Vincent La Fiura, Toronto Real Estate, Condos, Lofts, Townhouses, MLS Broker

Phone:
416.769.1616
Fax:
416.769.1524
Online:
Contact / Email

What is Title Insurance?

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 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 I Really Need Title Insurance?

Title insurance has become a must have in Ontario when a mortgage is registered on the property, the lender has since made title insurance a requirement. Your lawyer,will explain the key benefits on closing.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; and Other title-related issues that can affect your ability to sell, mortgage, or lease your property in the future.

    Your title insurance policy will protect you as long as you own yourproperty, and will cover losses up to the maximum coverage set out in the policy. It may also cover most legal expenses related to restoring your property’s title.

Vincent La Fiura
Toronto Real Estate, Condos, Lofts, Townhouses, MLS Broker

Phone: 416-769-1616
Fax: 416-769-1524

 

RE/MAX West Realty Inc.
Brokerage, Independently Owned and Operated

1678 Bloor Street West, 4th Floor
Toronto, Ontario. M6P 1A9.

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