Title Insurance: Another insurance policy mortgage borrowers will encounter is title insurance. 

Banks require title insurance to protect their interests should issues arise with how the property is registered, or fraudulent activity calling ownership into question.

As a property owner, you have the option of purchasing this for yourself as well. 

Title fraud typically involves stolen personal information or forged documents used to transfer your home’s title to someone else without your knowledge.  Fraudsters have also established mortgages on properties that don’t belong to them in attempts to make off with the funds.  

Title insurance also covers issues relating to property access, municipal by-laws, neighbouring properties, property taxes owing by prior owners, and more.  

The cost is based on the value of your property and is charged as a one-time fee at the time a mortgage is registered.  

If you have any questions, please don’t hesitate to be in touch, I’m here to help.  

Adapted from DLC Marketing