Title Insurance
 

The term Title is a legal word indicating that the possessor has a legitimate ownership of a specific real property. At the time that the previous owner signs a transfer document or deed over to you is the time that you then have legal title to that property. This title is then registered in a master land registration system operated by the government to ensure that the legal right to ownership of that particular real property is unquestionable.

Title Insurance: Not Just For Americans

Title insurance was once considered to be solely an American real estate consideration, but an increasing number of lenders are requiring it on their property loans, although title insurance is generally not a government mandated requirement in Canada.

The determination as to whether to purchase such insurance is a factor that must be discussed with your trusted financial and legal advisors. There may be other options available which due to your particular situation, the specific property, and your own personal and financial preferences and requirements, may be preferred over the purchase of title insurance. It is imperative to realize that the purchase of title insurance is not a replacement or substitute for proper legal advice.

What Title Insurance Covers

Title insurance protects in the case of claims against the property by the seller's lien holders or family members, as well as errors or frauds in documentation, and the general unmarketability of the property. In exchange for a premium or fee which is paid one time only, the policy of title insurance may provide some element of protection from the possibility of losses arising from:

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