The Editorial from the June 25th edition of The Vancouver Sun. Excerpt:
Title and mortgage fraud are easy crimes to commit. Title insurance is inexpensive piece of mind. It should be part of every homebuyer`s protection package.
Further to my original post I called First Canadian Title [http://www.firstcanadiantitle.com/portal/server.pt? / 1-877-888-1153] this morning (they are based in Oakville, Ontario). The agent provided me with the following information which you might find helpful:
The information they require (over the phone is best/most secure):
municipal address;
names of parties on title;
month and year of possession;
value of the home (either from property tax assessment or current market value if known);legal description of property (can be found in purchase documents or on tax assessment notice).Premiums are as follows (for properties under $500,000 in value):
$350 - base for each property; $35 - market value rider - say the value today is $350,000 and increases to $1,000,000 in 25 years. This rider will pay out the $1M rather than $350,000;$39.99 - identity theft rider (principal residence only)
Principal residence with both riders would be $425. A rental property with the MV rider would be $385.
They send the policy with an invoice attached by mail. You can review and discuss with them by phone to ensure that it is correct before making payment. Payment can be made by cheque or credit card. Their office is open from 8 am to 8pm EST.
