Canadians were asked what they know about title insurance. The answers might surprise you.

A real estate lawyer can help you find the title insurance that is right for you. Windsor real estate lawyer John Corrent has over 40 years experience assisting local residents with the buying, selling, and mortgaging of real estate.

Video Transcript

What do Canadian homeowners know about title insurance? Let’s find out!

What is the best thing about owning a home?
“The best thing about owning a home is the fact that you’ve invested in your future.”
“Freedom?”
“That you don’t have to pay rent?”

When have you regretted being the
homeowner?
“Signing the mortgage.”
“Things fall apart, you have to fix them.”
“When I have to pay bills.”
“When I had crappy neighbors.”

What types of insurance do you have for your home?
“I don’t even know, my husband does that.”
“The most extended insurance.”
“Higher theft, all of those bells and whistles.”

What is title insurance?
“I’ve no clue.”
“My lawyers told me about it when I was signing up, and it’s basically to protect the title.”
“So, you’re covered if anyone does fraudulent
acts on your property.”
“Title insurance secures the transaction when you purchase a new home or resale a house.”

Title is your ownership of your home. Title insurance is an insurance policy that protects you against problems with your title.
How is title insurance different than home insurance?
“Well, I guess home insurance would cover the building.”
“Fire, theft, damage that may occur in the property.”
“Title insurance is about the ownership of the home and making sure that you have what you paid for.”

Title problems could include buildings outside the property line.

How can your title be stolen or mortgaged without your knowledge?
“I wish I knew.”
“Identity theft?”

A TitlePLUS policy provides coverage for title fraud that may have occurred prior to your purchase or if your property becomes a target at a later date. Would you be covered if the previous owner didn’t pay their property tax bills?
“I don’t think I would be.”
“I’m gonna say yes.”
“I’m actually not to share what my insurance covers.”

A TitlePLUS policy may provide coverage for property tax bills which the seller should have paid but didn’t. How often do you pay premiums for title insurance?
“Monthly?”
“I just at the time, the initial time when you buy the home.”
“Annually? “
“I don’t know, maybe I don’t even have title insurance, I have no idea.”

Title insurance is usually purchased when you buy a home. Unlike other types of insurance, the premium for a TitlePLUS policy is paid only once for as long as you own the home.

How does buying title insurance save you
money?
“I’m not sure if it does.”
“It does cost down in the line.”
“Safeguard you against any probable but loss which may arise out of the back title.”

It reduces your costs because some searches in the survey may not be needed.
To learn more about TitlePLUS title insurance, contact your real estate lawyer.