The Macchiusi Sales Team, Weiss Realty Ltd Brokerage (2021)
When purchasing a property in Ontario, your lawyer may recommend that you purchase Title Insurance, instead of the traditional “lawyer’s opinion on title”. It is important that you understand what you are purchasing and what benefits there are to you as a home buyer.
Title insurance protects both residential and commercial property owners against certain losses relating to the property’s title (or ownership). You can purchase Title Insurance (through your lawyer) for a one-time fee that will cover you for the entire time you own the property.
What does Title Insurance cover?
Title Insurance protects against such things as:
What Does Title Insurance Not Cover?
When purchasing title insurance, it is important to read the policy and ask questions to be aware of the coverage that is provided. You also need to be aware of possible exclusions, which may include:
The Financial Services Commission of Ontario has created a very informative booklet outlining everything you need to know about Title Insurance. You can download a copy here from their website.
The Macchiusi Sales Team - Weiss Realty Ltd. Real Estate Brokerage (2021)