{"id":126,"date":"2014-02-17T13:41:15","date_gmt":"2014-02-17T18:41:15","guid":{"rendered":"http:\/\/nilay.ca\/blog\/?p=126"},"modified":"2019-01-29T14:38:49","modified_gmt":"2019-01-29T19:38:49","slug":"title-insurance-in-ontario","status":"publish","type":"post","link":"http:\/\/nilay.ca\/blog\/title-insurance-in-ontario\/","title":{"rendered":"Title Insurance in Ontario"},"content":{"rendered":"<p>Title insurance in Ontario is relatively new, growing quickly. With owner policies, title coverage includes property value along with equity.<\/p>\n<h3>Why title insurance is popular?<\/h3>\n<ol>\n<li>Consumer Acceptance: High awareness about insurance in general<\/li>\n<li>Straightforward claim procedures: Assuming the defect falls within policy coverage, recovery of losses is easy<\/li>\n<li>Scope of Coverage: Not limited to title defect coverage\u2019s, also insures over known, already examined defects and risks<\/li>\n<li>Existing Surveys: Makes financial sense to have it, new surveys might reveal unforeseen conditions and through title insurance these issues are dealt with easier than surveys.<\/li>\n<li>Value Added Service: Realtors like it and favor it for its ability to fasten closing process.<\/li>\n<li>Lenders take comfort in the value of title insurance<\/li>\n<\/ol>\n<h3>Policy Coverage<\/h3>\n<ul>\n<li>Duty to indemnify: actual loss occurred<\/li>\n<li>Duty to defend: legal expenses associated with a claim<\/li>\n<li>Title coverage issues should be referred to legal experts<\/li>\n<li>Separate policies exist for residential and commercial<\/li>\n<li>Title insurers may have policies for lenders and owners<\/li>\n<li>Any title insurance should be carefully reviewed for inclusions, exclusions, etc\u2026<\/li>\n<\/ul>\n<h3>Typical Risks Covered<\/h3>\n<ol>\n<li>Not properly signed, sealed and delivered documents\n<li>Defective registry on title<\/li>\n<li>Fraud or forgery affecting title<\/li>\n<li>Inability to access property<\/li>\n<li>Title is unmarketable for a number of reasons<\/li>\n<li>By-law violations: deck, patio, etc issues<\/li>\n<li>Contravention in development of property<\/li>\n<li>Construction liens discovered on title<\/li>\n<li>Other individuals\u2019 claiming rights over a property as a result of previous contracts, etc<\/li>\n<li>A lien that has a priority on title<\/li>\n<li>Certain restrictive covenants that affect the use of land<\/li>\n<li>Someone else owns an interest in title<\/li>\n<li>Issues around title insurance lack interpretation in Canadian Courts<\/li>\n<\/ol>\n<h3>Listing\/selling benefits<\/h3>\n<ol>\n<li>Survey: Elimination of survey can represent significant time and money savings<\/li>\n<li>Title problems at listing: Deck example is a good one. The seller is in a position to assure any potential buyer\u2026<\/li>\n<li>Marketing incentive: Sellers\u2019 commitment translates into cost savings at the point of negotiations\u2026<\/li>\n<li>Title problems at closing: A minor encroachment, a final inspection of a new addition is not complete but through title insurance the closing can be done on time<\/li>\n<\/ol>\n<h3>Legal Disclosure Requirements<\/h3>\n<ul>\n<li>A lawyer has to advise the client that title insurance is not mandatory and not the only option<\/li>\n<li>A lawyer can not receive any kick back from a title insurer<\/li>\n<li>A lawyer has to insure the client that no compensation is being furnished<\/li>\n<li>A lawyer shall disclose the relationship between the profession, the Society and Lawyers\u2019 Professional Indemnity Company<\/li>\n<\/ul>\n<h3>Title Insurance in Ontario<\/h3>\n<p>Here is a presentation on <strong>Title Insurance in Ontario<\/strong>.<\/p>\n<p><iframe loading=\"lazy\" src=\"http:\/\/prezi.com\/embed\/tuz1uocwovhh\/?bgcolor=ffffff&amp;lock_to_path=0&amp;autoplay=0&amp;autohide_ctrls=0&amp;features=undefined&amp;disabled_features=undefined\" width=\"550\" height=\"400\" frameBorder=\"0\" webkitAllowFullScreen mozAllowFullscreen allowfullscreen><\/iframe><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Title insurance in Ontario is relatively new, growing quickly. With owner policies, title coverage includes property value along with equity. Why title insurance is popular? Consumer Acceptance: High awareness about insurance in general Straightforward claim procedures: Assuming the defect falls within policy coverage, recovery of losses is easy Scope of Coverage: Not limited to title <\/p>\n","protected":false},"author":1,"featured_media":133,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[8],"tags":[9,10],"_links":{"self":[{"href":"http:\/\/nilay.ca\/blog\/wp-json\/wp\/v2\/posts\/126"}],"collection":[{"href":"http:\/\/nilay.ca\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/nilay.ca\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/nilay.ca\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/nilay.ca\/blog\/wp-json\/wp\/v2\/comments?post=126"}],"version-history":[{"count":6,"href":"http:\/\/nilay.ca\/blog\/wp-json\/wp\/v2\/posts\/126\/revisions"}],"predecessor-version":[{"id":2322,"href":"http:\/\/nilay.ca\/blog\/wp-json\/wp\/v2\/posts\/126\/revisions\/2322"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/nilay.ca\/blog\/wp-json\/wp\/v2\/media\/133"}],"wp:attachment":[{"href":"http:\/\/nilay.ca\/blog\/wp-json\/wp\/v2\/media?parent=126"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/nilay.ca\/blog\/wp-json\/wp\/v2\/categories?post=126"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/nilay.ca\/blog\/wp-json\/wp\/v2\/tags?post=126"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}