***What is Title Insurance?
Title insurance protects both residential and commercial property owners against losses associated with defects associated to the property’s title. Typically, title insurance is purchased when you purchase a property or refinance it.
What is a Title Defect? A defect on title can occur for many reasons. The most common types of defects are someone taking your title through fraud, existing liens/debts secured against title, encroachments and easements identified on a new survey, zoning non-compliance, and another person’s undisclosed interest on the property.
What coverage does Title Insurance provide? Title insurance provides (1) gap coverage (2) survey coverage (3) legal coverage. Gap coverage insures the new owner during the time between closing and the new title being registered on the land. Survey coverage eliminates the requirement to obtain a new survey prior to closing that banks typically require when financing a real estate purchase.
Lastly, legal coverage insures against any legal costs associated with defending title should there be a defect on title.
For all your Real Estate requirements, get in touch with York National Realty Inc.
Give us a call today at:
Phone: 905-503-1733
Email: [email protected]
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