First time buyers often ask about owners title insurance, what it covers, and whether they need it. Lenders title insurance is required with most mortgages, however, owners title insurance is normally optional. Buyers should evaluate the facts and decide for themselves on whether the expense is worthwhile given the costs and benefits. Below are New Hampshire owners title insurance details.
Difference Between a Title Search and Title Insurance
Before closing, a title search is always performed by a title company. This identifies that no other party has a claim to the home (based on records on file) and that the title is available to be transferred to a new buyer. The title search is not guaranteed and may not identify hidden risks in the title. Owners title insurance will protect you against title defects and the costs associated with defending your rights to property.
Owners Title Insurance Coverage
Owners title insurance is a single charge at closing that will cover you for the lifetime that you remain owner of the home. You can buy it after closing, but it is typically less expensive when bought at closing. The fee is based on the amount of the loan.
New Hampshire Owners Title Insurance Details and Coverage
Owners title insurance typical coverage includes…
- Misrepresentation related to the execution of past title transfers.
- Undue influence on a grantor or executor (of a will).
- False impersonation by those pretending to be owners of a property.
- Erroneous marital status of a grantor.
- Mental Incapacity of parties involved.
- Conveyance of a under-aged person.
- Non-delivery of essential paperwork.
- Unsatisfied claims not shown inthe records.
- Inconsistent indexing at Registry of Deeds.
- Clerical mistakes in recording legal documents.
- Delivery of deeds after the death of a grantor.
- Deeds executed under incorrect powers of attorney.
Some policies additionally cover…
- undisclosed heirs.
- Wills not properly probated.
- Incorrect execution of wills.
- Additional heirs subsequent to the date of a will.
- Incorrect land surveys.
- Inaccurate legal descriptions.
- Blunders fomr similar names.
The information above is only an introduction. Consult a local title company for current New Hampshire owners title insurance details and pricing, as they normally vary based on the provider.