TITLE INSURANCE - AN EXPLANATION
Title Insurance is a form of insurance policy that protects purchasers from a number of potential risks.
These risks are usually matters which are not covered by a traditional lawyer's due diligence. Briefly summarized, these added protections include the following:
- Defects that would be revealed by a new Survey. In the absence of an existing survey, Title Insurance may be ordered in lieu of a new survey. Please note that this assumes that a new survey must be ordered. If the vendor is able to provide an older survey or if the applicable City Hall has a survey certificate, these may usually be utilized. Title Insurance also insures a defect that would be revealed by an existing survey such as an encroachment of a neighbour's building onto the adjacent property. The most famous example is a swimming pool located on...