Whether purchasing your first home or refinancing your existing home you should always, always have Title Insurance. Title insurance offers peace of mind and protects your investment. Although it is not required, most lawyers, real estate and mortgage professionals will highly recomend purchasing it. The decision on whether or not you should purchase title insurance should be discussed with your lawyer.
For detailed information on the benefits of Title Insurance, you can download FSCO Title Insurance Brochure here.
Here is a recent article on Title Insurance from The Canadian Press
[By Eric Shackleton, THE CANADIAN PRESS - 2008-10-16]
Fraud can turn dream home purchases into disaster
TORONTO - The purchase of a dream home is probably the greatest investment in many people's lives, but beware - even with such a major purchase, fraud could be lurking just around the corner, say experts in the real estate industry.
This joy killer comes in many forms - lawyer negligence, title defects, title liens such as unpaid utility bills, property encroachments, title fraud such as forged documents and land survey errors.
"Nobody is protected from fraud," says Ray Leclair, vice-president of TitlePLUS, a division of LawPRO, the liability insurer for lawyers.
"Unfortunately, fraud is on the increase," not just in urban areas but even in small communities, he said in a recent interview.
"It's like a lottery. There's very little chance of it happening to you. But if it does happen, it has a huge impact."
To help protect themselves, prospective homeowners should make sure they have title insurance and also get their own credit report.
People can gain a lot of "peace of mind" for as little as a premium of $200 for title insurance, said Leclair.
Title Insurance Companies:
First Canadian Title
TitlePlus
Stewart Title Guaranty Company
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