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There are many title problems that may have existed before you took ownership that can come back to haunt you after closing.
Thankfully, having a title insurance policy will assist buyers in resolving many of these problems quickly and at little to no cost. But like any insurance policy, title insurance does not cover every possible situation that can occur after closing and buyers must be fully informed in advance of making any purchase decision.
I spoke with Lorne Shuman, Director of Legal Services at First Canadian Title about the kinds of claims that buyers are making on their title insurance policies after closing. The majority of claims relate to issues involving unpaid realty taxes or water bills by the seller, or issues with the zoning setbacks that may not have been apparent when the property was purchased, for example when no survey was available.
In Ontario, the proper name for an up-to-date survey, prepared by a professional surveyor that locates all buildings and structures on the land in relation to the legal boundary lines, is called a Surveyor`s Real Property Report.
Here`s what is meant by a zoning setback problem. If it turns out that part of your home is too close to your lot line, in violation of the city zoning bylaws, title insurance will pay to fix the problem, usually by applying for a variance of the zoning bylaw at the city committee of adjustment, to permit your home to remain in its position.
Read the full article here.
Thankfully, having a title insurance policy will assist buyers in resolving many of these problems quickly and at little to no cost. But like any insurance policy, title insurance does not cover every possible situation that can occur after closing and buyers must be fully informed in advance of making any purchase decision.
I spoke with Lorne Shuman, Director of Legal Services at First Canadian Title about the kinds of claims that buyers are making on their title insurance policies after closing. The majority of claims relate to issues involving unpaid realty taxes or water bills by the seller, or issues with the zoning setbacks that may not have been apparent when the property was purchased, for example when no survey was available.
In Ontario, the proper name for an up-to-date survey, prepared by a professional surveyor that locates all buildings and structures on the land in relation to the legal boundary lines, is called a Surveyor`s Real Property Report.
Here`s what is meant by a zoning setback problem. If it turns out that part of your home is too close to your lot line, in violation of the city zoning bylaws, title insurance will pay to fix the problem, usually by applying for a variance of the zoning bylaw at the city committee of adjustment, to permit your home to remain in its position.
Read the full article here.