It is an insurance policy that protects the insured against loss should the condition of title to the land be other than as insured. Unlike other types of insurance that offer protection against future possible occurrences, title insurance offers protection against past occurrences which could result in a claim at a future date. Coverage continues in effect for so long as you have an interest in the covered property. If you should die, the coverage automatically continues for the benefit of your heirs. If you sell your property, giving warranties of title to your buyer, your coverage continues. Likewise, if a buyer gives you a mortgage to finance a purchase of covered property from you, your coverage continues to protect your security interest in the property. Title insurance provides the insured with "peace of mind" in knowing that you are receiving good and marketable title to the real estate you are purchasing.
When you buy a home — or any property for that matter — you expect to enjoy certain benefits from ownership...to be able to occupy and use the property as you wish, to be free from debts or obligations not created or agreed to by you, and to be able to freely sell or pledge your property as security for a loan. Title insurance is designed to cover these rights. Without an owner's title insurance policy, you may not be fully protected against errors in the public records, hidden defects not disclosed by the public records, or mistakes made during the examination of the title of your new property. As a result, you may be held fully accountable for any liens, judgments or claims brought against your new property. However, your owner's title policy insures that if such an occasion arises, you will be defended, free of charge against all covered claims and paid up to the amount of the policy to settle valid claims.
If you are not going to attend the closing and plan to utilize a Power of Attorney, please forward to our office a proposed Power of Attorney form for our review. Broker’s Title & Closing is also well prepared to provide an appropriate Power of Attorney document for execution. In either case, the original deed transferring title from you to the buyer must be signed by you and notarized.
Title is your right to own or use your property. Title also establishes any limitations on those rights.
A title search is an early step in the home buying process to uncover issues that could limit your rights to the property. If a title issue is discovered, most often Broker's Title will take care of it without you even knowing. After the title search is complete, we can provide a title insurance policy.
If this property is owned by a trust or a business, our office will require a fully executed Trustee Certificate to establish the authority of the trustee to convey title.
If the transaction involves a condominium unit, we are required to obtain a 6-D Certificate from the condominium association pursuant to Title 33 New Hampshire Revised Statutes Annotated, Section 1604-108. The 6-D Certificate is a statement issued by the condominium association stating that there are no unpaid common expenses or special assessments against the condominium unit, disclosing the effect of any right of first refusal or other restraint on the ability to sell the unit, and providing other basic information about the condominium unit and the management of the condominium.
There are certain pieces of information required to complete a file and prepare legal documents for your closing. Both the buyer and the seller have questionnaires they must fill out and there are different requirements on either side. Getting these documents back to us in a timely manner helps us to ensure a quick and smooth closing.
Owner's title insurance protects your investment in your property from certain future legal claims regarding ownership of your property. For a one-time fee, you receive coverage for as long as you own your home. The owner's policy also covers potential legal fees and court costs for settling claims covered by your policy. Sometimes undiscoverable defects can come up after the title search. Under an owner's title insurance policy, you are protected against certain undiscovered errors in the title.