Buying a house may be the most significant and expensive purchase you will make. When you make such a significant investment in the purchase of a home, how can you be sure that there are no
problems with the home's title? Problems with the title can limit your use and enjoyment of the property, as well as cause you financial loss. This is why you need title insurance.
Title insurance will pay for defending you against any lawsuit
attacking your title, and will either eliminate title defects or pay your financial losses, up to the amount of the policy.
Anyone who has been in the market to purchase either a condo or co-op is acutely aware that it is easier to buy or sell a condominium than a co-op because transferring ownership of a co-op almost always requires the consent of building's board, while the transfer of a condo usually does not.
Since a co-op is not real estate, the board can control who lives in the building by controlling who is allowed to become a shareholder and proprietary leaseholder. So long as the co-op board does not violate laws against discrimination, it is free to grant or withhold its consent to the sale "for any reason or no reason at all.