to give homeowners insurance without them.
TITLE INSURANCE IN CANADA Many people are not aware we have title insurance in Canada, but it's been around for over 25 years. I think everyone should have one as it offers protection for homeowners, buyers, sellers, and lenders. Title insurance for buyers offers a wide range of protection on a number of issues. Here are a few examples. Lack of permits, Real Property Report Issues, Title Fraud. It's important to remember that title insurance does not replace a Real Property Report but does offer additional protection for any unknown issues on an existing RPR. I would still recommend asking the seller to provide a current RPR with a compliance stamp when buying an attached property, detached, or Bareland Condo. Title fraud is becoming a bigger problem every year. If someone can steal your identity it makes it possible to either take out a line of credit against your home or worse, they sell it without you knowing. This is the perfect crime because you don't even know it has happened until one day you receive a call from a bank or credit collection company asking where the payment is. Yes, it's true our titles are guaranteed but this terrible situation is not an easy fix. You will most likely need to hire a lawyer to sort it out and that cost is on you unless you have title insurance. Title insurance covers your duty to defend. I've heard of victims of this crime paying upwards of $25,0000 in legal bills to get their title back in their name.
MAKING THE CHOICE
Once you’ve done all your homework, you need to decide whether to buy the house. It’s important that you step back and evaluate all the information available to you from viewing the house, inspecting its condition, and reviewing the title.
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