Uncategorized • 10 April 2023

Is Title Insurance Required?

by Barbara Scarlett

FortErie, Ontario, Canada, Living In Fort Erie, Fort Erie Real Estate, Fort Erie Housing Market, Moving To Fort Erie, Fort Erie Community, Life In Fort Erie, St. catherines, Stevensville, port colborne, realtor, broker, barbara scarlett, real estate, real estate property

Is Title Insurance Required?

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Title insurance is not a mandatory requirement when purchasing a property, however, most lenders will make it a condition of the mortgage. This means that even if you don’t think you need title insurance, you will likely have to purchase it if you are taking out a mortgage to finance the purchase.

As a real estate broker, I highly recommend obtaining title insurance, even if it is not required. While the one-time premium may seem like an added cost, it provides valuable protection and peace of mind. The cost of resolving title issues can be substantial, making title insurance a worthwhile investment.

The best part? Once you purchase a title insurance policy, it remains in effect for as long as you own the property. So, even if you plan on staying in your home for years to come, you can rest easy knowing you’re protected.

If you didn’t obtain a title insurance policy when you first purchased your property, don’t worry! You can still purchase a policy after the fact to protect yourself from any potential title issues. Contact your real estate lawyer or visit a title insurance provider’s website for more information.

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