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While some in the real estate industry thought that title insurance would not be useful in a province where there is a reliable Torrens land registration system, both the number of policies sold and the number of claims in Western Canada in the past few years prove otherwise. Last year, one insurance company sold 100,000 title insurance policies throughout Western Canada. This suggests Realtors, lawyers and lenders have recognized the benefits of title insurance.

Title insurance is still a specialized area in Canada and the fact is many Realtors are not aware that it is available. For a one-time premium, title insurance policies can be purchased for both the homeowner and lender. This eliminates the need to provide the lender with a survey. The policy will provide coverage for problems that would have been revealed by a survey.

Obtaining title insurance is faster and less expensive than a survey, and since either one is acceptable to lenders, many buyers purchase title insurance instead. In some situations, an outdated survey was available, but rather than paying the costs to update it, the parties agreed that title insurance was a more viable option.

Many purchasers and sellers agreed to title insurance because a problem  often an encroachment on municipal land, inadequate setbacks, or a possible encroachment on neighbouring property  came to light prior to completion of the transaction. Having title insurance allowed the transaction to close without delay, and saved the purchaser and seller from having to pay for other more time-consuming and expensive solutions to close the deal.

Title insurance provides many additional protections not provided with a survey, including: losses from failing to obtain building or occupancy permits, outstanding work orders, property taxes unpaid by former owners, and fraud or forgery.

For example, a recent survey claim concerned an insured homeowner who purchased a home where the garage encroached on to side yard set backs. The municipality required the removal of the garage. Because the homeowner was insured, there was compensation for the cost of removing the garage and the reduction in the value of the property after it was removed.

In another claim the purchaser was unaware that the health department had declared the property to be unfit for habitation. The title insurance policy compensated the purchasers for their losses because this was an outstanding work order against the property.

Title insurance is used on 99% of all Real Estate Transactions in the United States and is quickly becoming known and valued in Canada.

Title Insurance protects the insured against loss or damage due to title and survey defects. It can eliminate the need for costly searches and surveys and satisfies lender requirements.

Buying or Selling a home can be a very complicated and stressful experience. Title Insurance reduces the hassles and worries associated with the process providing home purchasers with secure ownership for as long as they (or their heirs) own the property.

One of the most important events in anyone's life is the purchase of a home. We offer comprehensive Home Closing Services that minimize the uncertainty usually associated with the purchase or sale of a home, while also providing maximum security... all for a fixed cost.

We also help home purchasers and sellers select a lawyer who works in conjunction with the title company to expedite the process, offering greater protection and minimizing uncertainty and costs.

Benefits of Home Closing Services:

Fixed closing costs.

Deferred closing costs that provide financial breathing room.

Ease of use.

Faster, less costly closing for the client.

Legal representation.

Customized programs.

Protection of a Title Insurance Policy.

Fixed Closing Costs
Home purchasers are extremely conscious of their finances. When closing costs exceed their estimates, it can add strain to an already stressful situation. First Canadian Title offers fixed closing costs that include legal fees, disbursements and a title insurance policy, so buyers and sellers know exactly what to expect on closing day. Fixed closing costs help bring financial certainty to real estate transactions.

Deferred Closing Costs
Some Title Companies provide home buyers with the option of deferring closing costs for up to 6 months, interest free, on approved credit. This includes the cost of Home Closing Services and Property Transfer Tax (in B.C. P.T.T. is:1% of the first $200,000 and 2% of the balance. ). A modest administration fee is applied. Deferred closing costs are beneficial for home purchasers who find the "breathing room" this service provides just what is needed to recover from the expense of acquiring a home.

For more information on this Money Saving Program call...
Brian Rooney at 604-782-6723 or email: info@fvhg.com

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