HOW TO FIND A REAL ESTATE LAWYER and avoid the pitfalls or mortgages, financing, closing costs and the other problems

CanLaw

This Page Current as of

About Real Estate

Buying and Selling

Canada Trusts CanLaw Online since 1996

TITLE INSURANCE

What is it?

Why you need it

 

Do I Really Need Title Insurance?

 

Title insurance is not a requirement in some provinces. 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.

Source:  FSCO Financial Services Commission of Ontario https://www.fsco.gov.on.ca/en/Pages/default.aspx

What is “Title”?

 

The word “title” is a legal term that means you have legal ownership of property. You obtain title to property when the owner signs the deed (transfer document) over to you. Title is then registered in the government’s land registration system.

What is Title Insurance?

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

 

 

What Does Title Insurance Cover?

 

For a one­time 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

Directory and Index for all of CanLaw

Canada Trusts CanLaw Online since 1996

WHAT IS CANLAW? CanLaw is Canada's first, largest, free Nationwide Lawyer Referral Service for anyone, or any business, anywhere in the world, needing to find a lawyer, law firm, or legal or related services and assistance for any reason whatsoever, anywhere in Canada.

This is not legal advice it is  information .

CanLaw ask a lawyer