FAQ
What is a land or property title?
When you buy a home, you are in effect buying the title to the property, which is commonly referred to as a "deed" or "transfer of land". This means that you own the property and registered as a owner in provincial land registered system in Canada.
Why is it important to insure your property title?
You want to secure your title because it means that you will be able to sell your property in the future or obtain financing against your home. title insurance protects the insured against title fraud and from loss in the event that their title is not as stated in their owner's title insurance policy.
How is title insurance different from other types of insurance?
Title insurance is a one-time cost with no annual premiums. The owner(s) pays for the policy at the time acquire title to real property which forms part of their legal costs. There is no negotiation on premium as it is based on the value of the home.
How much does an owner's title insurance policy cost?
The title insurance premium is based upon the value of property or mortgage. For more information, please email info@fct.ca or call 1.877.888.1153.
How can FCT's title insurance provide a cheaper, faster & less costly costly closing process?
Title insurance can provide coverage over many known defects that arise prior to closing, allowing the transaction to close on time, avoiding additional legal costs and/or penalties. In addition, most lenders will accept a policy of title insurance as an alternative to an up-to-date survey on a purchase or refinance mortgage.
What is real estate fraud?
Real estate fraud against a homeowner occurs when someone fraudulently uses a homeowner's identity to assume the title to their property and then sells the home or takes out a new mortgage.