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Title Insurance Mysteries

So you want to buy a beautiful new home and you need to know it is free and clear of debts and issues. As a qualified prospective purchaser you will want to know with certainty that there are no title insurance mysteries. Whether you plan to purchase a condominium or a house, you will need to be sure there are no debts on the title to the desired property. Liens, certificates of pending litigation and judgments against a property can become a financial problem for the new owner.

To avoid becoming responsible for debts of the current or former owner you should conduct a full title search to be sure the property is free and clear of debts; current or pending. A Writ Search can be conducted on the name or reference number of the debt as registered with the municipality. A Province-wide search can also be completed on the owner – using their full name or company name. If the property is owned by a company then you may want to utilize the company name search. A property search can also be performed on the name, address or PIN # (Property Identification Number).

You should be sure that your title search is professionally completed and that the searcher of title is fully licensed and insured. When you choose to have a title searched is up to you. Perhaps you will want to know once you have a tour of a potential property for purchase, whether or not the title to the home is free and clear. You could also have a title searched conducted upon closing. This search may be the responsibility of your lawyer.

Teraview / Teranet Inc. offers a variety of options for title searches. For a listing list of registered conveyancers visit and review Ontario Association of Professional Searchers of Records.



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Rate of Return on Investment 

What is your return on your real property investment? You need to evaluate in more than plain dollars and cents. It is not only what you scoop in terms of profit in a real estate transaction in relation to your initial investment. Rather your calculation should encompass all relevant components of the deal.

Perhaps you spend time and effort to find and secure the right agent to list your home. The amount of time you allocated to negotiating your sale price and the agents’ commission is an investment of your time and energy, which you may not be able to reclaim in terms of actual money. Also, you may have needed to hire trades people to renovate and improve your property to bring it up to a saleable state. These monies also count as part of your financial commitment to your estate.

What about time and expertise you may have devoted to consultations with the person responsible for staging your home? Surely any fixtures you needed to buy to set the right stage for your home, as well as any decor upgrades have a quantifiable value that you should strive to recoup. Not to mention the time and effort you allocated to finding the right real property Lawyer, or for securing of the right title insurance.

There are many Lawyers who work in real property transactions, but not all of them are specialists who carry specialized title insurance. Some title insurance companies such as Title Plus may offer protection for unpaid utility bills, owing maintenance fees and debts related to partially purchased appliances. Some policies with some title insurance companies could offer insurance for a set time after move into a Resale Condo for originally purchased appliances. Other policies may offer coverage for repairs that need to continued or completed to due to irregularities in building permits.

Could you imagine buying a property that is on a road that to which you, as the new owner, do not have legitimate access. Or your may have bought a property that has a right of way that permits a neighboring property owner to drive across / through your driveway to access their home. Having a qualified Lawyer who specializes not only in real property deals, but also who is an expert in irregular land deals is a plus, when buying a home. Moreover, a unique or all encompassing title insurance policy is worth much more than what you may pay for coverage.



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