Concerned about mortgage and title fraud?

Getting an Existing Owner Title Insurance Policy May Help

Do you currently own a house or condominium and want an existing owner policy to protect against fraud?

Just like a homebuyer, you can also purchase the protection that a title insurance policy provides.

A title insurance policy can only be purchased through a lawyer. McMaster, McIntyre & Smyth, LLP is here to help get you that protection.

To obtain a title insurance policy, you will be required to pay a one-time only premium (generally between $200 and $300 for homes under $500,000.00 in value) and the lawyer’s legal fees and disbursements related to the title search and issuing the policy. With the total cost including taxes generally being between $600 and $700 depending on the value of your home and whether it is a house or a condominium.

For that one-time only premium, the title insurer will protect you against fraud so long as you, your spouse or heirs own the property. Unlike most insurance, you pay your premium once not every year. Think about how inexpensive that insurance is compared to if you become a victim of fraud and you had to pay your lawyer out of your pocket to fix it.

The limit of the protection provided by most title insurance policies is 200% of the current value of your home. You will need to provide either your property tax bill or a real estate appraisal to determine the current value of your home.

Our firm is able to provide you with title insurance options from all of the major title insurers licensed in the Province of Ontario. Generally, we issue existing owner policies from either Stewart Title Guaranty Company or Chicago Title Insurance Company

We do not receive any compensation, fee or any portion of the premium, whether directly or indirectly, from any title insurer, agent or intermediary for recommending or providing a specific title insurance product. Our fees are paid by you in addition to the premium that you pay the insurer. The insurer may provide us a fee in addition to the fees paid by you in relation to services provided to that insurer.

See the table here for additional information regarding title insurance generally.

Contact us to get more information.

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