Purchasing a home is an exciting venture and after making the choice to do so, you want the peace of mind knowing that your investment is protected.
Title Insurance is an insurance policy issued by an insurance company which provides broad coverage against many risks when buying a home. For example, title insurance can provide coverage for the following title issues for residential properties:
❖ Outstanding work orders;
❖ existing liens against the title;
❖ violations of municipal zoning by-laws;
❖ encroachments onto an adjoining property (other than fences and boundary walls);
❖ realty tax arrears;
❖ outstanding municipal utility charges, provided such charges form a lien on title;
❖ existing work orders; and,
❖ fraud, forgery and false impersonation to the extent they affect the validity of title.
The premium is only paid once and is included in our legal fees and disbursements. Title insurance has no deductible, so the premium is truly a one-time fee. Coverage is valid for the entire time the homeowner holds title to the home.
At our law office, subject to credit approval, title insurance is obtained on every purchase or refinance transaction.
Title Insurance is still an option. However, when financing a purchase or when refinancing, title insurance is often a bank requirement.