Buying a condo and the lawyers have sent a brochure with acceptance / decline form for Title Insurance. Never heard of this product before. CP brain-trust thoughts on this?
I have limited info on the matter but from what I understand, it prevents someone from getting their name on your land title and removing yours. From what I gather, this is easier when you are mortgage free though, not quite as important when you have one.
Do shop around for prices though. Not sure who your lawyer is offering it through but there can be a wide spread in pricing.
The Following User Says Thank You to GoinAllTheWay For This Useful Post:
Years ago I wrote an article on this in a newspaper and a local lawyer wrote a letter to the editor challenging me that it doesn't happen. I know it does - likely more than we realize.
Title insurance can be useful in specific circumstances. Ask your lawyer if this is one of those circumstances.
For a routine realtor-prepared transaction, it is probably not necessary.
For those that might not be aware, in Alberta we have a Torrens system of land titles and an Assurance Fund is available in the case of an LTO error or fraud.