Title Insurance
Title Insurance is insurance that protects you as a property owner (your ownership interest/title) and lenders in a residential or commercial propertyfrom losses incurred due to:
- Title Fraud (Fraud or forgery affecting the validity of the title)
- Title Defect (Defects that affect you from having clear ownership of property)
- Existing Liens Against the Property (i.e. Residential or Commercial Property Tax Arrears , Municipal Unpaid Utility Charges, Condominium charges, Construction Liens etc that the previous owner did not pay)
- Encroachment Issues (Unauthorized intrusion onto the property or land of another)
- Errors in Surveys
- Municipal Zoning By-Law Violations
In Ontario, Title Insurance is issued by companies licenced under theInsurance Act. Policies include coverage for actual loss incurred (property) and the payment of legal expenses. Although Title Insurance is not mandatory in Ontario, however, do speak to your Lawyer, Insurance Broker, Title Insurance Company before you make any decision. Title Insurance is available for a low premium that is paid only once - at the time of closing. In order to make an informed decison also check out the following topics covered by the Financial Services Commission of Ontario (FSCO) in their consumer brochure:
- What is Title?
- What is Title Insurance?
- Do I Need Title Insurance?
- What Does Title Insurance Cover?
- What Does Title Insurance NOT Cover?
- What is Title Fraud?
- Different Type Of Title Insurance
In order to go to the FSCO Consumer Brochure, please click here.
