You are here: 

Other advantages, benefits and questions about Title Insurance

Security: Because buying a home is such an important investment, you want assurance that title is yours "100%" (except for any mortgage). You don't want to find out, after closing, that an old lien was never discharged, that the previous owners didn't pay their property taxes, their utilities, or that someone has a claim against your land. Typical cost: For residential real estate transactions with a purchase price of less than $500,000.00, a policy can be purchased for $150-$299 (depending on the type of residential property and whether there is a mortgage). This cost is largely offset by the cost of certain legal disbursements which are no longer required in title insured transactions. As municipalities continue to increase their fees for zoning, subdivision and tax searches, Title Insurance is becoming an increasingly competitive option.

Quick Closings: When a vendor or purchaser wishes to close a transaction quickly, a policy of Title Insurance is often the best option. By eliminating some of the procedures otherwise required, a policy of Title Insurance can facilitate closings on very short notice. Deferred Costs: As a further benefit, First Canadian Title Insurance Company offers an option of deferring closing costs, including legal fees, Title Insurance, land transfer tax, and closing adjustments for up to six months (for a small fee). For more information, phone 1-800-307-0370 or 905-287-1000. Title Insurance Coverage for existing homeowners : Now all existing homeowners can obtain the same Title Insurance protection as a purchaser, including coverage against title frauds and a variety of other matters affecting title. Coverage provided is equal to the value of the insured property at the time Title Insurance is ordered with the coverage being increased as property value increases up to double the face amount of the policy amount. . NOTE: If you are an existing home owner who was not provided with Title Insurance when you purchased your home and you are concerned about the current reports of real estate fraud and identity thefts of homeowners, you may now order Title Insurance for your existing home. Do you need more information? Phone First Canadian Title at: 1-800-663-6777

This series of articles is brought to you by A. Mark Argentino and other real estate related resources, including Canadian Real Estate Association CREA and the Ontario Real Estate Association OREA. Back to list of Real Estate Helpful Articles

Whether you are interested in a Power of Sale Property, a Foreclosure Sale or a regular property purchase, I can assist you with all of the complexities when you purchase or sell your next property.  Please don't hesitate to email me If you have any questions or require further information, please send me an email. Thank you, Mark Argentino Read about Power of Sale, Bank Sales and Foreclosure Properties FAQ's Read a very detailed section about Power of Sale and Foreclosure or go back to list of Real Estate Helpful Articles