Making an Offer – Insurance

Home Insurance

 

Renovations by Rebecca Siegel 1
Renovations by Rebecca Siegel

When buying a property that has insurance concerns such as knob and tube wiring, asbestos, vermiculite insulation etc. a buyer must consider the insurability of the home. We will verify the relevant facts before submitting an offer so you are not stuck holding the bag filled with unforeseen costs in order to satisfy the insurance company.

Title Insurance

When you purchase real estate, it is crucial that you obtain the property with clear ownership or “good title.” Title insurance provides assurance that the property is unencumbered and if a title related issue should arise the insurer will be there to provide legal advice and assistance, providing you total piece of mind.

A title insurance policy protects you against loss that could result from many potential defects that may be in your title. The policy guarantees you will never suffer loss from those defects.

Examples of claims may include:

  • defects that would have been divulged if one had an up-to-date survey
  • errors on a survey or illegibility of survey
  • any present encroachments and easements (before or after closing)
  • contravention of municipal zoning by-laws
  • an old lien from a prior owner that was never properly dealt with
  • priority of certain construction liens
  • priority of unregistered easements and rights of way
  • solicitor error, omission or fraud
  • unpaid property taxes or local municipal charges by a prior owner
  • someone claiming they still have rights to your property
  • forged signatures or other frauds that may have occurred in the chain of title
  • mental incompetence of one of the signing parties

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