Importance of Title Insurance
Title Insurance protects ownership interest in the property from losses incurred as a result of unknown title defects or title fraud, lien on title, outstanding building permit, municipal issues, encroachment issues that exist at the time of purchase but not known to you.
- With a one time premium you are covered for the whole of the period you hold title to the property.
- It saves you incurring expenses on survey/RPR/Building Location Certificate which typically amounts to $500-$1,200.
Title insurance provides peace of mind against possible unregistered liens against the property. Probably worth a few hundred dollars when the property is worth hundreds of thousands of dollars.