Title Insurance – What?
Whether you are planning on purchasing a property or you currently own your home, Title Insurance is a must!
What is Title Insurance?
Title insurance protects buyers and home owners against any losses that may arise from an improperly conducted title search. Such losses may result from title defects, liens on the property, renovations done by previous owners without proper permits, survey errors, and taxes in arrears. While your lawyer will be responsible for investigating such issues before the closing of the transaction, there are cases in which one or more of these problems may slip past the title search.
How Will Title Insurance Protect Me?
Your Title Insurance policy will cover you for as long as you own the home, up to a set maximum amount which will depend on the policy you have obtained. Furthermore, it will also cover most of the legal fees that will be incurred in order to restore your property’s title.
Items NOT Covered By Title Insurance
While Title insurance will cover most the home buyer against most items that could not have been for seen, it will NOT protect you against known problems such as title defects that were revealed to you prior to the purchase of the home. Furthermore, title insurance will not cover native land claims, environmental hazards, items that are not listed in public records, zoning bylaw violations that result from renovations done on the home by you. Finally, its is important to note that Title Insurance is NOT the same or a substitute to a Home Insurance policy, as it will not cover you against any damages done to the property as a result of a flood, fire, etc.
While Title Insurance is currently not mandatory in Canada, it is generally strongly encouraged and may range between $200 – $400.
For more information please visit http://www.fsco.gov.on.ca/English/pubs/consumerbrochures/undstitins.pdf
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