Title Insurance

This is a special insurance specifically for the home or building owner. In the case of a problem with the title on the property the title insurance will cover the costs of fixing the problem.

In some cases a lawyer will actually give you a lower price for legal services associated with closing a real estate deal if you buy title insurance.

So, why would you bother? Here's the kind of problem that title insurance addresses:

  • Marital status of owner incorrectly given
  • Deeds, wills, and trusts that contain improper vesting and incorrect names
  • Transfer of property by a mental incompetent or minor
  • Property line disagreement (i.e. a neighbour builds a fence over your property line)
  • Confusion due to similar or identical names
  • Outstanding mortgages, judgments, and tax liens
  • Easements
  • Incorrect notary acknowledgments
  • A forged deed that transfers no title to real estate
  • Previously undisclosed heirs with claims against the property
  • Instruments executed under expired or fabricated power of attorney
  • Mistakes in the public records

Another war story: We purchased a brand new home from the builder. We decided to get title insurance even though we thought we'd never need. We actually got the title insurance because a lawyer guaranteed a lower closing cost with the purchase of title insurance. And sure enough - we had a problem with the public record. Now, our township cleared it up and we didn't have to pay anything, but this was a classic case where we could have had a problem. We are now very happy to have title insurance.

Read more general information about Home Insurance Policy, Condo Insurance and Renters Insurance. Read specifics about Structural Home Insurance, Home Content Insurance, Home liability insurance, Additional Liability Coverage, Title Insurance, Flood and Earthquake Insurance, and Living Expenses Home Insurance. Don't miss the sections about Home Insurance Savings, Types of Home Insurance Policies, What Home Insurance Covers and Level of Home Insurance for definite information you should know before you buy.

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