Types of policies
The Residential Gold Owner Policy to protect and defend your title to your property The Residential Gold Loan Policy to protect the priority and enforceability of the mortgage for the lender The Residential Existing Homeowner Policy is available for homeowners who did not obtain a policy when they purchased their home. This policy provides similar protection as a Residential Gold Owner Policy, but is modified by an "existing owner" endorsement. The policy date is the date the homeowner first purchased their property. It’s a cost-effective way to protect yourself against losses arising from real estate title fraud.
Stewart Title also offers commercial title insurance policies and provides gap coverage.
Policies can be issued all across Canada for:
- residential dwellings of up to six units
- vacant land
- cottages
- condominiums
- cooperatives
- leased land
For a one-time fee, some of the covered title risks for residential properties include:
- someone else owns an interest in your title
- existing liens against the title
- violations of municipal zoning by-laws
- encroachments onto an adjoining property (other than fences and boundary walls)
- setback violations
- realty tax arrears
- outstanding municipal utility charges, provided such charges form a lien on title
- existing work orders
- lack of legal access to the property
- unmarketability of the land due to adverse matters that would have been revealed by an up-to-date survey / RPR/ Building Location Certificate
- fraud, forgery and false impersonation to the extent they affect the validity of title
Title insurance premiums
Title insurance is available for a low premium that is paid only once at the time of closing, and coverage is valid for the entire time you own your home. Your lawyer/ notary and his or her staff would be pleased to go over the premiums with you.
The cost of the premium is often offset by the savings from the reduction in the number of searches your lawyer/ notary might have to complete. Additionally, a title insurance policy can be obtained to satisfy lender survey / RPR/ Building Location Certificate requirements, thereby saving you the cost of up-to-date property survey / RPR/ Building Location Certificate. Average survey / RPR/ Building Location Certificate costs can be upwards to $1,200.
Lawyers / Notaries are still an integral part of the transaction
Title insurance does not replace the need to retain a lawyer/ notary. Lawyers/ notaries provide valuable independent legal advice on a variety of legal issues and prepare and register your deed/ transfer and mortgage. Your lawyer/ notary is the conduit between you, your lender, and your title insurer. In fact, title insurers rely on the legal opinion they receive from your lawyer/ notary in order to issue a policy. He or she will work with us to obtain a title insurance policy on your behalf.