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Thread: Title Insurance - Yes or No?

  1. #1
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    Default Title Insurance - Yes or No?

    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?

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    In all my RE transactions, it's never been a choice. I know when we bought a condo in Nov, the titles office was 3 weeks behind. I can imaging with how hot the market is right now, they are even further behind.

    Even reputable builders fuck up all the time.

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    It was also non negotiable in our purchase. If it is though, I would absolutely do it. I would argue a new home would be more likely to have these issues than an established home.

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    Just realized that it's a requirement for the mortgage holder. If you are buying the house outright, you can roll the dice.

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    Huh. I never had title insurance on either of my last purchases.

    I know that for a fact because I almost had to buy it on the last purchase. Title office was having issues on close day and there was some debate as to whether my lawyer would be able to confirm title before EOD. It all worked out and I didn’t need it and got the amount netted back to me when closing costs were settled.
    Originally posted by Thales of Miletus

    If you think I have been trying to present myself as intellectually superior, then you truly are a dimwit.
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    fact.
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    guessing who I might be, psychologizing me with your non existent degree.

  6. #6
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    Yah it sounds like it's an option but if it's worth the peace of mind then I'll go for it.
    Last edited by 94boosted; 05-06-2021 at 10:19 AM.

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