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What are the requirements of title insurance in helping to reduce fraud? |
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| The Law Society of Ontario requires all lawyers, when acting for purchasers, to inform clients about Title Insurance and its advantages.
Title Insurance is an insurance policy covering the condition of title or ownership of real property at the time the policy is issued and is used to provide ownership protection for a purchaser against losses or damages suffered as a result of title problems. Title Insurance is obtained, typically by the purchaser's lawyer prior to closing a purchase for the benefit of the purchaser. |
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Title Insurance protects new and existing homeowners, commercial property owners and lenders against losses as a result of title defects and claims against a property not uncovered in a title search. Title Insurance provides protection against issues like unpaid liens, encroachment issues, construction liens, defects in title, costs arising from building code violations, as well as real estate title fraud. If real estate title fraud occurs, the onus is on the homeowner to prove the crime and it can be very costly – financially and emotionally – to restore title. For a one-time premium, Title Insurance is one effective and inexpensive way to ensure a property is protected. It covers all legal expenses related to restoring a title and is available to existing home owners long after they have purchased their properties. |
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mark@mississauga4sale.com Copyright © A. Mark Argentino, P.Eng., Broker, RE/MAX Realty Specialists Inc., Brokerage, Mississauga, Ontario, Canada L5M 7A1 (905) 828-3434 First created - Tuesday, July 16th, 1996 at 3:48:41 PM -
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