Title Insurance Protects You Against:
Fraud & Forgery
-
Fraudulently discharged mortgages
-
Forged documents
-
False impersonations
Title Defects
-
Unmarketability of title
-
Errors or ommissions in the public registry
-
Unregistered easements (utility, pipeline, etc)
-
Priority of other liens or encumbrances
-
Executions or court judgements
-
Undisclosed or missing heirs
Survey Problems
-
Errors in existing surveys
-
Encroachment(s) on a neighbouring property, setback or easement
-
No legal access to the property (right of way)
-
Municapl zoing and by-law infractions
-
Contravention of subdivision, development and other agreements
Why do I need it?
Title insurance provides coverage where traditional methods stop.
In theory, purchasers and lenders have limited protection provided
by the Torrens system of land registry (existing in most
provinces) and a lawyer's opinion letter. They may recover loss
from a lawyer's professional liability insurance funds and
provincial land title assuance funds.
In practice, to collect from a lawyer's liability insurance funds
lawyer negligence must be proven (legal costs paid by you).
Payouts by land title assurance funds are rare, and many things
like fraud, forgery, zoing and by-law infractions simply aren't
covered.
Ask your REALTOR for more information on Title Insurance and
what it can do for you.
