This insurance can save home owners from budget-busting expenses

With the current seller’s market happening in the Ottawa real estate environment, buyers are more willing to forego certain aspects of inspections and waiver dates in order to get the home of their dreams. But what could this cost you in the long run?

Title insurance is important now more than ever as buyers rush to make bids on properties or enter a multiple offer scenario. This insurance can end up saving a homeowner thousands of dollars if, years from now, you find out that part of a structure is on your neighbour’s property, the previous owners neglected to pay property taxes or city water bills, if someone obtains the title of your home fraudulently and more.

Title insurance can be obtained when purchasing a home, typically with your real estate lawyer but can also be obtained for existing home owners. Some common claims related to property tax or utility bills left unpaid but real estate lawyers also note that title fraud is among one of the most important reasons to get this insurance. This can occur when someone fraudulently obtains the title to your home and takes out a new mortgage on the property that you are then responsible for. Costs to amend this without title insurance can run as a high as $30,000.

For more information from the Globe and Mail article click here.

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