Real estate title fraud is widespread across Canada. Real estate industry insiders estimate that real estate fraud costs Canadians between $300 million and $1.5 billion each year and they peg the average case of real estate fraud at $300,000.
When real estate title fraud occurs, the onus is on the homeowner to prove the crime, something which can be very costly, financially and emotionally,. With title insurance you can protect your biggest investment.
Title insurance protects new home buyers and existing homeowners against losses as a result of title defects and claims against a property not uncovered in a title search. It also provides protection against things such as unpaid liens, encroachment issues, construction liens, defects in title, costs arising from building code violations, and real estate title fraud.
The Consumers Council of Canada (CCC) recommends the purchase of title insurance for both new homebuyers and existing homeowners, based on findings from a 2005 CCC study.
What does PWUPP Title Insurance provide?
PWUPP provides relief from many of the repercussions of title fraud including:
And protection from other title problems such as:
Who is covered? For title insurance, also note that a member may register a property, the title of which is held solely by the member’s spouse, but only if a member is one of the occcupants of the property.
How many properties can the member insure? There is a lifetime limit of one property per family.
NOTE: To register for Title Insurance for either an existing home/property, or for Title Insurance on a new home or condo purchase, you must complete a special application with First Canadian Title Insurance. Call 1-877-393-0338 to do so.
|Items||Coverage Terms and Conditions||Description/commentary|
|Policy Period||Once the policy is issued you have coverage as long as you retain a registered interest in the property.|
|Limits||If you submit a claim and your house has increased in value since the time you purchased the title insurance policy, policy will compensate you for actual loss up to 200% of the Policy Amount.|
|What is Title Insurance?||Title insurance protects new and existing homeowners, commercial property owners and lenders against losses as a result of title defects and claims against a property not uncovered in a title search. Title insurance provides protection against issues like unpaid liens, encroachment issues, construction liens, defects in title, costs arising from building code violations, as well as real estate title fraud,.|
Title insurance is an effective way to protect the property owners from loss. It covers all legal expenses related to restoring a title and is available to existing homeowners long after they have purchased their properties.
|Title Insurance provides protection for your interest in the Title to your property.|
|Who is Covered?||The registered owner(s) of the property, if they are a member in good standing of the Power Workers’ Union. The member may register a property, the title of which is held solely by the member’s spouse, but only if the member is one of the occupants of the property.||In the event of a death of one of the registered owners, the policy coverage extends to the surviving owner and/or the beneficiary of the deceased owner who receives title to the property, if applicable.|
|What is Covered?||In addition to fraud and forgery, First Canadian Title’s Platinum Title Insurance Policy for existing homeowners provides other valuable protection to the homeowner.||Title Insurance covers ONE property owned by the member registering it. In addition to fraud and forgery, First Canadian Title’s Platinum Title Insurance Policy for existing homeowners provides other valuable protection to the homeowner.|
Some examples of post policy coverage are:
|What do I do if I find out about a claim or legal proceeding?||Contact PWUPP at 1-877-888-1153.|
|What Happens if I have a Disagreement with the Insurance Company?||Click here|
|Extensions of Coverage||For a one-time premium, First Canadian Title’s Platinum Title Insurance Policy for existing homeowner’s provides relief from the following repercussions of title fraud:|
|What is not Covered?|
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