Title Insurance Ontario PPS Law
Title is a legal term used to describe ownership to land. When a purchaser purchases a land or a home, the title is transferred to him and he becomes the new home owner.
What is title insurance?
Title insurance is an insurance policy that protect you as a home owner against problems arising in relation to the title to your home, covering against losses arising as a consequence of title defects that hinder your free and clear ownership. These defects could range from a right of way, encroachments to unpaid liens, etc. and your policy will usually protect you as long as you own the property. This protection extends to protection from fraud, forgery, encroachment disclosed by a new survey, easements disclosed by a new survey, zoning non-compliance, interests held by persons other than the home owners.
Your mortgagor may require it mandatorily. Title insurance is arranged by your lawyer on your behalf when you purchase or refinance a property. In a mortgage transaction you will require both an owner’s title insurance policy and a lender’s title insurance policy to protect both you and your lender.
The two main benefits involved in acquiring title insurance are (i) a comprehensive coverage, (ii) peace of mind at a one-time cost or premium.
Be cautious about possible exclusions that include known title defects, environmental hazards, native land claims, problems discovered only by a new survey, issues not listed or recorded in public records, renovation and changes violating zoning bylaws etc. Some of these may be covered through an extended title insurance coverage for an additional fee.
Examining counsel fee: Unlike for receiving mortgage instructions from a bank, some lawyers do not quote you an itemized professional fee for acquiring title insurance on your behalf. They are instead compensated by the title insurers (almost all of them) for the time they spend to acquire the title insurance. This is opposed to a common misconception that such fee is a commission. You may be at an option to cover and pay for such examining counsel fee instead.
How can PPS LAW PROFESSIONAL CORPORATION help you?
If you require further assistance in the above matter, please contact us. We are Immigrant-founded, multilingual and accommodating to cater the needs of all walks of life including the working-class community. As experienced professionals, we have been successfully assisting clients in this matter to their satisfaction. Contact us today.