What is Title Insurance?
Unlike house insurance that insures your home and its contents again loss from theft, fire etc, title insurance protests the title to your property against losses incurred as a result of undetected or unknown title issues.
What does “Title” mean?
When you buy a home, you are buying the title to the property. Title to a property is typically obtained when your lawyer or notary registers a transfer in your province’s Land Registration Office. A notation is made in a government register that shows you are the rightful owner of that property.
Title insurance provides coverage for a variety of risks. Below are just a few examples:
Municipal issues (e.g. lack of permits)
Fraud and Forgery
Why do I need Title Insurance?
Problems related to title can be very time consuming and stressful to remedy. The related problems can be very expensive; they can add up to hundreds of thousands of dollars.