- Title Insurance -
Title Insurance is a new concept in Ontario and some other
provinces which originated in the United States. It is best
used in cases where a survey of the
property is unavailable and the purchaser was unable to come to
an agreement with the vendor to split the cost of a new survey.
In these circumstances, Title Insurance is a good option because
the cost of the policy is much less than the full cost of a new
survey.
In exchange for a premium, the title insurance company will
provide insurance coverage for certain risks which might arise
from legal defects relating to a property. The types of
coverage available vary from one insurance company to another and
can vary depending on the specifics of the property. Most
mortgage institutions now accept Title Insurance in lieu of a survey.
Obtaining Title Insurance will mean that some searches
normally done by a lawyer are not necessary. This will save
some money in disbursements, however in London the premium on
Title Insurance is still much higher than the amount that would
be saved on disbursements.
After reviewing the situation, your lawyer may determine that
Title Insurance is a good option for you. If this is the
case, he or she will review the details with you and will arrange
for a policy of Title Insurance if you agree that this is the
best approach to take.
Send E-mail to David Fysh at david@davidfysh.com