Do we really own our land?

thebix · 06-23-2020, 06:08 PM

Title Insurance coverage depends on what you buy.

https://www.investopedia.com/terms/t...20the%20lender.

What Is Title Insurance?
Title insurance is a form of indemnity insurance that protects lenders and homebuyers from financial loss sustained from defects in a title to a property. The most common type of title insurance is lender's title insurance, which the borrower purchases to protect the lender. The other type is owner's title insurance, which is often paid for by the seller to protect the buyer's equity in the property.

I believe (not being certified on the details), If you didn't opt to pay extra for an owners policy then the insurance your lender required you to buy expired when the loan was paid off.

CowTimes · 06-23-2020, 07:54 PM

Quote:

Originally Posted by thebix

I believe (not being certified on the details), If you didn't opt to pay extra for an owners policy then the insurance your lender required you to buy expired when the loan was paid off.

This is right. If you get a mortgage, the lender will require that you pay for a lender title insurance policy that protects the bank in the event it’s collateral, the property, has a claims against its title.

Homeowners are not protected by the lender title policy. Instead, buyers will be given the option when the title work is being done to purchase a separate owner’s title insurance policy, which protects the homeowner if there is ever a claim against the title (regardless of whether there is still an outstanding mortgage).

If one doesn’t have the owners title insurance policy, there is no coverage for the homeowner.

map · 06-24-2020, 05:35 AM

Is this like eminent domain? Holy cow!

Woodsy · 06-24-2020, 07:19 AM

Quote:

Originally Posted by map

Is this like eminent domain? Holy cow!

In an Eminent Domain situation... the State has to pay you to take your land. In this case it "seems" as if the State is asserting it has always owned the land.

Woodsy

BroadHopper · 06-24-2020, 03:16 PM

This had came up when the Winni Watershed Project used the Lakeshore Railroad bed to put in the sewer line. It was determined the state never relinquished the right of way! Some shorefront owners were fuming yet they had to remove structure(s) off the bed. Others noticed on their deeds and not build on the railroad bed. In our case we just used it as a lawn. When the sewage line was added, they were nice enough to reseed the area.

Slickcraft · 06-24-2020, 03:38 PM

The original Alton section of the RR was not just a right of way. The state took the fee interest in the land and either transferred that to the RR or leased it to the RR. My understanding is that the fee interest was transferred to the RR and when the RR was discontinued quite a bit was sold to the Town of Alton. The Town kept some and sold some. Some of the land became Rt 11. Whatever the details, the overall situation was unique to Alton.

About 10 years ago the Town wanted to make a short rail trail over the section from the Police station to Rt 28. A long court battle ensued. In the end the Town prevailed as the Town owns the fee interest from that long ago purchase from the RR. It was not a case of just an old ROW.

I have no idea how the land which is the subject of this thread fits into the overall history.

Momma O · 06-30-2020, 07:22 AM

Hi Jim,
I’m new to Meredith, where the NHDOT railroad took over the waterfront and leased it back to the neighbors at $33/ft/ yr. However... I also know of one 150’ chunk of Meredith waterfront with a large U shaped dock, & a shed and the state told them they don’t need a lease. And they pay no waterfront taxes at all because they don’t own it. Not fair? You bet! Inconsistent? Yes indeed. Oh, and that 150’ of waterfront is in MY deed as well as others as shared property. Yet one owner took it over and the state went along with it.

I have no mortgage but I did buy title insurance!
Let’s meet up please!

06-23-2020, 06:08 PM	#1
thebix Senior Member Join Date: Jul 2009 Location: South Down since 2009. Posts: 100 Thanks: 2 Thanked 33 Times in 24 Posts	Title Insurance Title Insurance coverage depends on what you buy. https://www.investopedia.com/terms/t...20the%20lender. What Is Title Insurance? Title insurance is a form of indemnity insurance that protects lenders and homebuyers from financial loss sustained from defects in a title to a property. The most common type of title insurance is lender's title insurance, which the borrower purchases to protect the lender. The other type is owner's title insurance, which is often paid for by the seller to protect the buyer's equity in the property. I believe (not being certified on the details), If you didn't opt to pay extra for an owners policy then the insurance your lender required you to buy expired when the loan was paid off.

06-24-2020, 03:16 PM	#5
BroadHopper Senior Member Join Date: Oct 2004 Location: Laconia NH Posts: 5,577 Thanks: 3,220 Thanked 1,103 Times in 794 Posts	RR Right of Way This had came up when the Winni Watershed Project used the Lakeshore Railroad bed to put in the sewer line. It was determined the state never relinquished the right of way! Some shorefront owners were fuming yet they had to remove structure(s) off the bed. Others noticed on their deeds and not build on the railroad bed. In our case we just used it as a lawn. When the sewage line was added, they were nice enough to reseed the area. __________________ Someday may never be an actual day.

06-30-2020, 07:22 AM	#7
Momma O Junior Member Join Date: Jun 2020 Posts: 1 Thanks: 0 Thanked 0 Times in 0 Posts	Do we really own our land? Hi Jim, I’m new to Meredith, where the NHDOT railroad took over the waterfront and leased it back to the neighbors at $33/ft/ yr. However... I also know of one 150’ chunk of Meredith waterfront with a large U shaped dock, & a shed and the state told them they don’t need a lease. And they pay no waterfront taxes at all because they don’t own it. Not fair? You bet! Inconsistent? Yes indeed. Oh, and that 150’ of waterfront is in MY deed as well as others as shared property. Yet one owner took it over and the state went along with it. I have no mortgage but I did buy title insurance! Let’s meet up please!

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06-24-2020, 05:35 AM	#3
map Senior Member Join Date: Jul 2019 Location: The Weirs Posts: 221 Thanks: 170 Thanked 66 Times in 49 Posts	Is this like eminent domain? Holy cow!

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map (06-29-2020)

06-24-2020, 03:38 PM	#6
Slickcraft Senior Member Join Date: Mar 2008 Location: Welch Island and The Taylor Community Posts: 3,305 Thanks: 1,227 Thanked 2,098 Times in 957 Posts	The original Alton section of the RR was not just a right of way. The state took the fee interest in the land and either transferred that to the RR or leased it to the RR. My understanding is that the fee interest was transferred to the RR and when the RR was discontinued quite a bit was sold to the Town of Alton. The Town kept some and sold some. Some of the land became Rt 11. Whatever the details, the overall situation was unique to Alton. About 10 years ago the Town wanted to make a short rail trail over the section from the Police station to Rt 28. A long court battle ensued. In the end the Town prevailed as the Town owns the fee interest from that long ago purchase from the RR. It was not a case of just an old ROW. I have no idea how the land which is the subject of this thread fits into the overall history.

The Following User Says Thank You to Slickcraft For This Useful Post:
upthesaukee (06-24-2020)