Title Insurance

What is it? 

Title insurance provides coverage against title fraud and defects, deficiencies and non-compliance issues that may arise with regards to your real estate property.

Title insurance can cover:

  • Title fraud or forgery - If through fraudulent transactions and paperwork, you lose the title to a property you legally own, title insurance may cover any loss or damage from the fraud or forgery, including legal expenses related to restoring your title
  • Survey defects and other defects that could affect your ability to sell your property in the future
  • Encroachments such as a structure built by an adjoining owner onto your property
  • Zoning infractions should your property not meet municipal zoning requirements
  • Deficiencies that would not show on a Real Property Report (RPR) such as unregistered utility easements or builders’ liens
  • Hidden deficiencies such as underground storage tanks or underground septic tanks. Sometimes known defects, such as a fence in the wrong location or a deck that is too big for the property are included
  • “Gap coverage” between submission and registration of mortgage documents

Why you may need it

  • You own a property, are making mortgage payments or have paid your mortgage off and you want to protect your ownership rights
  • Defending and restoring your title in a legal battle would pose financial hardship for you
  • You want to protect yourself against unknown deficiencies or defects that could cost you money or negatively affect the resale value of your home

What you need to know

  • You pay a one-time premium for title insurance
  • Your title insurance lasts for as long as you or your heirs retain interest in the property
  • There is no deductible

Contact a Western Financial Group Broker for more information on Title Insurance.

 

You may also be interested in: