Do you know what a perfect life needs in Canada? Nothing much except for a friend you can trust with your secrets, comfortable clothing, some music for your rough day and a dream home.
Missed out on something? Yes, the most important one- Title insurance in Canada! It’s the best way to protect your rights on your home and property.
Don’t have any idea what it is? Let us tell you!
What Is Title Insurance?
In Canada, when planning to buy a home, you should definitely take help from a title insurance company to perform title research and real property report. It will help you ensure that the property you are purchasing is clear and free, whereas the seller has the right to sell it. Thus, you can have accurate details of the property.
Now, you may have already paid for the closing costs and down payment for your home. Then, your title insurance agent provides you with a title commitment and the title insurance charges.
Surprised hearing about more costs? Well, you may think that you don’t need to buy title insurance for your home, but it’s necessary to protect your rights. After all, no matter how thorough title search the experts do, some title defects can arise even after the sale, such as:
- Fraudulent deeds
- Unidentified mortgages
- Unpaid taxes and liens
- Unknown heirs
- Unsettled judgements
Title insurance protects your rights against these title defects as long as you and your heirs own that home. It’s a one-time premium at closing that protects you for long years. However, title insurance is issued for their properties, including:
- Single-family homes
- Small apartments
- Vacant residential properties
- Condos
- Seasonal properties
What Is Title Fraud?
It’s a kind of real estate fraud where one person or a group of people can steal your identity or use a false identity to gain ownership of a property without your knowledge. It can happen in many ways, such as:
- Forged documents
- Impersonation of the actual property owner
- Identity theft
The best way to stay safe from title fraud is to get land title insurance during the home or property purchase and monitor your property title every day to stay aware of suspicious activities. Otherwise, the consequences can be severe, like legal disputes, financial loss and credit damage.
What Is Title Monitoring?
As technology advances, the chances of title insurance fraud in Canada have increased. To avoid title insurance scams, it’s necessary to keep a regular check on the property title for updates and alerts. With title monitoring services, you can get notified about any unexpected changes in your property title. Also, it can help with:
- Protecting ownership rights
- Informing about the changes, such as boundary disputes or title fraud
- Preparing for refinance or sale
- Protecting your financial investments
Canada Title Monitoring- Keep Your Land Title Protected for Years
We hope the details mentioned above will be helpful in providing a brief idea of title fraud and the importance of title insurance and title monitoring service.
At Canada Title Monitoring, you can get the best offers for title insurance and a title insurance calculator, which will help you ideate the best title insurance plan for your property. Also, you can stay aware of the changes and risks of your property title by subscribing to our Title Tracker i.e. title monitoring tool.