What is a Title?
“Title” is a legal term, meaning ownership of real estate or property. When a home is sold and the deed has been signed, the Title of ownership is then transferred to the new owner, and is registered with the government under the new ownership.
What is Title Insurance?
Title Insurance is a type of insurance policy that is put in place to offer homeowners protection against a myriad of unforeseen issues that can be encountered in any real estate title transfer, including survey defects, title errors & omissions, previous claims or liens on the property and fraud.
While Title Insurance is not a requirement in Ontario, at the law office of Jay Teichman, it is strongly encouraged. Moreover, you will find that many mortgage lenders require it. This is because if any one of the aforementioned issues should arise during a real estate transaction, it could prolong (or even terminate) the process, as well as cost you a lot of time and money. By having title insurance, you are legally and financially protected so you can complete your transaction with confidence*.
Call or contact our office anytime if you have questions regarding title insurance or real estate transactions in the Greater Toronto Area.
*Not all risks are covered.