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Title Insurance

What is Title Insurance and should you have it?

Title Insurance is a policy of insurance that provides coverage for the title related risks associated with real estate transactions. It is designed to cover the unpredictable or undetectable issues such as forgery, fraud, missing heirs, etc. that can affect rights of ownership. Because it is insurance, a Title Insurance policy moves the risk associated with title from the home buyer, the lending institution or the lawyer, to the title insurer.

If there is a problem with title that only becomes known after closing, the title insurer may rectify the problem or compensate the Title Insurance policyholder, provided the type of problem that surfaces is covered by the Title Insurance policy.

A Title Insurance policy will contain:

  • risks or losses the policy will cover;
  • risks or losses the policy will not cover; and
  • general terms governing the insurance coverage.

Should a policy holder suffer a loss of title through title/identity theft, the insurance will provide funds to discharge the mortgage or compensate for the loss of the property. Without Title Insurance the home owner is forced to make a claim to the government’s Assurance Fund – a long and expensive process which is not always successful.

Some insurers will provide Title Insurance for clients who already own their home, but did not obtain the protection of Title Insurance when they first purchased their home.

Title Insurance is available in Ontario through at least 4 separate insurers in addition to the old method of solicitor certification. For the most part title insurance provides broader protection at lower costs, and is especially useful in protecting against title fraud.

Reputable Companies Providing Title Insurance

TitlePlus -

Title Insurance offered by TitlePlus.caThe TitlePLUS program for real estate incorporates title insurance and legal services coverage, providing superior protection in the residential housing market today. One-Stop Closing Service for new and resale home purchases. Title Insurance. For single detached properties, townhomes and condominiums. For refinances and second mortgages. TitlePLUS title insurance is the one-stop solution that adds value to every real estate transaction with... title insurance
Stewart Title Guaranty Company -

Title Insurance offered by Stewart Title Guaranty CompanyInsuring the ownership of your property (referred to as "title") is just as important as insuring your property and its contents from physical loss or damage. Traditionally, title insurance was only available on "purchase" transactions and ordered by lawyers/ notaries to save their clients money and protect their ownership or title against losses incurred as a result of undetected or unknown title defects. Stewart Title’s Existing Homeowner Title Insurance Policy is for those who already own their home, but did not obtain the protection of title insurance when they first purchased their home.
First Canadian Title -

Title Insurance offered by First Canadian Title A title insurance policy from First Canadian Title provides home buyers with secure ownership for as long as they (or their heirs) own the property. We have been providing secure and efficient real estate solutions to Canadians since 1991, earning us a solid reputation for being the leading provider for title insurance and other real estate related products and services.

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