What is title insurance and how much does it cost?

Title insurance typically covers both the owner and the mortgage lender against title related risks that the homeowner is not aware of at closing.  For example, title insurance provides coverage for issues that would have shown up on an up-to-date survey (e.g., a portion of the deck isn’t completely within your property line and your neighbour requires you to fix the issue), or for liens that are the responsibility of the seller (e.g., the seller didn’t pay a contractor they hired for a renovation and the contractor registers a construction lien after closing).  Like all insurance policies, title insurance covers a specific list of items.  If you’re interested to see what a title insurance policy looks like, we can email a sample policy to you.