Many home buyers will purchase title insurance because it was required by their mortgage company at the time of closing. Despite the fact that you may have paid for the title insurance, the policy will only cover your mortgage company if a defect is discovered once you become the registered owners.

Now there is title insurance available that will protect the homeowner. You can purchase title insurance to protect yourself when you first purchase your home or in some cases you can request to obtain insurance even if you have owned the home for several years.

Title insurance protects you against losses incurred as a result of unknown title defects as long as you own the home. Some examples of defects are:

• Existing liens against the title
• Violations of municipal bylaws
• Encroachments onto an adjoining property
• Realty tax arrears
• Outstanding municipal utility charges, provided such charges form a lien on title
• Existing work orders
• Lack of legal access to the property
• Loss arising from many forms of real estate fraud
  

Title insurance is available for residential dwellings up to six units, vacant land, cottages, condominiums, cooperatives, leased land and commercial property.

For more information you can contact your lawyer or visit www.stewart.ca.