What You Need to Know When Buying Property

Title insurance may not be the most exciting topic when it comes to home buying, but it's an essential consideration that shouldn't be overlooked. As a property owner or potential homebuyer, title insurance can provide legal protection and financial coverage against unexpected title issues.

In summary, title insurance is a form of insurance that protects against issues related to property title or ownership, including fraud, undisclosed liens, encroachments, and more. In Ontario, title insurance is not mandatory, but it's highly recommended for its benefits, including legal assistance, coverage for survey issues, and protection against title defects.

When purchasing title insurance, the insurer conducts a title search to identify potential issues, and the policy outlines the coverage provided. Title insurance premiums in Sarnia-Lambton, and throughout Ontario, are generally based on the property's purchase price.

To choose the right title insurance provider, it's essential to consider factors such as reputation, coverage options, and customer service. Some popular providers in Ontario include First Canadian Title (FCT), Stewart Title Guaranty Company, and Chicago Title Insurance Company.

While title insurance may seem like an added expense, it's a smart investment to protect your property ownership and financial interests. By understanding the concept of title insurance and its benefits, you can make an informed decision when purchasing a property.