What is title insurance?

As the name suggests, it insures your title on the property.

I just run into a family whom had their home stolen. While they did not get thier home back the title insurance did compersate of their loss of title.

Hello Billy, Title insurance is an insurance policy that protects residential or commercial
property owners and their lenders against losses related to the property’s title or ownership.

For a one-time fee, called a premium, a title insurance policy may provide protection from such losses as:
- Unknown title defects (title issues that prevent you from having clear
ownership of the property);
- Existing liens against the property’s title (e.g. the previous owner had
unpaid debts from utilities, mortgages, property taxes or condominium
charges secured against the property);
- Encroachment issues (e.g. a structure on your property needs to be
removed because it is on your neighbour’s property);
- Title fraud;
- Errors in surveys and public records.

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Title insurance is an insurance policy that protects residential or commercial
property owners and their lenders against losses related to the property’s
title or ownership.

Do You Really Need Title Insurance?

Title insurance is not a requirement in Ontario. The decision on whether
or not you should purchase title insurance should be discussed with your
lawyer, title insurance company or insurance agent/broker, to fully
understand what type of protection title insurance can provide you, and
to determine if other options exist. Once you get all the facts, you can
make an informed decision based on your specific situation and needs.
It is important to keep in mind that title insurance does not replace legal
advice when purchasing property.
What Does Title Insurance Cover?
For a one-time fee, called a premium, a title insurance policy may provide
protection from such losses as:

Unknown title defects (title issues that prevent you from having clear
ownership of the property);

Existing liens against the property’s title (e.g. the previous owner had
unpaid debts from utilities, mortgages, property taxes or condominium
charges secured against the property);

Encroachment issues (e.g. a structure on your property needs to be
removed because it is on your neighbour’s property);

Title fraud;

Errors in surveys and public records;

Above answers are pretty detailed, but as every case is different, I would advise to contact your local Realtor for some advice.

Hello Billy,

In order to explain title insurance, it is necessary to explain what “title” is. When you buy a home, you are in effect buying
the title to the property, which is commonly referred to as a “deed” or “transfer of land”. This means that you own the
property and your lawyer/notary has registered you as the owner in a land titles system. You want to have good title
because it means that you will be able to sell your property in the future or obtain financing against your home at any point.

To protect your ownership, a title insurance policy provides coverage in the event that your right of ownership is challenged
or a loss occurs due to a covered title defect or a claim against your property.

When considering if you should include title insurance as part of your real estate purchase, the following is important
information that you should know:

Top Benefits of Title Insurance

• Fast and efficient closing process – title insurance will help ensure your transaction closes on time
Survey coverage – protects against unmarketability (not being able to sell your property in the future or obtain financing
against your home) as a result of defects that would have been disclosed on an up‐to‐date survey, Real Property Report
or Location Certificate
• Fraud and forgery – protection against fraudulently registered mortgages against your title
• Duty to defend – the legal fees associated with resolving insured title issues will be covered
• Building permit coverage – coverage for renovations completed without a permit that result in a loss
• Zoning coverage – protection should a property not meet municipal zoning requirements
• Competing interests – protection in the case of someone claiming an interest in your land; for example, an easement for
a driveway or a builder’s lien
• Problem solving/facilitates closings – we can frequently provide coverage for known defects such as encroachments,
delays in registration and zoning violations
• Saving money – requesting a homeowner title insurance policy at the time of your real estate purchase may be the best
opportunity for you to buy your policy at a lower price. If your lawyer/notary is ordering a policy for your lender, you
can buy a homeowner policy at a lower cost!
For more information on how you can include title insurance as part of the purchase of your home, ask your lawyer or
notary about First Canadian Title’s homeowner’s coverage and enjoy the peace of mind that results from the protection of a title insurance policy.

Lina Castro, The Broker & Realtor that you Trust,
ADRESZ R.I. 514 636 2981
email: linacastrosells@hotmail.com

Referrals and Relocations to Montreal and Surrounding Cities, QC are welcome!

Hi, Billy as stated the main reason for title insurance is to ensure there are no liens on the property. I am a local agent in the Barrie area if you have any further questions, do not hesitate to contact me. Regards Doug Goobie.

covers you against defects on title. usually costs a few hundred dollars andyou get it from your lawyer. Highly recommended

check out
www.durhamlawyer.ca

Title insurance protects you from problems on title. It costs only a few hundred dollars and it is a onetime cost. Most financial institutions will not give you a mortgage without title insurance. Visit the link below for more info:
http://www.fsco.gov.on.ca/english/pubs/consumerbrochures/undstitins.pdf