0
0
Title insurance is an insurance policy that offers homebuyers and lenders protection against financial losses resulting from defects, errors or omissions in a property’s title. It provides peace of mind to homeowners and mortgage lenders by covering unexpected expenses or legal fees that can result from claims made against the property’s title.Title insurance is an insurance policy that offers homebuyers and lenders protection against financial losses resulting from defects, errors or omissions in a property’s title. It provides peace of mind to homeowners and mortgage lenders by covering unexpected expenses or legal fees that can result from claims made against the property’s title.
A title search is conducted during a real estate transaction by a title company, in order to identify claims or issues that could affect a property’s ownership. Not all claims are addressed or discovered during the procedure, and these could include unpaid taxes, fraudulent signatures or inaccurate public records.
Title insurance covers all these defects that weren’t discovered during a title search and it also offers financial protection against the costs of defending against any such claims. This also covers loss encountered due to loss or damage of a claim. Title insurance also covers the cost of past events, unlike other insurance that doesn’t cover claims on events that have already happened.
The location of a property determines the coverage and cost of a policy, in addition to the type of policy and the value of the property. Home buyers and lenders, both purchase title insurance for separate reasons.
Title Insurance vs Real Property Reports
Property owners are often confused between real property reports and title insurance, unsure of what they should go for, although both these documents serve different types of protection.
A Real Property Report is a document that describes the boundaries of a property as well as any visible encroachments within the property. It is prepared by a professional land surveyor and used to verify the compliance of a property with local zoning restrictions.
Title Insurance, on the other hand, covers an owner against losses from defects in a property’s title. A title policy can be helpful to protect a property owner against legal challenges, such as a claim of ownership.
What Does A Title Insurance Cover?
Title Insurance covers all of the following:
● Title search errors: Title insurance can provide protection against mistakes made during the title search process, such as missing encumbrances on a property.
● Fraudulent documents: Title insurance can provide protection against forged or fraudulent documents that may affect the title of the property.
● Unknown heirs: Claims from unknown heirs of previous property owners can be addressed with Title insurance.
● Recording errors: Errors made during the recording of legal documents.
● Boundary disputes: Title insurance can provide protection against boundary disputes that may arise with neighbors.
Do I Need Title Insurance?
Title insurance isn’t mandatory when making a real estate transaction, however, having one can give you peace of mind since something unexpected can happen any day and it’s best to be covered for the same.
Real Property Reports, on the other hand, are quite essential during a real estate transaction as they inform both the buyer and the seller about any inconsistencies in the property. Getting a survey done from a reliable company is important, which is where Core Geomatics comes into service. With their decade-old experience and cost-effective measures, the company offers high-quality work on timely deadlines. If you’re looking to get real property reports in Calgary, look no further.
For More Information about Land Survey Services Okanagan Valley and Land Survey-Geomatics Services Please Visit: CORE Geomatics.
