What you need to know about title insurance Winnipeg MB

Whether you currently own or plan to purchase a property, it is important to get the facts on title insurance, to understand what type of protection ...

BMO Bank of Montreal
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Type
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BMO Bank of Montreal
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Type
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Type
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What you need to know about title insurance

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(NC)-Whether you currently own or plan to purchase a property, it is important to get the facts on title insurance, to understand what type of protection it can provide you, and to determine if you need the product.

Take a look at the brochure Understanding Title Insurance, found at www.fsco.gov.on.ca in the Publications section. Published by the Financial Services Commission of Ontario, the agency responsible for regulating insurance in the province, the brochure provides an overview of title insurance. Here's a snapshot:

What is title insurance and how does it protect me?

Title insurance is a policy that covers residential or commercial property owners (and their lenders) against losses related to the property's title. For a one-time fee, or premium, a title insurance policy can provide compensation for losses due to factors like: unknown title defects; existing liens against the property's title; encroachment issues; title fraud; errors in surveys and public records; plus other title-related issues that can affect your ability to sell your property. Title insurance will also cover most legal expenses related to restoring your property's title.

Do I really need it?

Title insurance is not mandatory in Ontario. However, do speak to your lawyer, title insurance company, or insurance agent/broker, to be sure you fully understand what type of protection it can provide-and to determine if other options exist. Once you get all the facts, you can make an informed decision based on your specific situation and needs. It's important to keep in mind that title insurance does not replace legal advice when purchasing property.

When do I buy residential title insurance?

It is usually purchased before your property purchase is finalized. However, you can also buy it for existing residences-and the coverage lasts as long as you own your property. The cost varies - it is based on the value of your property and the insurance company you choose.

Where is it purchased?

You can purchase residential title insurance through your lawyer or title insurance company, or you can contact an insurance agent/broker.

What else should I know?

When purchasing residential title insurance make sure:

• Your home is insured for its full value, or the amount you paid for it.

• Your policy's effective date is the same as your home's closing date, if you are a new home buyer.

• You carefully review your policy to ensure that it correctly describes all of the property you are purchasing.

• You understand what title-related losses your policy will cover and what it excludes.

A full list of insurance companies who are licensed to sell title insurance in Ontario is available online at www.fsco.gov.on.ca. Click on Insurance, and select Licensed Insurance Companies in Ontario.

Credit: www.newscanada.com