by the investigation searches. In addition, the policy protects against claims resulting from encroachments of the structure onto neighbourhood lands or municipal property, with the exception of retaining walls and fences.
INSURANCE
MORTGAGE INSURANCE All financial institutions offer life insurance and disability insurance on their mortgage products. This insurance is to payout the amount owing on your mortgage in the case of death to the beneficiary in your will or your partner of joint tenancy. The illness/disability insurance varies by lending institution and should cover your mortgage payments for a period of time while you recover. Outside of the lending institution mortgage, illness and disability insurance life insurance companies offer very good products usually at a substantial lower rate. The difference between carrying life insurance tied to your mortgage outside of the bank is you are insured for the amount of the mortgage taken. The payout will not reduce as the mortgage is paid down. HOME INSURANCE Fire insurance must be in place on the day of closing or the bank will not release the mortgage funds. During the conditional time frame, arranging insurance is confirmed with the home information being given to the insurance company and a letter confirming insurance will be issued on the property is received and sent to the lawyer. Prior to closing it is up to the buyer to meet with the insurance representative. to sign anything forms needed and ensure an insurance certificate will be sent to the lawyer.
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