Title insurance is an important step in protecting yourself financially when you own a home Without title insurance, you could be vulnerable to title fraud, which can have serious financial ramifications. Let’s take a look at what title insurance is and how to buy it so that you can protect yourself from title fraud.
What is Title Insurance?
Title insurance provides protection from title fraud by ensuring that policies are based on the most up-to-date information available. It covers any losses incurred if a party discovers a discrepancy between the title and the actual ownership of the property. It also covers any losses resulting from forged or fraudulent documents. It also covers any legal costs associated with litigation to resolve title issues.
How to Buy Title Insurance?
Title insurance must be purchased in Canada through a lawyer or notary. You may contact a title insurance company to provide a quote and details of the policy coverage. You must then have a lawyer or notary complete the transaction. The lawyer or notary will review title documents and will provide advice to the buyer. The title insurance policy will be issued after the lawyer or notary has cleared the title.
The following are the title insurance companies that operate in Canada:
Buying title insurance is an essential step in protecting yourself financially when purchasing a home or other real estate property. By understanding what exactly title insurance covers and how it works, you can ensure that you are adequately protected against potential losses related to any future legal issues with the property’s title. It also pays off in the long run if you take some time upfront while shopping around for the best rate so that you are getting the most bang for your buck! With this knowledge under your belt, you should feel confident moving forward into making this important investment decision!