Showing posts from October 28, 2007

Top Reasons to Get Title Insurance

70 Reasons to Get Title Insurance - examples of what standard coverage owners title insurance covers - First American Title Insurance Company
You don't want problems from prior ownerships to interfere with your rights
to your property. And you don't want to pay the potentially ruinous cost
of defending your property rights in court.

A title insurance policy is your best protection against potential title
defects, which can remain hidden despite the most thorough search of public
records and the most careful escrow or closing.

For a one-time premium First American agrees to reimburse you for loss
due to defects existing prior to the issue date of your policy, up to the
policy amount. And, should it be needed, the policy also provides for the
cost of legal defense of your title.The standard coverage policy protects
you against such potential defects as:

Forged deeds, mortgages, satisfactions or releases.
Deed by person who is insane or mentally incompetent.
Deed by mi…

Title Insurance FAQ

Q: What is title insurance?

A: An insurance policy--protecting against loss should the condition of title to land be other than as insured.

Q: Why do I need title insurance?

A: When you buy a home, or any property for
that matter, you expect to enjoy certain benefits from ownership. For example,
you expect to be able to occupy and use the property as you wish, to be
free from debts or obligations not created or agreed to by you, and to be
able to freely sell or pledge your property as security for a loan. Title
insurance is designed to cover these rights you bargain for.

Q: What if I have a problem?
Do I
have to lose my property to make a claim?

A: Not at all. At the mere hint of a claim
adverse to your title, you should contact your title insurer or the agent
who issued your policy. Title insurance includes coverage for legal expenses
which may be necessary to investigate, litigate or settle an adverse claim.

Q: What does this cost?

A: The cost varies, depending mainly on the
value of your …

What is Title Insurance

When you enter into an Agreement of Purchase and Sale to purchase a property, you will retain the services of a lawyer to handle the paper work on your behalf. The lawyer will review the Agreement of Purchase and Sale and, in order to ensure that you are obtaining good, clear and marketable title to the property (that you will own the property without any prior encumbrances, liens, work orders, debts, etc. from a prior owner), he or she will perform a number of searches on your behalf. These searches could include:

1. title search;

2. corporate status search;

3. execution search;

4. compliance with subdivision agreements;

5. tax arrears search;

6. unregistered hydro easement search;

7. building work order search;

8. zoning compliance search;

9. water well record search;

10. septic use permit search;

11. conservation authority search;

12. status of restrictive covenants;

13. gas arrears search;

14. hydro arrears search;

15. water arrears search; and/or

16. fire work order search.

You, as the purchaser,…