Title Insurance

Title insurance is far more prevalent in the United States, but we are hearing about it more often now in Canada.  Title insurance can be purchased when buying a property, or at a later date.  It is a one time premium, and coverage extends indefinitely. Read any policy carefully for covered matters and exclusions.  Examples of covered issues could be:  conflicting ownership interest, old or improper or fraudulent mortages, liens, realty tax arrears, contracts or options, improper documents, absence of legal right of access, regulatory compliance issues such as encroachments, setbacks or building permit or zoning deficiencies.  Title Insurance will provide different information than a survey.   The Law Society of Upper Canada is the mandatory govering body for local lawyers, and they provide the following information about title insurance and I quote:

"Good title is essential for you to be able to sell your home in the future.  Assuring you of good title:  There are three different approaches that your lawyer can take to assure you of good title.  It is up to you and your lawyer to decide which of the three options is most approppriate.

OPTION 1:  If you select this option, your lawyer will provide you with a letter of opinion which states your lawyers's view of whether or not you have good and marketable title to your property.

OPTION 2:  Title Insurance is an insurance policy that you can buy to proptect your investment in your property, if there is a problem with your title.  For example, you may find out after you have bought your home that someone else has a legitimate claim to it that has to be satisfied, or you may have to pay to remove a building that is too close to a property line.  The title insurance policy protects you against the loss that you suffer because of many title-related problems.  Most title policies also cover your legal costs if your title is challenged.

OPTION 3: TITLE PLUS is a system that includes both an insurance policy and an electronic process that collects information from lawyers who apply for a TITLE PLUS policy as they proceed through the steps in a real estate transaction.  The TITLE PLUS policy provides protection for both the title aspects of buying a home and the legal services provided by your lawyer.  It also automatically provides both you and the lender with coverage"

TITLE PLUS is from the Law Society of Upper Canada, which is the governing body for Ontario lawyer and has provided this informaiton.  Please confirm details before relying on this.  Your lawyer can review your particular circumstances and provide personal advice and guidance, and associated costs.  Your lawyer can also provide you with other major suppliers of title insurance.

Coral Robinson, Broker, RE/MAX four season realty Collingwood, Thornbury, Blue Mountain

Coral Robinson B.A., Broker

RE/MAX four seasons realty limited, Brokerage
67 First St., Collingwood, Ontario, L9Y 1A2

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