Why Bother With
Title Insurance?

Want to protect your real estate investment?

Wondering about title insurance?

If you're about to buy a home, or you've owned your home for years, here's a good home buying tip.

Buy Title Insurance

It can provide you with valuable peace of mind.

When you buy a home, you're buying the title, or deed, or transfer of land to the property. Your lawyer will register you at the Land Titles Office as the owner of the property.

You'll want good title in order to protect your investment, and to be able to sell it or get financing (mortgage) down the road. To protect your ownership, this type of policy provides coverage if your right of ownership is challenged or a loss happens because of a title defect or a claim against your property. It'll raise your closing costs a little, but it's well worth the added expense.

When considering whether to buy this insurance, think about the following benefits:

Fast and Efficient Closing – On Time

You may not realize the value in this particular benefit until you're sitting outside your new home someday, ready to move in, with movers on hold (paid by the hour), while awaiting the call from your lawyer announcing the last minute title problem has been resolved and you're finally closed.

Survey Coverage

It offers protection against unmarketability, that is not being able to sell your property in the future or obtain financing against your home due to defects that would have been disclosed on an up-to-date survey, Real Property Report or Location Certificate. For a detailed explanation of survey terms, visit The Association of Ontario Land Surveyors.

Fraud and Forgery

It offers protection against fraudulently registered mortgages against your title. Hey - it happens.

Duty to Defend

It pays the legal fees, which can be substantial, incurred during attempts to resolve insured title issues.

Building Permits

It includes coverage for renovations completed without a permit that result in a loss. This happens too.

Zoning

It includes protection in the event a property fails to meet municipal zoning requirements.

Competing Interests

It includes protection if someone claims an interest in your land, such as a driveway easement or builder’s lien.

Problem Solving/Facilitates Closings

It can include coverage for known defects such as encroachments, delays in registration and zoning violations.

Saving Money

Asking for a homeowner policy at the time of your real estate purchase may result in a lower premium. If your lawyer is ordering a policy for your lender, you can buy a homeowner policy cheaper at the same time.

This type of policy is different from any other insurance type.

House insurance, sometimes referred to as homeowners insurance, covers the building and contents against fire and loss, as well as public liability. You pay a monthly or annual premium. A title policy, however, requires a premium to be paid upon closing - and only once. Plus there's ...

No Deductible

Title insurance is unique in that it protects your ownership or title against losses incurred as a result of undetected or unknown title defects, for ...