Homeowner Beware: A Reminder That You Should Consider Title Insurance For Your Home
Published date | 25 January 2023 |
Subject Matter | Insurance, Real Estate and Construction, Insurance Laws and Products, Real Estate |
Law Firm | Devry Smith Frank LLP |
Author | Lawrence Hansen |
A recent headline in the Toronto Sun caught my eye: Homeowners urged to get title insurance after Etobicoke real estate fraud.1 The related article tells the tale of unknown individuals who allegedly impersonated the owners of a home and sold it while the owners were away. The story includes a recommendation from Tim Hudak, of the Ontario Real Estate Association, to get title insurance for your home.
In addition to being the place where you live and raise your family, the home is often your largest single asset. What do you do if you find out one day that the registered owner of it is someone whom you have never heard of or that there is now a whopping $500,000 mortgage on it to which you did not agree? How do you navigate trying to undo the fraud? Reporting the matter to the police can be important, but it will not reverse the fraud.
Having title insurance which insures your property against fraud may be the answer. We often get retained by title insurers to take the legal steps necessary to fix or delete fraudulent transfers and fraudulently registered mortgages, the consequence of which could otherwise be devastating.
So, what is title insurance? In general terms, it is insurance to protect property owners and lenders against certain losses related to the property's ownership and interests in it. It is available in Ontario from several insurers, including FCT,2 Stewart Title Guaranty Company,3 Chicago Title (Canada),4 and TitlePLUS.5
What does it cover? The title policy...
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