Is title insurance necessary?

Title insurance is not required, but you may want to consider it. Title insurance is designed to protect the buyer from any problem that may occur with the title being transferred, meaning that the buyer will not be held responsible for undeclared liens, back taxes, overdue maintenance fees, or other title or deed defects that may have taken place prior to the transfer of ownership. These issues may not be common, but it’s crucial to confirm with the seller that he or she has fully declared all potential issues prior to the closing. For reference, title insurance usually costs between $200 and $500, depending on the cost of the timeshare or fractional property.

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