Title insurance and monitoring services are the two common prerequisites associated with real estate purchases. Though both aim to protect property owners from hidden risks like fraud and forgery, their purposes differ. For example, title insurance is designed to protect clients from deceptions that happened in the past. In contrast, title monitoring aims to protect clients from potential fraud that could occur in the future.
Many homeowners confuse title insurance with title monitoring when they talk or think about protecting their home title or deed. As we have already discussed, both these prerequisites are critical to protect your ownership and save you from fraud, but they are not the same.
Title monitoring can be considered an ongoing service created to track every activity associated with clients’ property titles and then report them back. Companies offering title monitoring services deliver the solution through a subscription-based model (typically) and stack it with added digital tracking and notification features to enhance the security layer. Title insurance, on the other hand, protects buyers and mortgage lenders from underlying financial responsibilities that may occur due to flaws in property titles found after closing the sale. For example, if anyone challenges your legal ownership of a property, title insurance will cover the cost of settling the claim. However, it is essential to note that this type of insurance typically doesn’t cover title fraud that might happen after the policyholder’s purchase of the property.
We hope the concept of title monitoring is now clear to you and you also understand how it differs from title insurance. Overall, it is fair to conclude that Canada title monitoring is an essential service property owners must subscribe to defend their property rights and achieve peace of mind. The next big question is, who should you trust for home title monitoring? The rest of this article aims to answer that.
Protect Your Property Rights with Canada Title Monitoring
Canada Title Monitoring, the Canadian title service specialist, offers a full spectrum of solutions ranging from title insurance to title monitoring and home sale preparation services. Our title monitoring services will help you stay updated with your property title. We will notify you if any fraud occurs with it. Our title insurance will defend you from others who may claim to have an interest in your property. A combination of these two solutions will protect your rights and save you from potential financial losses that may be associated with your property.
The annual subscription cost of our title monitoring service is only $249. As a subscriber, you will get the current summary of your title every six months.
Unlike home title monitoring, you only have to pay us once for title insurance. The insurance cost will depend on the value of your property and the province where you are buying it. The insurance will be valid for as long as you own the property.
Download our app now to protect your property from potential title troubles!!