At the time of closing, the lawyer of buyer's shall advise the client (buyer) that title insurance is not mandatory but it will cover the buyers liability for loss due to the invalidity of title to a property.Title insurers may offer combined policies with coverage for both the lender and the owner.
RANGE OF COVERAGES
- A document relating to the title is not properly signed.
- A document was defectively registered on title.
- Some form of forgery or fraud in documents affects title to the property.
- A contravention of a municipal by-law occurs.
- Construction liens are discovered on title.
- Certain restrictive covenants may exist that affect the use of the land.
- Someone else owns an intrust in the title.
That's why Title insurence is important.