For many Canadians, a residential property will be their highest-valued asset and biggest expense. In most cases, closing costs appear to be a greater upfront cost where title insurance in Canada plays a vital role. Just as you insure your home to keep its internal and physical contents protected, it is also essential to insure your property’s title.

What Is Title Insurance?

First of all, a title is a document that authorizes the legal ownership of the property. So, all types of legal documents that include liens, back taxes and related ones get fully attached to the title. Now, title insurance is a basic policy that provides complete protection against any third-party claims that may not appear on the initial title search of a property and is occurring when the real estate deal is struck. Thus, if you are planning to buy a property in Canada, it is important to maintain a check on the title claim as there are instances when the owner or the legal heir is even unaware of the title situation.

What Does Title Insurance Cover?

The coverage of title insurance in Canada revolves around many important aspects. Although, it generally protects you against any issues related to the title of your property. These include:

01. Title fraud
02. Unforeseen issues with the title that were not disclosed by previous homeowners, such as back taxes
03. Legal fees stemming from title issues
04. Survey and public record errors
05. The time between when your home purchase is finalized and when the title is registered with the government
06. Liens against the property
07. Title risk errors made by your lawyer
08. Encroachments on another property
09. Problems with easements on the property
10. Not complying with zoning bylaws

In a Nutshell -

Do you want to have the best coverage for your property’s title insurance? Get connected to a trustworthy title insurance provider in Canada who has an experienced team to help you with a comprehensive coverage. If you have any confusion regarding it, feel free to ask their team and get a free estimate. Schedule an appointment now!