Newbury MA Owners Title Insurance Overview

Home owners often ask about owners title insurance, what it covers, and whether they should buy it. Lenders title insurance is required with most mortgages, however, owners title insurance is normally optional. Buyers should evaluate the benefits and decide for themselves on whether the expense is worthwhile given the expense and benefits. The following are Newbury MA owners title insurance overview.

Do not Mistake a Title Search for Insurance

Before closing, a title search is always completed by a closing attorney. This confirms that no other entity has a lien on the property (based on records on file) and that the title is able to be transferred to the buyer of the property. The title search is not guaranteed and may not identify defects in the title. Owners title insurance will protect you against un-caught title problems and the legal fees associated with defending your rights to property.

Owners Title Insurance Costs

Owners title insurance is a one-time charge at closing that will cover you for the lifetime that you remain owner of the property. You can purchase it after closing, but it is normally less costly when purchased at closing. The fee is based on the amount of the mortgage.

Newbury MA Owners Title Insurance Overview and Coverage

Owners title insurance general coverage includes…

  • Fraud in connection with the execution of documents.
  • Undue influence on a seller or executor (of a will).
  • False impersonation by those claiming to be owners of a home.
  • False marital status of a seller.
  • Mental incompetence of grantors.
  • Participation by a minor.
  • Non-delivery of deeds.
  • Unsatisfied claims not displayed onthe records.
  • Mis-indexing at Registry of Deeds.
  • Clerical glitches in recording legal documentation.
  • Delivery of deeds proceeding the passing of a seller.
  • Deeds executed under unauthorized powers of attorney.

Some policies may include…

  • missing heirs.
  • Wills not properly probated.
  • Mistaken execution of trusts.
  • Birth of heirs after the date of a will.
  • Inadequate property surveys.
  • Incorrect legal descriptions.
  • Confusion due to identical names.

The information contained here is simply an overview. Consult a local title company for accurate Newbury MA owners title insurance overview and pricing, as they typically differ based on the provider.

About Editor-John P. Wells

I am a resident of Newburyport and have worked in education, high tech and urban development. My interests in architecture and construction are invaluable to my clients. For more information please visit the Wellsco website.