Title Insurance is becoming popular with homeowners
who are concerned about the possibility of fraud affecting their title. Also,
many lenders require a title insurance policy for properties that do not have
a regular survey.
A title insurance policy will:
- Protects the homeowner against the fraudulent transfer
of their title, or a fraudulent mortgage that is registered against their title.
- Eliminates the need for an up-to-date survey, while
covering the homeowner against any defects that might have been revealed had one
been obtained.
- Covers the homeowner against errors in surveys and
other official public records or documents related to your property (i.e. registry/land
titles offices, local municipal offices, and tax departments).
- Protects the homeowner in the event of encroachments
onto a neighboring property, zoning infractions, contravention of subdivision,
development and other agreements.
The cost for a policy is usually between $200.00 and
$500.00, depending on the value of the property, and is paid by the purchaser
as part of the closing costs.
The specifics of the costs and the coverage may vary,
and we ask that you contact our offices directly should you have further questions.
