Lien on Me…and Then Some

A possible tagline for Title Insurance and here's why.

When you buy a home, title Insurance can protect you against threats to your title for as long as you own the property.

Much of a title policy states what's covered, what's not covered, limitations and exceptions to coverage.

The following gives examples of what's covered:    
--Liens due to a mortgage, judgment, tax, special assessment , public utility or a charge by a condo corporation; liens due to a local improvement charge for portions before policy date; mechanics and construction liens prior to policy;

--Problems of access to the property

--Someone else owns an interest in your title, arising out of a lease, contract or option, has rights arising out of forgery or impersonation or has an easement on your land.

--An improperly signed document, making title invalid;

--The address of home is not located on the land;

--Claims arising out of fraud, duress or incompetency;

--Your title is taken or you are forced to correct or remove an existing violation of a restriction or condition;

--The property in not marketable because it violates a restriction, because of problems that would have been disclosed by an up-to-date survey, the land violates an existing zoning bylaw and your structure--or part of it--may be on land under authority of a government agency.

--You are forced to remove or remedy all or part of your existing structure because it was built without a building permit, it violates an existing zoning by-law, it encroaches on a neighbour's property, is located on land under the power of a Government Authority, because of a notice of violation or deficiency or it encroaches onto an easement.

--Supplemental real estate taxes, not previously assessed, for periods before the policy;

--Rights of possession by others under family law;

--Violations to government restrictions of subdivision of land or to subdivision or development agreements;

--Work orders you did not agree to be responsible for;

--Your structure has been damaged because of a right to maintain or use an easement affecting the land;

--Someone builds a structure encroaching on your land;

--Other liens, defects or charges. (Source: First Canadian Title)

There are no comments

Thank you! Your comment has been submitted and is awaiting approval.

Eugene Pilato

Eugene Pilato

Broker of Record
CENTURY 21 Today Realty Ltd., Brokerage*
Contact Me

Blog Archives