Tammy Woods And  Josh Reso

Tammy Woods And Josh Reso

Real Estate Team

Royal LePage RCR Realty, Brokerage *

Mobile:
519-939-8787
Office:
519-941-5151
Email Me
Tammy Woods And  Josh Reso

Tammy Woods And Josh Reso

Real Estate Team

Royal LePage RCR Realty, Brokerage *

Mobile:
519-939-8787
Office:
519-941-5151
Email Me

Title Insurance Details

Title Insurance Details

What is Title Insurance?

Title insurance is protection against loss arising from problems connected to the title of your property. Before you purchased your home, it may have gone through several ownership changes, and the land on which it stands went through many more. There may be a weak link at any point in that chain that could emerge to cause trouble.  For example, someone along the way may have forged a signature in transferring title. Or there may be unpaid real estate taxes or other liens. Title insurance covers the insured party for any claims and legal fees that arise out of such problems.

Prior to closing, public records are "searched" to determine the previous ownership of the property, as well as prior dealings related to it. At closing the buyer expects property that is free and clear of such claims, so typically they must be cleared up before closing.

Occasionally problems regarding title are not discovered before closing, or are not remedied before closing. Such defects can make the property less marketable when the buyer subsequently sells and, depending on the nature of the problem, can also cost money to remedy. For example, the survey might have failed to show that an addition to the property was built without permission. The buyer of the property could be out-of-pocket if he is later required to remove the addition.

Am I required to purchase Title Insurance?

Title Insurance is required if you need a mortgage, because all mortgage lenders require such protection for an amount equal to the loan. It lasts until the loan is repaid. As with mortgage insurance, it protects the lender but you pay the premium, which is a single-payment made upfront.

Who is protected with Title Insurance?

Title insurance policies can be issued in favour of a purchaser (on new/resale homes, condos and vacation properties), a lender, or both the purchaser and lender. Some of the risks that are frequently covered under a title insurance policy include: survey irregularities; forced removal of existing structures; claims due to fraud, forgery or duress; unregistered easements and rights of-way; lack of pedestrian or vehicular access to the property; work orders; zoning and set back non-compliance or deficiencies; etc.
For a risk to be covered, usually it has to have existed as of the date of the policy. As with any type of insurance policy, certain types of risks might not be covered, for example, native land claims and environmental hazards are normally excluded. Be sure to discuss with your lawyer what risks are covered and what are excluded.

When does the insurance coverage end?

When the title insurance is covering the purchaser, it remains in effect as long as the insured purchaser has title to the land. Some policies also protect those who received title as a result of the purchaser's death, or certain family members (e.g., a spouse or children) to whom the property may have been transferred for a nominal consideration.

When the title insurance is covering the lender, the policy remains in effect as long as the mortgage remains on title. A lender covered under a title insurance policy is insured in the event the lender realizes on its security and suffers actual loss or damage with respect to a risk covered under the policy. Lenders are usually covered up to the principal amount of the mortgage.

The premium for title insurance is paid once (at the time of purchase). Generally speaking, in Canada the purchaser of the property pays for the title insurance, though there can be situations where the seller pays for it. Some policies automatically cover both the purchaser and lender; others will cover both for a small additional fee

Protection and Peace of Mind

Title insurance can help ensure that a closing is not delayed due to defects in title. And, if an issue relating to title arises with respect to a risk covered under the policy, the title insurance covers the legal fees and expenses associated with defending the insured's title and pays in the event of loss.

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About Me

Thinking of making a move? Perhaps you’re considering upgrading to a larger home, downsizing, or hoping to buy your very first home. Whatever your real estate need may be, look no further, The Woods*Reso Real Estate Sales Group is ready to go to work for you! With over 30 years of combined specialization in Orangeville, Dufferin County, Caledon, and beyond we possess a comprehensive understanding of the diverse and ever changing market. We are constantly utilizing our compassion, drive, and determination to ensure a smooth real estate transaction with no surprises and as little stress as possible. For us, our clients are always top priority. Their differing needs, desires, and interests are paramount and we strive to make sure that they are met. As full service, business class REALTORS we take pride in bringing your real estate transaction to its fullest potential, providing unique attributes for buying or selling your home. This includes;
 
  •          Buyer and seller guides (what you need to know!)
  •          One on one consultations to determine your needs and desires
  •          Home assessment (discover the true value of your home)
  •          Modern and unique marketing and advertising strategies
  •          Ongoing and routine communication (keeping you at the forefront of your buying/selling experience)
  •          Professional advice and expert negotiation
  •          An extensive database of business referrals
  •          Continuing client service (with our client appreciation program, our services are always available to you             long after you have bought or sold your home)
 
Our Business Philosphy is based on RELATIONSHIPS * COMMUNITY * SERVICE * SKILL with a flare of Sustainability. Real estate is our passion, and the Dufferin real estate market is a vibrant and exciting place to be. The history and beauty of the homes in Orangeville is a large contributing factor to the town’s character. It remains something that is truly a pleasure for us to be a part of. So whether buying or selling a home in Orangeville, or surrounding areas, "Make the Wise Choice" and allow us to assist you every step of the way.


Education: BComm, Business Administation - Marketing

Specialty: Residential, Condo

Experience: 16

Awards: Emerald, Diamond, Platinum

Area Covered: Dufferin County, Orangeville, Grand Valley, Shelburne, Mono, Amaranth, East Garafraxa

Languages Spoken: English