Title insurance is widely promoted as a way to protect real estate buyers from title fraud. Compared to the legal hassle of attempting to disprove a mortgage taken out by a stranger is not bona fide, and potentially have to bear up under the payments, it is well worth the modest, one-time fee. Savvy homebuyers pay between $300 to $500 to have their real estate lawyer add title insurance and are covered for the entire time they own a property.
Title insurance has other benefits. Errors made by land registry offices, property owners, or real estate lawyers can get in the way of your ability to sell your home or add others to a real estate title. Insurance may compensate you for problems created by errors in registering a title or inaccurate property surveys. Zoning issues, and construction liens or financial holds registered against your property as a result of unpaid or dissatisfied contractors, can also warrant filing a claim against your title insurance plan.
Liens not registered in public records, Indigenous land claims, known title defects, and environmental hazards are not covered by title insurance. Nor are zoning problems you create, such as by building a fence that sits over the property line. Your Axess Law Waterloo real estate lawyer protects you by adding title insurance when we complete your real estate purchase.