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  • Girvin Devitt

What is Title Insurance?


WHAT IS TITLE INSURANCE – VIDEO TRANSCRIPT

1 min 29 sec

I have been asked what title insurance is and whether a person needs to have it or not.

Title insurance is a policy issued by certain companies to protect a property owner from claims arising from things such as; historic title issues, from fraud, possible future fraud relating to the property ownership, zoning issues, and things like that.

You pay for it one time when you purchase the property. It isn’t like fire insurance or auto insurance that you have to pay annual premiums. It’s one time.

Title insurance protects you as the buyer, and it also protects the lender (the mortgage company).

Do you have to have it? Well, the answer is that almost all lenders require it, and there are few, if any, lawyers in the province of Ontario who are willing to handle the transaction without title insurance if title insurance is, in fact, available.

The typical premium that we pay ranges in cost from about $250 to upwards of $500, and it depends on typically the purchase price or value of the property.

So, simple answer: title insurance is very important. It’s a one-time premium, and you are likely going to be required to have it.

Thank you.

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