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Just two of the benefits of Title Insrance
Mail this article to a friend!   Your name:   Your e-mail:   Friend's name:   Friend's e-mail:   Title insurance guarantees the state of title to your home as of the date of closing. There are several companies in Ontario that sell this type of insurance. All of them are financially rock solid, established insurance companies. Title insurance works by assuming reasonable risks in the home buying process. The "risk" is assumed in exchange for a premium, just like with any other form of insurance. The introduction of a "risk taker" into a process where conventionally none was allowed makes for smoother closings. Having your purchase title insured brings you a host of benefits. Buyers may save money if their lawyer commits to a title insurance policy when beginning to process a deal. When a title insurance policy is purchased, there are certain searches a lawyer does not need to conduct. The money saved by not having to conduct these searches is usually greater than the cost of a title insurance policy. Other expenses (like a $53.50 transaction levy) are also avoided. A title insurance policy from any of the insurers operating in Ontario provides you with broader coverage than the traditional lawyer's opinion on title. For example, a title policy protects you against any loss suffered due to fraud and forgery, errors in municipal records and more. It typically eliminates the lenders requirement for a survey. This translates into smoother closings. Many title insurers operating in Ontario have added consumer-friendly features such as the ability to defer closing costs (legal fees, disbursements and Land Transfer Tax) for up to six months interest free, (OAC and subject to a nominal administrative fee). Buyers can also obtain discounts on related products and services they are likely to need, since they just bought a home. Title insurance is a rapidly growing and accepted part of the way in which real estate lawyers do business. Currently, about 200,000 policies are issued per year across Canada! Be sure to ask your lawyer about it.
As seen in The Toronto Sun, October 1, 2000