are not things that happen to timeshares. -
I am far from an expert on title insurance, but I do own Bluegreen points and I know that every points resale must be processed through Bluegreen's in-house title transfer company Resort Title Agency, regardless if another title transfer company gets involved.
Who is quoting the title insurance, was it Resort Title Agency?
If not, call Resort Title Agency and get their opinion on title insurance as I doubt it is necessary. Ph 800-456-2582
When closing on Bluegreen points you only need to work with Resort Title and the closing will go much faster and be much cheaper.
If you call Resort Title Agency please post their reply concerning the need for title insurance on points resales. I would like to know myself.
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I declined title insurance on my recent purchase because the seller was well-known, had good documentation on the deed, and the resale price was low to begin with. It seems to me that you only want to buy title insurance in this case if you think there is a very significant chance the deed is fouled because your at-risk capital is small compared to the insurance cost.
Probably not worth it.Comment
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Generally the things that title insurance uncover are not things that happen to timeshares. Probably not worth it.... not enough time for all the timeshares ®Comment
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It depends how you can manage the risk factor...
In my own opinion $400 for a a 15k TS maybe but $400 for a 1k TS I don't think so.Comment
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