| Homeowners


You’ve just bought your first home only to find out that you need to buy Title Insurance. Yes it’s an additional cost but it’s well worth the money. It’s typically included in your legal fees so you won’t incur any additional charges. Here are some facts about what it is and why you need it.

Title Insurance has been used in Canada since the 90’s. It’s an insurance policy covering the condition of title or ownership of the property in question, starting at the time the policy is issued. Essentially it gives you the legal right to own the piece of land in question. It protects your ownership or title against losses as a result of title defects, for as long as you own your home. There are instances such as real estate fraud, when your title can come into question and with your policy you’ll be protected (i.e. the insurers will take responsibility if any of the issues below come up). Title insurance is typically obtained by the purchaser’s lawyer prior to closing.

Your typical Title Insurance policy will cover things such as:

  • survey errors or illegibility of survey
  • encroachments (before or after closing)
  • problems with municipal zoning by-laws
  • someone else owns an interest in your title
  • existing work orders
  • invalidity of the mortgage on title
  • liens
  • easements (other than usual easements for utilities, etc.)
  • problems with subdivision, development and other agreements
  • fraud or forgery (prior to and after closing)
  • solicitor error, omission or fraud
  • realty tax arrears
  • damage for the amount of the policy (being the price paid for the property) and automatically increasing coverage (with inflation and rising property value)overtime to a coverage which can be double the price originally paid for the property
  • payment of legal fees to address title issues

A Title Insurance policy automatically insures both home buyers and mortgage lenders under the same policy. And the best part? It’s only $250-$300 so won’t break the bank. Are you interested in learning more about Title Insurance for your home? Then give us a call at #416-291-7372 or email us at hello@christinecowern.com. We’re happy to help!