Title Insurance - Helpful guide AMF

A title deed is an official document that proves that you are the owner of property such as a house, condo, chalet or land.

Title insurance protects you against losses caused by problems related to the title to your property. This insurance may be purchased when buying or refinancing commercial or residential property.

Several types of owner’s title insurance are available on the market. The most common type is title insurance that owners can purchase when buying property. This insurance offers coverage equal to the market value of the property at the time of purchase.

With some title insurance, higher coverage amounts are offered to reflect the increase in the property’s value over time.

Owner’s title insurance is not mandatory.

Title insurance does not usually cover:

Home construction quality
Latent defects Title defects
You knew about prior to buying the property and did not disclose to the insurer
Defects that did not exist when the policy was signed
Environmental risks (e.g., you learn that the soil under your home was contaminated by an accidental heating oil tank spill before you became the owner)
Indigenous land claims
Zoning violations that are your fault
Encroachments by fences, hedges and walls
Construction non-compliance with the Building Act
Problems related to wells and septic tanks
Expropriations
Damage that could be covered under home insurance, such as theft, fire, vandalism and water damage

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Source : Financial Markets Authority

TERMS	BANKS	MORTGAGE PLANNERS
6 months Fixed	7.85%	7.50%
1 Year Fixed	7.74%	5.84%
2 Years Fixed	7.34%	5.54%
3 Years Fixed	6.94%	4.34%
3 year closed Variable	7.35%	5.95%
4 Years Fixed	6.74%	4.29%
5 Years Fixed	6.79%	4.24%
5 years Variable	6.45%	4.90%
Refinance Fixed or variable	9.15%	4.34%
7 Years Fixed	7.10%	4.44%
10 Years Fixed	7.25%	5.09%
HELOC	6.95%	6.45%

TERMS

BANKS

MORTGAGE PLANNERS

6 months Fixed

7.85%

7.50%

1 Year Fixed

7.74%

5.84%

2 Years Fixed

7.34%

5.54%