Archive for November, 2007

Title insurance, by definition, is a type of insurance policy that guarantees the property title does not have any hidden liens, claims or other problems associated with the property. The title insurance company’s role is to examine public records on a specific property to ensure there are no problems in the title’s ownership and/or history. Whether you are a first-time home buyer, or have lived in your home for several years, title insurance is protection against unforeseen problems associated with your home either in the past or future. What does a title insurance company search for specifically? Title insurance companies have access to public records, which means they can easily check mortgages, wills, deeds, divorce decrees, tax records, claims, or court judgments on your property. Imagine, if you will, that you have purchased a new home only to find out later on that you have been the victim of identity theft by someone who has falsified ownership to your home. By investing in title insurance, you will be insured for all legal fees and claims against your property. What should you look for when purchasing title insurance? First, contact as many title insurance companies as you can to receive a quote so that you can compare each one to determine who is offering the best deal. Check to ascertain if the home you are buying was turned over in the last five years as this may warrant a discount on the insurance. If this is your first home, you may also qualify for a discount. Therefore, before purchasing any title insurance check online and make some phone calls to determine who is offering the best package to meet your needs.

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First Canadian Title has been in existence since 1991, and is well-known as the company to turn to for purchasing title insurance for homeowners. With the rise in mortgage fraud, as well as identity theft, First Canadian Title has taken the lead in providing safety to homeowners across Canada. They are a member of the First American Family of Companies, and exceed all other companies in the industry. When purchasing title insurance from First Canadian Title, you can be assured that all legal fees and costs are covered. Their policy ensures that you are protected against any type of fraud or identify theft against your property. First Canadian Title offers residential title insurance, which protects the property owner; and existing homeowner’s title insurance, which is great for those who have owned their home for a number of years but failed to but title insurance at the outset. Why is purchasing title insurance from First Canadian Title so important? Considering that mortgage fraud has cost over 300 million dollars to the industry, either through fraud or identity theft, having title insurance will protect you and your property. In addition, purchasing title insurance from an accredited licensed professional company is paramount in obtaining the correct information and assisting you with any questions or problems you may incur.You can purchase title insurance through First Canadian Title for a low premium, paid one time, and is valid for the entire time you own your home. For example, for property whose market value is up to $500,000, the premium charge is approximately $400.00 (plus applicable taxes). In addition, there are no additional legal charges as the property searches are included. You may be also happy to hear that First Canadian Title has sold over two million policies, which is evidence of the trust consumers have in this well-known and highly dedicated company. Check out First Canadian Title at: www.Insurance-Rates.ca/titleinsurance for more information.

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Would you purchase car insurance from a lawyer or real estate agent? Hopefully, not. Title insurance brokers are licensed professionals who will always be there to assist you in the event you have to file a claim. Lawyers and real estate agents, on the other hand, are basically looking for a one time referral fee for writing the policy. In addition, they will not be able to assist you or offer any advice if you do have to file a claim. Whereas, a licensed insurance broker can answer questions about the coverage and legally give you advice about purchasing insurance. Conversely, unlicensed providers have limited product knowledge and legally cannot offer advice about purchasing insurance products. It should also be mentioned that if a lawyer or real estate agent who are unlicensed providers and make an error in arranging your insurance, you could be left without protection. With a licensed insurance broker, however, if an error is made they are required by law to have errors and omissions insurance specific to arranging insurance policies for you, the consumer. As a new homeowner, it is important to ensure you are dealing with licensed brokers who are knowledgeable and can offer information you cannot find anywhere else. While unlicensed providers are only in it for the referrals they can retain, a professional broker will spend all the time necessary to ensure you understand everything there is to know about title insurance. With mortgage fraud currently costing hundreds of millions of dollars for the industry, buyer beware is no longer a cliché, but a concern for all homeowners and first-time buyers. Unlicensed providers do not have the knowledge or legal authority to assist you if something happens to your property either by identity theft or fraud. Every day, there could be an unscrupulous character that may check out your home and make a claim of ownership. So too, buying title insurance from those who are not licensed but will use your name to write a policy is just as an unscrupulous and can cost you quite a bit of money in the long run.

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