Title Insurance And What It Means To you
Title Insurance is a unique form of insurance. It gives you protection whether you currently own a home or are buying a home. Some of the covered risks include: violations of municipal zoning by-laws, encroachments onto an adjoining property (not including fences/boundary walls), setback violations, unknown title defects, property tax arrears, unpaid utility charges if they form a lien on title, existing work orders, fraud, forgery and false impersonation insofar as they affect the validity of your title, lack of a survey, and other risks.
Title Insurance eliminates the need for your solicitor to conduct various and costly searches such as zoning compliance and outstanding work orders/notices, corporate searches, tax & water certificates, etc. The policy premium can be offset by these expenses which are not required. The cost of your insurance policy is a one-time payment and is valid for the entire time you own your home. For more detailed information on the protection that a title insurance policy gives you, please go to www.firstcanadiantitle.ca and/or www.stewart.ca.
Title Insurance does not replace the need for a solicitor. The Title Insurer relies on the legal opinion from a lawyer in order to issue the policy.