What is Title Insurance?
Title insurance provides coverage for all of the title-related risks that are associated with real estate transactions. This includes situations such as fraud, forgery, missing heirs, among others. It protects the home owners rights of ownership.
Why do you need Title Insurance?
Almost all lenders in Ontario require home buyers to buy title insurance before the purchase of their home closes. Title insurance is a one-time premium that usually costs between $200-$300 depending on the property type, property value as well as the type of policy.
Where can you get Title Insurance?
Often times your real estate lawyer will help you get Title Insurance, but the top licensed Ontario providers in order of market share as of a 2013 FSCO review are:
First Canadian Title (FCT) Insurance Company Ltd.
Stewart Title Guaranty Company
Chicago Title Insurance Company
Lawyers’ Professional Indemnity Company (LawPro)
Travelers Insurance Company of Canada