You may, for instance, own condominium Unit 203 and garage unit G-10. These are elements such as open spaces, recreation facilities or roadways. The functions are the same as for a single-family home buyer. The escrow closer will hold the seller's documents and release them when the buyer's documents and funds are available for closing. The closer should also contact the homeowner's association to be sure that all assessments are paid, and charge the buyer for his share.
Title insurance is always an optional item.
Most lenders will not make a loan without title insurance, as they want to be certain they have a valid lien and are in first position. You as a buyer should have the same concerns. In Oregon, the seller usually pays for a title policy for the buyer, and the buyer pays for a policy for his lender. These fees are paid at the time of closing. If they reach their limit, then they must buy reinsurance from another underwriter in order to insure the entire policy amount.