Title insurance protects the purchaser and mortgagee from possible problems associated with buying a home. For one time fees, title insurance covers:
⇝ title defects not allowing the purchaser to hold a clear title
⇝ title fraud
⇝ survey errors
⇝ unpaid by previous owner utilities and tax bills,
⇝ other debts secured against the property
⇝ major work orders or bylaw violations against the property
✧ Title Insurance protects the purchaser as long as they own the property signed under the insurance. While it is not mandatory, Title insurance is a widely accepted practice nowadays.
✧ Title insurance eliminates the need of a purchaser to pay a lawyer to undertake extensive inquiries regarding most building, zoning and municipal utility compliance matters which saves the purchaser a lot of money in search expenses.
✧ Real Estate matters are complex. Knowledge is power. If you have concerns, do not hesitate, book a consultation with Anna