Title Insurance
Title insurance has been used in the states for some time but is only recently gaining popularity in Ontario real estate transactions.
Title insurance protects against legal errors, undisclosed claims, or fraudulent or forged signatures, both before and after the transactions. Title insurance does not replace your lawyer, but adds an extra level of protection against any unforeseen errors in title.
Your lawyer will still perform an extensive title search of the property before closing and will certify the status of the title before issuing a title insurance policy.
There are a few title insurance companies gaining popularity in Ontario real estate, the most common of which are Title Plus and First Canadian Title. It is recommended that any purchaser consult with their lawyer and consider their title insurance options and costs.
Purchaser would expect the cost of title insurance for a typical residential purchase of between $200,000 and $500,000 to be $200 - $400. The costs for commercial insurance would be higher and would be dependent on the complexity of the transaction.
For more information about title insurance, visit our website at BeaCottager.com, and consult with your lawyer.