Gary  Saini

Gary Saini

Real Estate Broker

RE/MAX GOLD REALTY INC.

Mobile:
416-219-8046
Office:
905-456-1010
Email Me
Gary  Saini

Gary Saini

Real Estate Broker

RE/MAX GOLD REALTY INC.

Mobile:
416-219-8046
Office:
905-456-1010
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.

 

Have Questions?

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Thank you for visiting my Website, It has been my love and passion for Real Estate that my clients made me multiple Award Winning Realtor, including Top 5% Realtor in Canada multiple times. I have been serving in the Greater Toronto Area in Ontario, Canada since 2007.

Client Service is my motto and being my client, you are always number one!!

For my clients:

* I am available 24/7 -> Call/Text me anytime 24/7

** I will simplify things, communicate timely & You will always know what is going on.

*** As my client, you will get full disclosure, anything important, shall be disclosed to you.

**** As my client, your interest is paramount to me, I work for you, in your interest, always.

***** Your privacy is extremely important, your information is confidential.

Over the years, I have worked in every aspect of the industry including Residential, commercial and investment properties representing buyers, sellers, first time buyers and investors. Whether you are thinking of selling or buying residential or commercial, I understand the process can be challenging and complicated but I shall simplify the process and handle everything for you. I use my experience and foresight to proactively address details and make your experience positive and seamless. I focus on taking the pressure off you, so that you can make clear and concise decisions throughout the process.

In my practice of real estate, I am well known for my reliability, integrity, great customer service, consistent communication, attention to detail and ensuring a positive experience for all parties in the transaction. Your home is probably the biggest investment you will make. You can count on me to provide you with a service beyond your expectations and enjoy a worry free move. For a free no obligation consultation, call me today and let me help you turn your real estate dreams into a reality.

Thank you, - Gary Saini, Real Estate Broker, Re/Max Gold.



Education: Bachelor Of Arts, Post Graduate Diploma in Computer Applications.

Specialty: Residential, Commercial and Investment

Experience: 16

Awards: President Club Award 2022

Area Covered: Greater Toronto Area in Ontario Canada. Etobicoke, Toronto, Brampton, Mississauga, Oakville, Burlington, Hamilton, Niagara Region, Fort Erie, York Region, Durham Region, Clarington, Keswick, Barrie, Alliston, Cambridge, Guelph, Kitchener & Waterloo.

Languages Spoken: English, French, Hindi, Punjabi