Why title insurance is important?
Title insurance is a type of insurance that protects property owners and lenders against losses related to the title of the property. In Ontario, title insurance is not mandatory, but it is strongly recommended for all homebuyers.
Title insurance can protect you against a variety of potential issues related to the title of the property, including:
Unknown title defects: Title defects can arise due to errors or omissions in public records, fraudulent activity, or other issues. These defects can prevent you from having clear title to the property, which can lead to legal disputes and costly legal fees.
Survey and boundary issues: Title insurance can protect you against survey and boundary issues, such as encroachments, boundary line disputes, and unrecorded easements.
Title fraud: Title fraud occurs when someone fraudulently sells a property that they do not own or have the right to sell. Title insurance can protect you against losses related to title fraud.
Zoning and building permit issues: Title insurance can also protect you against zoning and building permit issues that may arise after you purchase the property.
In addition to protecting you against these issues, title insurance can also provide peace of mind, as it can give you confidence that you have clear title to the property and that you are protected against potential losses.
Overall, title insurance is an important investment for homebuyers in Ontario. It can provide valuable protection and peace of mind, and it is strongly recommended for all homebuyers.
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