Title fraud is on the rise and can have devastating personal and financial consequences on its victims—all of which can be prevented with title insurance.
The title is yours
When you buy a home, you don’t just buy the structure; you obtain the title, the ownership rights to the property. When you close the deal, your lawyers complete a title search to ensure no one else already has the title, and then register documents with the appropriate land titles/registry office to officially identify you (the buyer) as the owner.
Title fraud occurs when…
Someone else poses as the owner of a home—either to sell it or obtain a mortgage on the property. Fraudsters may forge the property deed or a discharge of the home’s mortgage, register the title in their own name, or borrow against the clear title. As a homeowner, you would be responsible for proving the crime occurred. It can be very costly, both financially and emotionally, to restore title.
Why title insurance?
While home insurance protects the contents and structure of your home, title insurance protects the ownership of your property. It protects homeowners against:
With the average case of title fraud estimated at $300,000, it pays to be protected. For a one-time premium, title insurance covers your property, whether it’s a single home, condominium or cottage, for all legal expenses related to restoring a title. You can purchase title insurance through The Co-operators even long after you have purchased your property.
For more information
Call 1-800-387-1963 and speak with a Licensed Insurance Representative today.
*Title insurance provided by First Canadian Title. Title insurance is not available in Quebec.
