Should You or Should You Not Buy a Home Title Insurance?
Why Title Insurance?
- Most financial institutions in Canada recommend/require title insurance on their mortgage transactions.
- 80% of transaction in Ontario close with title insurance.
- Lawyers required by the Law Society of Upper Canada (LSUC) to discuss title insurance in Canada.
- Title insurance has been in Canada for 20 years.
Benefits of Title Insurance:
- Fraud/Forgery: If title is fraudulently transferred, the insured will be protected
- Property taxes left unpaid by previous home owner.
- Priority of certain construction liens.
- Survey errors or illegibility of survey
- Assist with known problems
- Help you with negotiations when you have a problem with a defects in title.