Title insurance is a policy that protects your ownership interest (i.e. title) on your residential or commercial property. It protects your property from losses incurred as a result of unknown title defects or other covered matters that exist at the time of your purchase, but are unknown to you at that time.
Title insurance is not mandatory in Ontario; however most lenders will almost always require you to buy a title insurance policy to cover the original mortgage amount. Title insurance provides coverage for many things including but not limited to, fraud and identity theft affecting the validity of your title, survey errors, encroachment issues, undisclosed liens and existing work orders.
Title insurance eliminates the need for your lawyer to do many expensive searches and you may end up saving money by buying a title insurance policy. Title Insurance is a relatively inexpensive way to protect your title against a wide range of potentially costly issues.
If you or someone you know is buying a new home, contact our Elizabeth Street office in Midland, Ontario by phone at 705-526-3791 for a quote or speak directly to one of our lawyers.
