What is Title Insurance?
In its simplest form, title insurance protects the lender and homeowner against a number of risks related to the property’s title or ownership.
What started years ago as a replacement for a survey certificate has now become standard on real estate purchase or refinance transactions. If you are buying or refinancing your home, expect title insurance to be a requirement of your lender.
Unlike life or house insurance, purchasing title insurance is a one-time cost, with no annual premium. Title insurance policies protect you for as long as you own the property.
What does Title Insurance cover?
From the point of view of most lenders, the main coverage is fraud, which can occur in a variety of ways.
With identity theft on the rise, it is not difficult for a fraudster to obtain legitimate identification claiming to be the true owner. The fraudster then deals with realtors and lawyers as if they were the owner, and proceeds to sell the property. Alternatively, the fraudster may work with a lender or mortgage broker, again with identification, to place a new mortgage on the property. In either situation, the true owner is unaware of the fraud and the fraudster absconds with the sale or mortgage funds.
Other typical examples include spousal impersonation and lawyer fraud.
In most cases the Assurance Fund of the Land Title Office may reimburse the true owner, but this may take several months and thousands of dollars in legal fees. Title Insurance is usually quicker and less expensive.
Title Insurance for protecting against title fraud:
- violations of municipal by-laws;
- encroachments onto an adjoining property;
- property tax arrears;
- existing work orders;
- lack of legal access to the property;
- unpaid strata assessments;
- zoning and setback non compliance;
- forced removal by a governmental authority of a structure built without a required building permit;
- legal status of any septic system;
- gap coverage.
About us
At Lisa Zhou Notary office, you can expect to be greeted with a smile and a cohesive team that is ready to go above and beyond to make your legal transaction as simplified as possible. Lisa Zhou Notary offers professional legal services, with a personal flare that includes house calls, hospital calls and bank signing appointments.
Lisa has had the opportunity to study extensively in a variety of areas. Her education includes; a Certificate in Legal Studies and a Master of Arts in Applied Legal Studies from Simon Fraser University and a Master Degree at the Law School of Renmin University of China. Lisa used to work as a Public Prosecutor for ten years in China. Lisa's education, life experience and comprehensive understudy opportunities from Notary mentors, enhance her ability to meet any legal needs in a professional, courteous and thorough manner.
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How much does Title Insurance Cost?
For properties with a purchase price under $1,000,000.00, the cost of title insurance is generally $225.00, with $175.00 to the Lender Policy, and $50.00 to the Owner Policy. For every additional $1,000.00 over a purchase price of $1,000,000 the price increases by $0.90.
How do I order Title Insurance?
The easiest way to order title insurance is to ask your notary/lawyer to order it as part of buying or refinancing the property. There is no extra fee to order the policy.
If you are an existing property owner and wish to order title insurance, you can call Stewart Title at 1-888-667-5151. Past clients of Lisa Zhou Notary Public can simply call us and we will be happy to order a title insurance policy on your behalf.
Is Title Insurance mandatory?
Absolutely not, unless mandated by the lender, which is on most files. Much like most insurance policies, it is optional and only for those who are concerned with the issues above. It may also be useful to those who are purchasing homes with a known encroachment or unauthorized improvements to the home. Clients should speak to their notary/lawyer about the benefits, and costs, of title insurance.
How many title insurance companies in BC?
There are five title insurance companies in Canada: Stewart Title, First Canadian Title (FCT), Chicago Title, Travellers, and TitlePLUS.
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