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Title Insurance

Title Insurance Basics

Title insurance is an alternative to a lawyer’s Letter of Opinion.  You can buy a title insurance policy to protect yourself against losses suffered as a result of title (ownership) problems.  A typical title insurance policy costs between $150.00 and $250.00, which is a one-time premium giving you protection for as long as you own your home.  Your lawyer still must search title to the property and certify the condition of title to the title insurer before a policy will be issued.  However searches can be streamlined, and thus some search costs can be avoided to help subsidize the cost of the policy.  In some cases, the price of the policy can be included in your overall legal expenses at no extra cost given the costs of searches that can be waived.

Title Insurance Benefits

When we handle your transaction, we arrange to have a title insurance policy issued on your behalf.  Some of the major benefits of the policy are as follows:

  1. Lower Cost. Title insurance usually costs less than one-third of what a new survey costs, but it gives the same protection to you against problems that might be shown by an up-to-date and accurate survey.

  2. Best Protection. Title insurance protects you against fraud or forgery on prior registered documents, something that cannot be guaranteed in a lawyer’s Letter of Opinion.  Title insurance gives the best protection available.

  3. Fast Closings. By doing away with certain searches, title insurance can enable buyers to close their deals quickly, with very little notice.

  4. No Fault. Title insurance is “no fault” insurance.  You are protected whether the title problem arises from an error in the city’s records, an error in the land registry office’s records, or even an error made by your lawyer.

Cost Deferrals. Some title insurance companies offer buyers an option to postpone their closing costs (e.g. legal fees, land transfer tax, title insurance policy premium, etc.) for up to six months after the closing date

Additional Warranties. Some title insurance companies offer buyers an option to purchase warranties on appliances that they are purchasing with their homes. 


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