Mei  Jin 金玫

Mei Jin 金玫

Broker

Sutton Group Incentive Realty Inc.,Brokerage*

Mobile:
705-717-5298
Office:
705-739-1300
Email Me
Mei  Jin 金玫

Mei Jin 金玫

Broker

Sutton Group Incentive Realty Inc.,Brokerage*

Mobile:
705-717-5298
Office:
705-739-1300
Email Me

Title Insurance Details

Title Insurance Details

What is Title Insurance?

Title insurance is protection against loss arising from problems connected to the title of your property. Before you purchased your home, it may have gone through several ownership changes, and the land on which it stands went through many more. There may be a weak link at any point in that chain that could emerge to cause trouble.  For example, someone along the way may have forged a signature in transferring title. Or there may be unpaid real estate taxes or other liens. Title insurance covers the insured party for any claims and legal fees that arise out of such problems.

Prior to closing, public records are "searched" to determine the previous ownership of the property, as well as prior dealings related to it. At closing the buyer expects property that is free and clear of such claims, so typically they must be cleared up before closing.

Occasionally problems regarding title are not discovered before closing, or are not remedied before closing. Such defects can make the property less marketable when the buyer subsequently sells and, depending on the nature of the problem, can also cost money to remedy. For example, the survey might have failed to show that an addition to the property was built without permission. The buyer of the property could be out-of-pocket if he is later required to remove the addition.

Am I required to purchase Title Insurance?

Title Insurance is required if you need a mortgage, because all mortgage lenders require such protection for an amount equal to the loan. It lasts until the loan is repaid. As with mortgage insurance, it protects the lender but you pay the premium, which is a single-payment made upfront.

Who is protected with Title Insurance?

Title insurance policies can be issued in favour of a purchaser (on new/resale homes, condos and vacation properties), a lender, or both the purchaser and lender. Some of the risks that are frequently covered under a title insurance policy include: survey irregularities; forced removal of existing structures; claims due to fraud, forgery or duress; unregistered easements and rights of-way; lack of pedestrian or vehicular access to the property; work orders; zoning and set back non-compliance or deficiencies; etc.
For a risk to be covered, usually it has to have existed as of the date of the policy. As with any type of insurance policy, certain types of risks might not be covered, for example, native land claims and environmental hazards are normally excluded. Be sure to discuss with your lawyer what risks are covered and what are excluded.

When does the insurance coverage end?

When the title insurance is covering the purchaser, it remains in effect as long as the insured purchaser has title to the land. Some policies also protect those who received title as a result of the purchaser's death, or certain family members (e.g., a spouse or children) to whom the property may have been transferred for a nominal consideration.

When the title insurance is covering the lender, the policy remains in effect as long as the mortgage remains on title. A lender covered under a title insurance policy is insured in the event the lender realizes on its security and suffers actual loss or damage with respect to a risk covered under the policy. Lenders are usually covered up to the principal amount of the mortgage.

The premium for title insurance is paid once (at the time of purchase). Generally speaking, in Canada the purchaser of the property pays for the title insurance, though there can be situations where the seller pays for it. Some policies automatically cover both the purchaser and lender; others will cover both for a small additional fee

Protection and Peace of Mind

Title insurance can help ensure that a closing is not delayed due to defects in title. And, if an issue relating to title arises with respect to a risk covered under the policy, the title insurance covers the legal fees and expenses associated with defending the insured's title and pays in the event of loss.

 

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705-717-5298

  

705-739-1300

  

 

Barrie 华人地产经纪 金玫 买房卖房

Barrie 华人地产经纪 金玫 买房卖房出租 商业租赁 物业管理

 

 

金玫,钻石大奖和巔峰成就大奖获得者,毕业于西安建筑科技大学。十年来的房地产经纪经历,积蓄了扎实的专业知识。主要致力于多伦多北部,Barrie, Orillia, Collingwood 和Simcoe周边地区地产业务。

 

做地产经纪最重要的是为客户着想,尽责诚信。多年来优异的房地产交易记录是客户对我最好的肯定,客户的信任是我最大的收获。虽然过去十年从未做推销自己的广告牌,但靠客户们在亲朋好友中给予的良好口碑,业务逐年稳步增加。

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客户们的经验感悟是:一开始耗费了许多时间精力,毫无进展,自从和金玫沟通后,一切即入正轨,心情也变轻松。

 

有了沟通,才能了解情况,轻松做出决定。今天就打电话吧,我的手机是 705-717-5298,随时欢迎联系。

 

 

 

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