Real Property Reports and Title Insurance
The scoop on these two important issues when buying.
Title Insurance or Real Property Report? Which is better for you? Everyone and their needs are different and sometimes both is the best answer. The following is a very simplistic overview of these two products and I strongly encourage my buyers to discuss these with their lawyers to ensure that they have the best protection possible.
A Real Property Report done by an accredited Surveyor provides you with a snapshot in time of the four corners of your property and where all of the improvements to your property sit in relation to the property lines. This report is then reviewed to see if all of those improvements meet all of the Bylaw requirements of your particular municipal authority and then they issue what is called a Letter of Compliance or a Letter of Non-conformance (not the end of the world). For more information click here.
Title Insurance is a one-time premium insurance policy that is valid while you own your home that can protect you from issues that can affect your title: fraudulent mortgages, liens against your title because the previous owners failed to pay taxes or utilities and unknown issues such as lack of permits for work completed in the past or encroachment issues. Some of these issues can be financially devastating. For more information view this video here.