On behalf of Quinn
Ross of The
Ross Firm Professional Corporation posted in
Residential Real Estate on Thursday, July 20, 2017.
When you buy a home and receive title, you have legal ownership
and the various rights associated with it. But what looks good on
paper may not always be the case in actuality. To protect home
owners and their mortgage lenders, title insurance has become
commonplace in Ontario since around the turn of the century. Our
post this week answers a few of the most common questions about title insurance.
Is Title Insurance Mandatory?
In a word - no. However, although title insurance is not
required by law, you might not be successful in obtaining a
mortgage without it. Although a lawyer can conduct a title search
to check for problems, some issues are not detectable at the time
or by standard searches. That's one reason why many lawyers
won't close a real estate transaction without title
insurance.
