Protect your investment. Title insurance offers peace of mind and protection whether you own a home or if you are a first time buyer. One of the most important milestones in your life will be buying your first home. It is an exciting time, and there will be a lot of information that you will be required to understand to ensure everything goes smoothly, and that your investment is protected. Eliminate some of the stress and uncertainty by speaking to your lawyer and ensuring you are protected with title insurance from the beginning.
- Real Estate Title Fraud
- Identity Theft
- If your personal information falls into the wrong hands, a fraudster can use your information to open credit card and bank accounts, run up expenses, or ruin your credit history. First Canadian Title offers identity theft protection in conjunction with a new homeowner or existing homeowner title insurance policy. We offer the most comprehensive coverage in our industry.
- Mortgage Refinancing
- First Canadian Title is in the business of simplifying real estate related transactions. And, thanks to your lender and First Canadian Title, now it's a lot easier to complete your refinance mortgage transaction than it's ever been. Through your lender, First Canadian Title has developed a process with your needs in mind as you invest in your future. For more information on how First Canadian Title can provide you a fast and convenient refinance experience, contact your lender and ask for First Canadian Title.
While Canadians are quick to list a decent mortgage rate, home insurance and a yearly furnace inspection as keyconsiderations in helping them sleep better when it comes to their home, many do not consider protecting their biggest investment with a title insurance policy. What exactly is title insurance? You may have heard about it in the media, as it is considered an inexpensive and effective way to cover a number of risks that are related to the “good title” of your property.
In order to explain title insurance, it is necessary to explain what “title” is. When you buy a home, you are in effect buying the title to the property, which is commonly referred to as a “deed” or “transfer of land”. This means that you own the property and your lawyer/notary has registered you as the owner in a land titles system. You want to have good title because it means that you will be able to sell your property in the future or obtain financing against your home at any point.To protect your ownership, a title insurance policy provides coverage in the event that your right of ownership is challenged or a loss occurs due to a covered title defect or a claim against your property.
When considering if you should include title insurance as part of your real estate purchase, the following is important information that you should know:
Top Benefits of Title Insurance
• Fast and efficient closing process – title insurance will help ensure your transaction closes on time
Survey coverage – protects against unmarketability (not being able to sell your property in the future or obtain financing against your home) as a result of defects that would have been disclosed on an up‐to‐date survey, Real Property Report or Location Certificate
• Fraud and forgery – protection against fraudulently registered mortgages against your title
• Duty to defend – the legal fees associated with resolving insured title issues will be covered
• Building permit coverage – coverage for renovations completed without a permit that result in a loss
• Zoning coverage – protection should a property not meet municipal zoning requirements
• Competing interests – protection in the case of someone claiming an interest in your land; for example, an easement for a driveway or a builder’s lien
• Problem solving/facilitates closings – we can frequently provide coverage for known defects such as encroachments, delays in registration and zoning violations
• Saving money – requesting a homeowner title insurance policy at the time of your real estate purchase may be the best opportunity for you to buy your policy at a lower price. If your lawyer/notary is ordering a policy for your lender, you can buy a homeowner policy at a lower cost!
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Real estate title fraud is widespread across Canada. Real estate industry insiders now peg the average case of real estate fraud at $300,000. In comparison, the RCMP estimates the average credit card fraud case in Canada to average $1,200. Industry insiders estimate that real estate fraud costs Canadians between $300 million and $1.5 billion each year. |
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A fraudster registers forged documents transferring the property of an innocent victim to his or her name, then registers a forged discharge of the existing mortgage, and finally obtained a new mortgage against the property and then makes off with the money without making payments. The mortgage then goes into default and the lender commences foreclosure proceedings. The registered owners of the property deny they signed the mortgage. They later find out their grandson has forged their signatures on the mortgage documents, inventing a “lawyer” and purchasing a stamp at a stationary store in order to authenticate the documents. |
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A homeowner discovers she has become a victim of fraud when a lender tells her that someone has impersonated her to obtain financing on her property. The impersonator has had a mortgage broker arrange for a first and second mortgage on the property. It is revealed that when the impersonator met with a lawyer to sign the mortgage documents, he produced a fake driver’s license as evidence of his identity. The funds were then advanced to the impersonator. Often, this can happen when a person has an accomplice impersonate his or her spouse in order to mortgage the property in which they live. |
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Identity Theft Coverage now available when you purchase a policy* |
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With identity theft and real estate title fraud at an all-time high, peace-of-mind protection against new risks for you have never been more critical. Identity theft coverage is available to you for a small, one-time fee in conjunction with the purchase of a title insurance policy. |
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The policy contains unique coverage in the unfortunate event of identity theft, ensuring that you can recover losses and return your life to normal. |
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