Title Insurance Explained

First Canadian Title (FTC) insurance Homeowner Policy covers you against risks that can cause costly delays and threaten your ability to close your deal. It can even save you money – it can reduce the need for some legal searches, and many lenders will accept a title insurance policy instead of requiring that you obtain an up-to-date survey.

Why is it called "title insurance"? When you buy a home, you hold the ‘title’ (or ownership) to the property. Title insurance protects you, the homeowner, against losses associated with title fraud, survey and title issues/defects, as well as challenges against your ownership. Title insurance is unlike traditional insurance products — it does not just cover things that may happen in the future (e.g. title fraud), but also, title defects that have already occurred in the past, prior to purchasing your home. You can enjoy peace of mind knowing that you a covered under our Homeowner Policy. And you'll continue to be protected for as long as you own your home – all for a low cost, one-time premium with no deductible.

Ask your lawyer or notary about securing an FCT Homeowner Policy as part of your real estate purchase.

A different policy, called a Loan Policy, provides protection to the lender. Since the policy covers risks that affect the lender, it allows the lender to feel comfortable releasing funds. And since many lenders will accept title insurance in lieu of an up-to-date survey, the Loan Policy can save you time and money. If your lender mandates that such a policy is required, your lawyer or notary will order a Loan Policy as part of your closing.

Save substantially, and ensure you are protected, by purchasing both a Homeowner Policy and a Loan Policy during the same transaction.

With FCT residential title insurance policies, we assume the risks – leaving you free to enjoy the achievement and rewards of buying and owning your home.

Source: First Canadian Title https://www.fct.ca

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