When you buy a home, what you’re buying is the title to the property, which means you own the property. It’s important to know that the title is valid so you’ll be able to sell your home in the future or take out a mortgage on it.
Traditionally, homebuyers have relied on lawyers for the legal work involved in a purchase transaction, including registering you as the owner in the land registry system. Over the past decade, a new alternative has become available called title insurance.
Title insurance protects you against any losses that result from undetected or unknown title defects for as long as you own your home.
Compliments of Greg Nowik, Universal Mortgages, Nanaimo?