The DiNunzio  Real Estate Group

The DiNunzio Real Estate Group

Real Estate Team

Royal LePage Your Community Realty, Brokerage*

Mobile:
647-400-0767
Office:
905-731-2000
Email Me
The DiNunzio  Real Estate Group

The DiNunzio Real Estate Group

Real Estate Team

Royal LePage Your Community Realty, Brokerage*

Mobile:
647-400-0767
Office:
905-731-2000
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.

 

WE SIMPLY LOVE discovering, managing, and selling remarkable properties to extraordinary people. It's important to understand that selling a home in today's market can pose challenges. However, despite the market's complexities, hundreds of homes are successfully sold each week. So, what distinguishes a successful home sale from a failed one? The answer lies in the details!

 

Whether it's our well-established sales approach, highly effective marketing campaigns, or our extensive network utilization, no detail is ever overlooked. We take immense pride in harnessing technology and innovation to maximize your property's exposure. We've crafted this guide to educate you as a Seller and empower you to make informed decisions when selecting the best team of brokers to market and sell your home.

 

When we proclaim that we are "redefining service in real estate," we genuinely mean it! People always come first, and this philosophy shines through in our work. We're here to educate you on the essential steps for a successful home sale. There are numerous components to a triumphant real estate transaction, and you can count on us to be there at every stage, ensuring no detail is overlooked. With a proven track record, the right skill set, and years of collective experience, we confidently assert that we possess the tools necessary to successfully sell your home.

 

Whether you're seeking a beautiful home or property for yourself or you're an investor in search of a fantastic high-end option, you can rest assured that we're dedicated to serving your interests. As a team of skilled communicators, artful negotiators, and experienced brokers, if you're truly committed to selling your home, we're equally committed to getting the job done.

 

- The DiNunzio Real Estate Group

 



Designation: RENE

Specialty: LUXURY HOMES • INVESTMENT ACQUISITIONS • RESIDENTIAL & CONDO SALES

Experience: 9 Years

Awards: Sales Achievement, Master Sales Award, President's Gold Award President’s Gold Award & Director's Platinum Award

Area Covered: York Region, Halton Region, Peel Region, Durham Region, Simceo Region & The Greater Toronto Area.