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When buying a home, your lawyer will talk to you about buying a Title Insurance policy. Your next question is going to be WHY?
A Title Insurance policy offers you many benefits such as:
1. It eliminates the need for an up-to-date survey, real property report or building location certificate (“the survey”), while covering you against defects that might have been revealed once obtained.
2. It covers you against errors in surveys and other official public records or documents related to your property such as registry / land titles office, local municipal offices and tax departments.
3. It protects you in the event of encroachments onto a neighbouring property, zoning infractions, contravention of subdivision, development and other agreements.
4. It may reduce your closing costs by eliminating some disbursements your lawyer might otherwise have to incur.
Your lawyer can obtain a Title Insurance policy on your behalf prior to the closing date. Once a policy is issued and you take title or ownership to the property, your Title Insurance Company that holds the Policy assumes the risk for all covered problems, protecting your right to the property as long as you own it.
So when your lawyer mentions Title Insurance Policy – say YES!

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