WHAT IS TITLE INSURANCE?
As a real estate lawyer practicing in Burlington I often get asked what is Title Insurance?
Title Insurance is not mandatory. However, a real estate lawyer will strongly recommend it. More importantly, it is likely that a real estate lawyer will not close the transaction until Title Insurance is purchased.
WHAT DOES TITLE INSURANCE COVER?
Title Insurance provides peace of mind for the purchaser and the lawyer.
The Financial Services of Ontario that regulates Insurance has published a handy guide to Title Insurance. According to the brochure Title Insurance Covers the following:
- Unknown title defects.
- Existing liens against property's title.
- Encroachment issues.
- Title fraud.
- Errors in surveys and public records.
HOW MUCH DOES TITLE INSURANCE COST?
This will really depend on the value of your property. Additional factors could also be considered such as the location and type of home. Most real estate lawyers have their preferred insurer they use and will provide legal advice about the insurance that they recommend.
Title Insurance can vary between $150 to 350 but it can be higher as well. Title Insurance is added as a disbursement to the overall bill that clients receive from their real estate lawyer. Also, this is why the cost of Title Insurance is not always available as readily when first speaking with the real estate lawyer.
CONTACT A REAL ESTATE LAWYER
If you need a real estate lawyer in Burlington contact 416-505-4901 or send an email to ray@rehankhalil.com.
We are located at 901 Guelph Line, Burlington.
Toll Free: (800) 939-9211