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Peace of mind
Real Estate Corner: Why you should buy your own title insurance
Ms. Buyer decides to buy a home on Blodgett Street in Manchester. She executes a contract to purchase the home from Mr. Seller.
If Ms. Buyer fails to pay the mortgage to ABC and ABC forecloses, the title policy will cover ABC for its loss if it has to pay off Bank B.
The policy required by ABC Mortgage does not cover Ms. Buyer's interest in the property because she is not the insured. In order to have title insurance coverage, she would need to purchase an owner's policy of title insurance, separate and apart from the lender's policy that ABC Mortgage requires.
Let's go back to our example of Ms. Buyer above. For discussion purposes, assume that there is a mortgage from Mr. Seller to Bank B, and further assume that Ms. Buyer properly repays her loan to ABC Mortgage.
One avenue of recourse that Bank B has is to demand payment from Ms. Buyer, barring which it will foreclose its mortgage. The effect of such a demand on Ms. Buyer is drastic — she must either pay Bank B, or risk losing the property.
First, she is not the insured under the policy. Second, the lender's policy only pays a loss — and the lender only suffers a loss upon completing its foreclosure.
Bottom line — if you are purchasing real estate consider purchasing your own title insurance policy.
This information has been provided by the Mortgage Bankers and Brokers Association of New Hampshire in conjunction with the New Hampshire Union Leader. Any questions about the content should be directed to the MBBA-NH at 6 Garvins Falls Road, Suite 106, Concord, 03301, e-mail at firstname.lastname@example.org, website mbba-nh.org.
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