Experienced Real Estate Lawyers Providing Title Insurance Advice
Title insurance protects property owners against losses caused by problems that arise regarding the legal ownership of their property. Through no fault of the present property owner, mistakes made in the past could prevent the property owner from having clear ownership or “title” to his or her property. Without title insurance, correcting these mistakes could prove extremely costly.
Sweatman Law Firm not only assists clients in obtaining a title insurance policy and takes the time to ensure clients understand what they are purchasing and explain what issues will and will not be covered by the policy.
Cost of Title Insurance
Title insurance is available for a low one-time premium calculated based on your home’s cost.
What is Generally Covered by Title Insurance
While title insurance varies from company to company, it generally covers costs relating to:
- Title defects that were unknown at the time of purchase;
- Liens against the property; and
- Encroachment issues
Most title insurance policies also protect homeowners from title fraud. Title fraud occurs when an individual uses stolen personal information or falsified documents to transfer property ownership to himself or herself fraudulently. The individual then arranges to sell the property or obtain a mortgage on it. Once the money for the sale or mortgage is advanced, the individual flees with the money.
What is not Covered by Title Insurance
Title insurance does not cover anything that is not title-related, such as damage due to fire or flooding or theft. It will also not cover matters such as:
- Title defects that were known at the time of the purchase;
- Environmental issues (such as contaminated soil);
- First Nations land claims;
- Title issues or zoning bylaw issues created by the property owner through renovations or additions to the property; and
- Liens and encroachments not listed in public records.
An experienced real estate lawyer can assist homeowners in dealing effectively with these and other matters not covered by title insurance policies.
Existing Homeowner Title Insurance Policies
If you did not purchase title insurance when you purchased your home, you should consider obtaining an existing homeowner title insurance policy. Such a policy can provide invaluable protection even to those who have owned their homes for quite some time as title issues can arise at any time.
Contact Our Real Estate Lawyers to discuss your Title Insurance options
To learn more about Title Insurance and how we can help you, contact Sweatman Law Firm online. Our real estate lawyers are committed to representing clients in Oakville, Milton, Georgetown, and throughout Halton Region.