Owner’s title insurance is not mandatory in New Hampshire, but it is highly recommended for FSBO transactions. This type of insurance protects the seller from financial losses if there are any defects or hidden issues with the property’s title after the sale has been completed. These issues can arise from errors in public records, forged documents, or even unknown heirs. Owner’s title insurance can help cover the costs associated with defending the title and rectifying any problems.
In New Hampshire, the cost of owner’s title insurance is typically paid by the seller. However, it is possible to negotiate with the buyer to split the cost of the insurance.
Here are some of the benefits of purchasing owner’s title insurance in New Hampshire:
- Protection against financial losses: Owner’s title insurance can reimburse you for legal fees, losses, and damages if there are any problems with the property’s title.
- Peace of mind: Knowing that you have owner’s title insurance can provide peace of mind and protect your investment in the property.
- Faster closing process: Owner’s title insurance can expedite the closing process by ensuring that the title is clear and free of encumbrances.
If you are selling land by owner in New Hampshire, I recommend that you discuss owner’s title insurance with your real estate attorney to determine if it is the right option for you.