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Title insurance provides homeowners and lenders with no-fault protection against title risks inherent in real estate transactions. It is a means of insuring or indemnifying homeowners or lenders against loss or damage sustained by reason of:

  • Liens, encumbrances, or defects in the title to a property.
  • Defects that would have been revealed with an up-to-date survey.
  • Survey errors or illegibility.
  • Forced removal of an existing structure, other than a boundary wall or fence.
  • Work order, zoning and set back non-compliance / deficiency.
  • Claims of interest to the property by other parties.
  • The land is unmarketable allowing another person to refuse to perform a contract to purchase, lease or to provide a mortgage.
  • Fraud, forgery, duress, incompetence, incapacity or impersonation.
  • Unregistered easements and rights of way.
  • Lack of priority due to matters such as construction liens, other mortgages and agreements registered on title.
  • Lack of vehicular and pedestrian access to the property.

Benefits

  • Survey coverage; provides protection for any defects that would have been uncovered by an up-to-date survey.
  • Eliminates closing delays; in the event a problem is uncovered at any point in the transaction, title insurance can often be obtained, allowing transactions to close as scheduled.
  • Significant cost savings and reduction in work; title insured transactions result in a significant reduction in time, work and standard closing disbursements. By passing along these savings to the client, lawyers can remain competitive. Title insurance can allow faster closing of files by streamlining the conveyance process and eliminates documentation and follow-up work by lawyers. Many searches are not required and new surveys need not be ordered.

Title insurance is arranged through your lawyer and has become the preferred method of closing transactions.

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