What is title insurance?

The cost of title insurance will vary based on the mortgage you are taking

This week I am going to mix things up a bit and share some information about title insurance which I received from Chris Stephan.

Chris is a lawyer with JD Law. I thought it was wonderful information and with his permission I am sharing.

What is title insurance?

Title insurance protects your ownership interest (i.e., title) of your property from losses incurred as a result of unknown title defects or other covered matters that exist at the time of your purchase, but are unknown to you at that time.

What does title insurance cover?

Title insurance provides coverage for losses arising from, but not limited to:

• someone else claiming an interest in your title.

• fraud, forgery and false impersonation affecting the validity of your title.

• existing liens against the title including realty tax arrears and municipal utility charge.

• violations of municipal zoning bylaws.

• many forms of encroachment onto the property or adjoining land.

• existing work orders.

• lack of legal access to the property.

• unmarketability of land due to adverse matters that an up-to-date survey/Real Property Report (RPR)/Building Location Certificate would have revealed.

What is not covered by title Insurance?

Please note the standard exclusions and exceptions from coverage contained in all title insurance policies. These include:

• title or other defects created, allowed or agreed to by you.

• title or other defects known to you prior to the policy date.

Other things not covered by title insurance include environmental matters, native land claims, matters that result in no loss to you and matters disclosed in home inspection or building inspection reports obtained by you

As a note from me, the cost of title insurance will vary based on the mortgage you are taking and starts around $309 plus GST.

If you own your home free and clear you may want to consider taking a title insurance policy as a safeguard against mortgage fraud. You are also able to pay additional funds for additional coverage for awful events such as identity theft.

As always seeking professional advice is always in your best interest. Have a great week!

Pam Pikkert is a mortgage broker with Mortgage Alliance – Regional Mortgage Group in Red Deer.

Just Posted

Rebels lose to Medicine Hat Tigers, 4-1

Tigers break Rebels’ three-game winning streak

Red Deer’s newest outdoor ice facility opens to the public next week

The speed skating oval at Setters Place at Great Chief Park will be open Dec. 17th

Exhibition explores the rich history and culture of Métis people

The exhibition is on display from Dec. 15th to March 10th at the Red Deer Museum + Art Gallery

2019 Hockey Alberta Provincial Championship host sites announced

A total of 39 Provincial Championships will be hosted across the province

40-year Big Brother match a gift to Lacombe man

Andy Pawlyk and his Little Brother Chris Selathamby honoured at BBBS Awards Night

VIDEO: Royals reveal the images on their Christmas cards

Prince William and his wife Kate are shown outside in casual clothes, their three young children in tow

New home for Calgary Flames estimated to cost up to $600 million

The city and the Flames are not yet talking on who will pay how much for a building to replace the Saddledome

Family searching for B.C. professor last seen at Colombian salsa club

Ramazan Gencay, a professor in economics at Simon Fraser University, was last seen in Medellin

Rash of bomb threats a learning opportunity for response capacity, Goodale

Thursday’s wave of bomb threats swept across communities on both sides of the Canada-U.S. border

Mike Duffy can’t sue Senate over suspension without pay, judge rules

Duffy’s lawsuit sought more than $7.8 million from the upper chamber

Language on Sikh extremism in report will be reviewed, Goodale says

A public-safety ministry document indicats terrorist threats to Canada included a section on Sikh extremism for the first time

Questions raised over retailers who shame shoplifters with photos

Alleged theft from a sex shop in Newfoundland led to posts on social media

Fashion Fridays: How to change your beauty routine

Kim XO, lets you in on her style secrets each Fashion Friday on the Black Press Media Network

Stettler man found guilty of illegally trafficking wildlife

Hunting license suspended for three years

Most Read