The lawyer's job in the process described is to provide, in the end, what is known as an "opinion on title." Title Insurance adds to what the consumer gets by providing a "Guarantee of Title" The reason this is better is because it provides broader protection to the consumer. Using Title Insurance, the lawyer will avoid some unnecessary off title searches and, by virtue of the introduction of a risk taker into a process where typically no one took any risks (however reasonable) streamline the closing, saving significant time, money and worry.

Lawyers in Ontario are required to advise their clients about Title Insurance (Rule 30 -Rules of Professional Conduct) -regardless of where you are - be sure to ask your lawyer about Title Insurance.

"Title Insurance protects the insured against any title defects, and any survey defects, that would have been revealed by an up to date survey. It can eliminate the need for costly off title searches and enable transactions to close on time. Our underwriting department can often insure over many known defects such as encroachments, undischarged instruments and future unmarketability of title. Title insurance also protects the insured against fraud and forgery. Title insurance from First Canadian enable real estate professionals to close transactions faster, more securely, and at less cost to their clients versus traditional methods"
-First Canadian Title Company (they issue 97% of all title insurance policies in Canada)

Next>>