Title insurance is an insurance policy that provides compensation for loss or damage to many risks borne about a property, including coverage if another person claims an ownership interest in the insured property, or if the Priority and enforceability of the mortgage lender's ownership of the dispute are disputed.
Title insurance protects against material defects that existed at the time of settlement but were not known to the insured at the time. It also protects against losses due to various forms of title fraud. You can also get a title insurance estimate at Clear Skies Title Agency.
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Title insurance is widespread because of its fully comprehensive insurance and the cost and time savings when it comes to acquiring real estate. Those who can benefit from title insurance are home buyers, existing homeowners, home and commercial lenders, and commercial real estate buyers.
Title insurance is available for both residential and commercial properties and must meet title insurance coverage criteria. Policies can be purchased only for lenders or for buyers and lenders.
Title insurance is available throughout Canada depending on the company you work for. Title insurance policies are finalized by a lawyer/notary acting on behalf of the homeowner. In cases where the lender has this as part of the financial condition of the mortgage, the attorney/notary will generally have it as part of the instructions received from the lender.
However, customers have the option of taking out unconditional title insurance with the lender. The attorney/notary performs the necessary due diligence to obtain the policy and contacts the insurance company to arrange the policy.