What is Title Insurance and Why You Should Care:
Title Insurance is put in place in order to protect the lender from fraud in a variety of areas. Some of the most commonly known areas include: con artists, borrower fraud, & lawyer and notary defalcation. There is often a lot of trust involved in these transactions and unfortunately every now and then this trust is broken. Which is why having this insurance is essential.
About The Insurance
Title insurance has been around in Canada for around 20 years and more recently lenders have been insisting on it!
Unlike other insurances, you only pay once for this insurance. You do so at the time you take out your mortgage and are purchasing the property. The cost is generally a couple hundred dollars for proprieties under a million, and after that it scales as the property prices increase.
If you are thinking of purchasing a property, it is advised that you make the small investment in obtaining Title Insurance!