I tried searching but didn't find anything directly applicable. We're building a new home and we're getting somewhat close to possession. We opted to not use the builders lawyer as we weren't comfortable with the whole Multiple Representation thing and hired our own. Our lawyer recommends title insurance and sent me an email with the following details:
Key Covered Risks
- Someone else owning an interest in your title
- Existing liens against the title
- Violations of municipal zoning by-laws
- Setback violations
- Outstanding municipal utility charges, provided such charges form a lien on title
- Existing work orders
- Lack of legal access to the property
- Unmarketability of the land due to adverse matters that would have been revealed by an up-to-date survey/real property report/building location certificate
- Fraud, forgery and false impersonation to the extent they affect the validity of your interest in title
Seeing as we're buying from a reputable builder I'm not overly concerned about fraud or forgery but liens or survey issues Is it worth getting title insurance?