Is it truly necessary?
What does it protect?
Even though title insurance is not a requirement in Ontario, some suggest that every single purchaser consider coverage when they buy a home.
“Title” refers to your legal ownership of the property, as registered in the government’s land registration system. Title insurance covers losses associated to the property’s title or ownership, including:
- Title complications that prevent you from possessing clear ownership of one's property.
- Existing liens in opposition to the title, for example if the preceding owner had unpaid property taxes.
- Challenges related to encroachment on someone else’s property, for example, if a structure had to be removed because it is partially on your neighbour’s property.
- Mistakes in surveys and public records.
- Any other title-related factors that could affect your ability to sell, mortgage or lease your home in the future.
Primarily, title insurance provides a wide range of coverage that can offer you major added benefits in the event something goes wrong.
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Consider Title Insurance