Published on November 04, 2020 by MultiPrêts MR
Protect your investment. Whether you are a new homeowner or if you have owned your home for years, title insurance will offer you peace of mind that you can count on.
When you buy a home, you are buying the title to the property. It is sometimes also referred to as a deed. This means that you own the property and your lawyer registers you as the owner in the land registry system.
Having "good title" to your property is important because it protects your investment so that you will be able to sell your property in the future or obtain financing, such as a mortgage, against your home, if needed.
Title insurance is unlike any other kind of insurance. It is not house insurance which only protects the contents of your home or its structure and for which you have to pay a monthly or annual premium. Unlike house insurance, you only pay a one-time premium with no deductible.
Title insurance is distinctive in that it protects your ownership or title against losses incurred as a result of undetected or unknown title defects, for as long as you own your home. Even if you are the rightful owner of your home, there are instances such as real estate title fraud, when your title can come into question.
Source: Insurance FCT Ltd