Confused about Title Insurance? You're not alone

Not too long ago, a surveyor's certificate was required in a Real Estate transaction.  If you were selling your home, you were required to provide one to the Buyer's and if you didn't have one, you would have to have the land surveyed so you could provide the document to the Buyer.  The Survey or now called the Real Property Report protects the Buyer from discovering problems after the sale has been completed.  "Your Saskatchewan land surveyor assumes full professional responsibility for the accuracy of the survey giving you peace of mind knowing the location of all buildings, registered easements and encroachments".1

In the last few years, Title Insurance has become more popular in Saskatchewan.  In a Real Estate transaction, you may opt out of going through the process of having the Survey done by purchasing Title Insurance, which protects you from defects in the title.  Unlike a Real Property Report, the Title Insurance does not give you any information about the property; it insures the possibility that there is a problem with the title.  Title insurance is also the less expensive option, if there is no Real Property Report available.  

Up until lately, if there was a current Real Property Report available to the Buyers, they could choose to purchase Title Insurance or not.  There has been a shift and now lenders are requring Title Insurance, whether there is a current Real Property Report or not.  Just another small to keep in mind when you're purchasing a home!

There are no comments

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

Ryan Souster

Ryan Souster

REALTORĀ®
CENTURY 21 Fusion
Contact Me

Tags