Title Insurance is an insurance policy that protects residential and commercial property owners and their lenders against losses related to a property’s title or ownership.

It is beneficial and cost effective to have home ownership title insurance. As a matter of fact, most Lenders in Ontario now require title insurance.

Title Insurance policies provide protection from such losses as:

• Unknown title defects (title issues that prevent you from having a clear title)
• Existing liens against the property’s title (Ex. The previous owner had unpaid debts from mortgages, property taxes or condominium charges secured against the property)
• Errors in surveys and public records
• Encroachment Issues (Ex. a structure on your property needs to be removed because it is on your neighbour’s property) 
• Title Fraud

• The purchaser must be at least 18 years old.
• The purchaser must occupy the home as their principal residence within nine months of the date of transfer.
• The purchaser cannot have ever owned or and had any interest in a home anywhere in the world, at any time.
• If the purchaser has a spouse, the spouse cannot have owned an eligible home, or had any ownership interest in an eligible home, anywhere in the world, while he or she was the purchaser’s spouse. If this is the case, no refund is available to either spouse.

There is a lot that happens behind the scenes on closing day. Typically keys are usually released between the hours from 2-5pm.  If you are getting a mortgage, the lawyer will receive mortgage funds on the day of closing together with your down payment. The lawyer will then send the closing funds and closing documents to seller’s lawyer in exchange for keys.  Once all requirements are completed and the transfer is registered the keys can be released.

Joint tenants is the ownership of property that is owned by 2 or more persons. On the death of one person, the survivor or survivors take over ownership of the property.  An application of Survivorship will need to be completed after the death applicant to put title into the surviving parties name.

Tenants in Common is ownership of property that is owned by two or more persons. Upon the death of one party, the interest is given to the estate as opposed to the surviving party like joint tenants.

This is a very common question. Some clients find it difficult to take time off work to sign the required real estate documents. We’ve made it easier for you. We offer evening and weekend appointments; and as an added bonus, if you can’t make it to us, we’ll come to you at no additional cost (within the Greater Toronto Area)