Title Insurance

It is imperative that your lawyer ensure that you obtain good title to the property that you are purchasing so that your ownership is undisputed and free of any legal claims.  It is further essential that you have good title so that you are, in future, able to properly sell your home.  The Law Society of Upper Canada, the governing body for lawyers in Ontario sets out that all lawyers should ensure that you are provided with specific information to exercise options as to how you wish to have your lawyer assure you of good title.

One option is to have your lawyer provide their personal opinion on title and provide you with such letter setting out that you have good and marketable title to your property.  A second option is title insurance which is an insurance policy that you can buy to protect your investment in your property.  The third option is TitlePlus insurance, another form of insurance policy through an electronic process whereby the lawyer collects information to process the insurance policy. 

It is without hesitation that we strongly recommend that you obtain title insurance, which is a one-time cost to you as an owner insurance.  It is an alternative to the solicitor's opinion and protects you if someone else claims a legal interest in your property.  Not only can it compensate against pre-existing municipal work orders and zoning issues, it will also protect you in areas that a solicitor's opinion will not be of assistance and this includes frauds, identity thefts and forgeries.  Title insurance will not derogate from the solicitors role in ensuring all of the various other mechanics of the real estate transaction are properly undertaken but will give you further encompassing coverage.  There are various title insurers in Ontario including First Canadian Title, TitlePlus, and Stewart Title Guaranty Company. 

Stewart Title Guaranty Company, First Canadian Title and TitlePlus have produced a brochure outlining facts and information about title insurance for home owners.  

Remember that title insurance does not replace the role of the lawyer but alternatively provides you with an added level of protection.  No one can completely guarantee to a purchaser that there is absolutely no error in Government records, no undisclosed claims in future or that there is no prior fraud or forgery on title including identity theft issues.  Title insurance will extend further to cover these areas.  In the end, result title insurance is a product for the consumer, at a one-time cost for an owner policy, which provides extensive coverage and is highly recommended and should not be overlooked.  Typical costs range from $108.00 to $300.00.

Given the amount of fraud, forgery and identity theft title insurance coverage can now also be provided for existing homeowners (i.e.: homeowners that have purchased a home but at the time of purchase did not obtain title insurance).  Please feel free to contact us with respect to obtaining existing homeowner title insurance coverage.

For further information please contact our office or do not hesitate to contact one of the aforementioned title insurers.

To see Stewart Title Guaranty Company's website please feel free to click here. 
When entering the website click under "For Purchasers" or "For Property Owners".

To see First Canadian Title's website please feel free to click here. 
When entering click the heading "Home Buyers and Sellers".

To see TitlePlus's website please feel free to click here. 
‍When entering the website click the heading "Home Buyers".