Title insurance protects the lender and homeowner against a number of risks related to the property’s title or ownership. From the point of view of most lenders, the main coverage is fraud.
With identity theft on the rise, it is not difficult for a fraudster to obtain legitimate identification claiming to be the true owner.
Title Insurance is not mandated by the Province, but most Lenders will list it as a requirement.
When purchasing a home, you should speak to your lawyer about the benefits, and costs, of title insurance.
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