There is always a lot of uncertainty when it comes to the property you’re buying. Title insurance is a worthwhile investment that will protect your assets down the road.
Matthias Duensing is an experienced residential and commercial real estate lawyer in Toronto with the expertise to set your affairs in order. It is crucial you have someone who can protect your interests when it comes to buying property.
Given that this is likely the single largest purchase you’ll make in your life, the last thing you need is a caveat that could prevent you from freely renting, leasing or mortgaging your property in the future.
We’ll go over what title insurance covers (and what it doesn’t), how it benefits you in the long run, and why Duensing Law is the right real estate law firm for the job.
Why Do I Need Title Insurance?
Although title insurance is not a requirement in Ontario, it is an important safety net to have when issues regarding property ownership arise. Keep in mind, however, that this type of insurance cannot replace qualified legal advice for property purchases.
Discuss the matter with your lawyer and insurance company to understand what type of protection title insurance can provide and if other options can provide similar coverage. Research all the facts and make an informed decision based on your specific situation and needs.
What Does Title Insurance Cover?
Title insurance covers a variety of factors. After paying a one-time fee (premium), title insurance can offer protection from losses such as unknown title defects/conflicts, liens against the property’s title, encroachment issues, title fraud, and errors in surveys and public records.
There are some things title insurance doesn’t cover. We recommend that you have a lawyer assist you in examining the policy. It generally does not offer protection against losses such as known title defects, environmental hazards, native land claims, and matters not listed in public records among others. It doesn’t cover future increases in common espenses or special assessments for condominiums.
Title insurance may also not apply to damages accrued by natural disasters, fires, theft, or general deterioration.
Although title insurane allows the closing of your purchase transaction without obtaining a survey, it does not replace a survey as title insurance policies typically do not cover problems that would only be discovered by a new survey or inspection of your property (e.g. the property is smaller than originally thought). Duensing Law always recommends obtaining a survey (except for condominiums).
Don’t take a gamble with an investment of this magnitude. Duensing Law assists with:
- Title Insurance
- Preparation, review and/or negotiation of purchase and sale agreements
- Transfer of title/ownership
- Transfers by executors and trustees, and more
To schedule an appointment, call (416)-601-4769 or email us at info@duensinglaw.com.
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