Title Insurance

Title Insurance is unlike any other kind of insurance. It is not house insurance and does not protect the contents of your home. It protects the ownership to your property and other factors. It relates to title.

Title is the legal term for ownership of property. Buyers want "good and marketable" title to their property. A good title is very important to a buyer. Public records are usually searched by your lawyer before closing on a property. This determines prior ownership and other details. It will reveal existing mortgages, liens, utility charges or things that may be registered against the title. A buyer wants a property that is free and clear. Many lawyers will recommend getting title insurance. Title insurance policy covers many risks including survey irregularities, forced removal of existing structures, unregistered easements or rights of way, fraud by forgery, identity theft or mortgage fraud. It is a good idea to speak to your lawyer about the pros and cons of title insurance.

EIGHT REASONS TO OWN A HOME OR A CONDOMINIUM

1. Pride of Ownership. Owning a home gives you stability and an investment for the future. A sense of freedom and security.

2. Appreciation of your investment over time. You are investing in a home that has value over time. You may be able to sell it for more than you paid.

3. A tax free investment in Canada as a principal residence.

4. It is better than renting. You have to live somewhere. You can live in your investment. Your monthly mortgage payment may be equal to the rent you are paying.

5. Forced Savings. Owning a home and having a mortgage forces you to save. As time goes on an you pay your mortgage down you will own more of your home.

6. You are the master of your own castle. You don’t have a landlord. You can paint, renovate or listen to music at your discretion.

7. Your credit rating might go up. You now have an asset. If you own a home you are improving your credit rating and you might be able to get loans at a lower interest rate.

8. You get into the real estate market and learn about land ownership. It is an accomplishment in your financial strategy.