Title Insurance in Ontario
Real Estate lawyers in Toronto (and in the rest of Ontario) are required to inform every client about title insurance prior to closing purchase. It is a practical and costeffective way to protect buyers from undisclosed problems that arise with title to their new home. Essentially, ”title” is “ownership” of the property. Anything that affects what an owner can do with their property, or that gives someone else rights in the property, affects the owner’s “title”.
The following is a list of issues that may affect title to your property:
Construction liens against the property
Municipal Work Orders
Easements (a right of your neighbor to use your land, see our blog on easements)
Encroachments (someone has built or placed something upon your land, such as a fence)
Errors in the registration of title (incorrect information listed on the title)
Unpaid property taxes
Nothing could be worse for a buyer than finding out that there are problems with title to their new home. The Title insurance gives purchasers protection against the risk that an issue with their title is discovered after closing. It also provides protection in the event of fraud. For a few hundred dollars you will have peace of mind.
For more details on the coverage title insurance provides, contact us today.