Saturday, April 21, 2012
During a real estate transaction, and sometimes beforehand, your agent should discuss Title insurance. Are you still unsure of what it is? Was it explained to you properly?
First and foremost, Title insurance is an insured statement of the condition of title of real property at the time the policy is issued. Think of it this way; you insure your car against theft, and accidental damage. This is basically what you are doing by adding Title insurance to your home. You are protecting your home against title damage, and theft. I will explain further down.
Today most major lenders will not finance a property without Title Insurance. Did you know that Lawyers are required by the law society to discuss Title insurance with you, including benefits, risks, costs etc?
Some coverage of Title Insurance: unmarketability of title; property taxes left unpaid by the previous owner; defects in the title; priority of some construction leins; defects that would have been revealed by an up-to-date survey; lack of access, survey errors and more. A few of the benefits include protection against forgery, fraud, duress, incompetency, incapacity or impersonation such as documents being forged in an example like identity theft.
One thing to be clear of, Title insurance does not replace an up-to-date survey especially if you are planning to build an addition, tear down and re-build or add a swimming pool.
The amount of insured is based on the mortgage amount or the purchase price of the home. The policy will last as long as the insured owner retains interest in the property. There is a 200% inflation coverage for the home owner and a onetime only premium is paid. Even if you didn’t purchase title insurance during the transaction when you bought your home, you can purchase a policy anytime during ownership.
Definitely talk to someone that has knowledge of title insurance. Call one of the listed companies that can offer title insurance in Ontario, talk to your lawyer, or Call Jason Steele – Broker 519-377-2147 cell/text.
P.S. - Please remember not to keep me a SECRET! Don't forget to mention Jason Steele to your friends or family that have expressed interest in buying or selling a home anywhere in Ontario! Follow my BLOG for real estate information.
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