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TITLE insurance

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Title insurance is an insurance policy that protects residential or commercial property owners and lenders against losses related to the property's title or ownership.  Every lender in Canada requires you to purchase title insurance on their behalf.  I is not a requirement to have coverage for yourself, but don't dismiss it outright.

Title insurance can protect you from existing liens on the property title, but is most common use is protection against title fraud.  Title fraud typically involves someone using a stolen personal information, or forged documents to transfer your

home title to him/herself, without your knowledge.  The fraudster then gets a mortgage on your home and disappears with the money.  Title insurance is a one-time fee or premium with  the cost based on the value of the property.  

Another area of converge:  Gap insurance.  This closes the gap from the time your sign your mortgage documents to the time it would normally take to register with lands title.  Your lawyer will administer all the details.

An area of value with the title insurance is the protection it provides should the seller have misrepresented the property.  If a shed is built on a public gas line, in other words does not comply with the bylaws.   There is value in this as they have provisions for legal representation to assist you should your claim be found warranted.

Title insurance ranges between $300 - $500   It is  collected in the disbursement fees at the law office.   Often your realtor will have, in the purchase contract, the clause stating the sellers will cover the cost of title insurance.

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