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What is Title Insurance?

July 19, 2009 Featured, Money Matters, REAL ESTATE, Toronto No Comments

Firstly “Title”  describes the right of onwership, When you purchase a home the “Title” is transfered into your name you are the new home owner.

Title insurance is an insurance policy that protects you the home owner, against any challenges to the ownership of your home or from problems related to the title to your home. The policy covers losses due to title defects,also known as “cloud on title”. There are many differents types of defects they include: encroachments,unpaid leins, outstanding work orders etc.

The policy protects you from:

-Fraud and forgery, someone taking your title through fraud or forgery

-Zoning non-compliance (i.e. where the property use does not meet the local municipal by-laws)

- Prevents someone other than the home owner having interest in the home(i.e. a previous owner of the property not being discharged from title)

Title inurance is highly recommened when purchasing a home, even if you own a home already and it is free and clear, contact your solicitor and discuss the purchase of title insurance. It could save you alot of money and headache in the future. It will give you peace of mind knowing you and your family is protected!

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