6. Who Needs Title Insurance?
Everyone who owns residential property!
Mortgage fraud is an increasing problem in Canada and the US. Title insurance addresses some of the impact felt by residential property owners who find themselves victims of this kind of fraud.
Existing Property Owners
Over the last many years it has been common for real estate lawyers to include title insurance in every new home or condo purchase. If you bought your house, condo, cottage, or farm more than five years ago, chances are you don’t have title insurance.
New Property Owners
If you are planning to buy a house, condo, cottage, or farm on or after February 26th, 2007 PWUPP can save you the added expense of purchasing the insurance through your lawyer.
Should you register for Title Insurance through PWUPP?
- YES, if you already own a house, condo or other residential property and don’t have title insurance on that property.
- YES, if your primary residence is protected by title insurance but any secondary residences you own are not protected. You can apply the PWUPP coverage to a secondary residence, e.g. cottage, rental property, farm, etc.
- YES, if you are buying a home, condo or other residential property after February 26th, 2007 you can save $300 to $500 (or more depending on your lawyer, insurer, and value of the property) by registering for coverage with PWUPP.
- Note that members whose home purchases are paid for by their employer must exhaust eligibility for title insurance payment from their employer first before having recourse to this policy.