Types of residential title insurance policies
Stewart Title also offers commercial title insurance policies and provides gap coverage.
Policies can be issued all across Canada for:
- residential dwellings of up to six units
- vacant land
- leased land
For a one-time fee, some of the covered title risks for residential properties include:
- someone else owns an interest in your title
- existing liens against the title
- violations of municipal zoning by-laws
- encroachments onto an adjoining property (other than fences and boundary walls)
- setback violations
- 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
- unmarketability of the land due to adverse matters that would have been revealed by an up-to-date survey / RPR/ Building Location Certificate
- fraud, forgery and false impersonation to the extent they affect the validity of title
Cost & time savings
The total title insurance premium often pays for itself when compared to the cost of an up-to-date survey/ RPR/ Building Location Certificate and standard off-title searches. Title insurance is available for a low one-time premium. Our survey/ RPR/ Building Location Certificate coverage is generally acceptable to lenders in lieu of an up-to-date survey/ RPR/ Building Location Certificate. This saves borrowers the cost of obtaining a new survey/ RPR/ Building Location Certificate and allows for a transaction to close faster. For a schedule of our title insurance premiums, please contact us.
Whether it is a house, condominium or cottage, title insurance brings security and peace of mind to lenders and homeowners during and after the real estate process, quite possibly saving them thousands of dollars should a claim arise. Title insurance has no deductible so the premium is truly a one-time fee. Coverage is valid for the entire time the homeowner holds title to the home.
Contact us for more information.