Are you a homeowner in Vancouver looking for protection related to the title of your property? Title insurance is the perfect solution. This policy provides coverage against losses due to title defects, even if the defects existed before you purchased your home. Common title defects that can be covered include rights of way, encroachments from neighbouring properties, unpaid liens, and more. Investing in title insurance is an essential part of the process of real estate conveyance in Vancouver. Make sure to protect your investments and get title insurance today.
As a homeowner, it’s important to protect yourself from any potential risks that may come with buying a property. Title insurance policies are a great way to do just that – they protect you for as long as you own the property and cover a number of risks that a solicitor’s opinion on title may not. It’s a simple, yet effective way to ensure you’re protected as a homeowner.
Title insurance can protect homeowners from the financial loss that can result from title fraud, which is becoming increasingly common with the rise of identity theft. Fraudsters may impersonate the true owner of a property and sell it or take out a new mortgage without the owner’s knowledge. This can result in significant legal fees and delays for the true owner to reclaim their property and funds.
Title insurance can also cover other issues such as:
- Violations of municipal by-laws
- Encroachments onto an adjoining property
- Property tax arrears
- Existing work orders
- Lack of legal access to the property
- Unpaid strata assessments
- Zoning and setback non-compliance
- Forced removal by a government authority of a structure built without a required building permit
- Legal status of any septic system
- Gap coverage
The policy usually quicker and less expensive than relying on the Assurance Fund of the Land Title Office, which may reimburse the true owner but can take several months and thousands of dollars in legal fees. It is important to consult with a lawyer or notary to determine if title insurance is suitable for your situation and how to purchase it.
Title insurance is typically acquired during the purchase or refinance of a home, but it can also be obtained at any later time. The policy is paid for with a single premium at the time of purchase, and a title insurer can provide information on how to obtain the coverage.
How Do I Know if I Need Title Insurance?
When buying or refinancing a home, it is recommended to consult with a lawyer or notary about the potential benefits of title insurance. They can assist in determining if it’s suitable for your situation and can arrange for the purchase of a homeowners policy.
Benefits of Title Insurance
One time cost
The premium for title insurance is typically paid at the time of closing for home purchases or refinances, however, some insurers allow purchasing the policy at any time after the closing.
Peace of mind
With title insurance, you can have peace of mind knowing that if any defects that affect the title of your home are covered by your policy, your title insurer will take actions to address the issue.
Comprehensive coverage
Title insurance can offer more extensive protection than a solicitor or notary’s assessment of the title, as well as coverage for fraud that occurs after the purchase.
What are some of the Title Insurance providers in British Columbia?
- Chicago Title Insurance Company;
- FCT Insurance Company Ltd. (carrying on business under the name First Canadian Title), and
- Stewart Title Guaranty Company.
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