Real Estate Title Insurance

The Law Society of Ontario requires all lawyers, when acting for purchasers, to inform clients about title insurance and its advantages.

Real Estate Title Insurance is an insurance policy covering the condition of title or ownership of real property at the time the policy is issued and is used to provide ownership protection for a purchaser against losses or damages suffered as a result of title problems. Title insurance is obtained, typically by the purchaser's lawyer prior to closing a purchase for the benefit of the purchaser.

AVAILABLE IN ONTARIO - Although title insurance has been standard in American real estate transactions, such insurance has gained popularity in recent years as part of the typical Ontario residential real estate purchase transaction.

TYPICAL NON-INSURED TRANSACTION - Traditionally, Ontario purchasers have relied solely on their lawyer's "legal opinion" that they have "good and marketable title" in order to confirm a clean title.

Unfortunately, no lawyer can completely assure a purchaser that there is absolutely no chance of an error in the government records, that there are no undisclosed claims, or that what appears to be the signature of the prior owner or consenting spouse is a true signature, there having been no prior fraud or forgery on title. Title Insurance can satisfy such "gaps" in a lawyer's opinion to cover not only frauds or forgeries prior to closing but also after closing.

TYPICAL INSURED TRANSACTION - Title insurance does not replace the role of the lawyer. It simply provides an added level of protection for the purchaser(s). Ontario lawyers still must search title and certify the status of title before a title insurance policy can be issued.

THE BOTTOM LINE IS THAT - Title insurance is golden for the consumer as it can be included in a purchaser's total legal costs when one considers typical total legal fees and legal expenses, and since it is a form of NO-FAULT CERTIFICATION of clean title with (typically) NO DEDUCTIBLE and with more extensive coverages than the certification of title that has been traditionally provided by lawyers for real estate transactions.

Although several insurance companies have title insurance policy programs, the law office of COLINA KING, LL.B. is pleased to recommend to all of our client-purchasers, the PLATINUM TITLE INSURANCE POLICY by FIRST CANADIAN TITLE INSURANCE COMPANY with its substantial Canadian operations at its Oakville, Ontario, head office. Our confidence in FIRST CANADIAN'S PLATINUM TITLE POLICY is greatest due to this company's strong status as one of the largest world-wide title insuring companies with one of the highest available insurance company ratings and substantial local Canadian infrastructure for dealing with efficient processing of issuance of policies as well as processing of any claims.