The term title has various uses, particularly in relation to property. For example, the term title is often used in the United States when discussing ownership of a car. In Canada, including where our offices are located in Richmond Hill, Ontario, the term title is generally used to ascribe ownership of real-estate property. So, if you have a title to a real-estate property, or someone signs over the title of such property to you, it means you own it. That’s the law.
The importance of insurance
As in so many sectors of our society today, just about anything can be insured. We’ve all heard of celebrities insuring various body parts, or star athletes insuring their activities off the playing field. As silly or frivolous as these uses of insurance may sound at first, they exist because they provide real risk protection where it’s needed. Such is certainly the case with title insurance, and why it’s always advisable to seek the services of a qualified real-estate or closing lawyer in Richmond Hill, or elsewhere.
The reason for the existence of title insurance in the first place is because various real risks are associated with the transfer of title and ownership, many of which are unknown to most people who aren’t real-estate or closing lawyers. In fact, in almost all cases, it’s only a real-estate or closing lawyer that has access to all the facets of title law, including title searches and dealing with title issues in court, including title insurance.
Reducing major risk
Among the risks surrounding the transfer of title, and why title insurance is often a good idea, are: title encumbrances or defects wherein others have claims on the title, too, including liens. In other words, although you may possess the title, others also have claims on the land which can hamper full ownership or eventual marketability. If such encumbrances arise, title insurance can certainly mitigate any potential financial loss.
If you need professional real-estate, closing and/or title insurance legal advice in Richmond Hill, the Greater Toronto Area (GTA), Ontario, or anywhere else in Canada, please phone us here at Hosseini Law Firm (HLF) for a 15 minute free consultation: 416-628-4635, or please use the contact form provided on this page. Thank you.