Title insurance protects you and your family from the dangers of encroachment, including loss of wages and the costs of defending your name. The policy also protects your rights to your property and helps you to stay compliant with building codes. In case of a lawsuit, the insurer will cover the legal fees to defend your rights.
Cost of title insurance in West Vancouver
Title insurance is a legal requirement when purchasing a property. It protects you from claims that previous owners made regarding the ownership of the property. There are two types of title insurance – the lender’s title policy and the homeowner’s title policy. Both policies have different premiums based on the value of the home and the amount of money you borrow.
West Vancouver is located in British Columbia, Canada. It is part of the Metro Vancouver Regional District. It is located northwest of Vancouver, on the northern side of English Bay and the southeast shore of Howe Sound. It is adjacent to the District of North Vancouver and the North Shore municipalities. The community has a population of 44,122.
Title insurance is an essential tool for protecting yourself against the unexpected and expensive issues that can arise from a property’s title. A residential owner’s title insurance policy requires a one-time payment and is provided by FCT Insurance Company Ltd. The company provides title services, not insurance products. You can request a copy of the policy to learn more about the costs and benefits. Prices and coverage may vary depending on your province, and you must check the terms and conditions of your policy before purchasing.
The cost of title insurance in West Vancouver varies depending on the property. In some cases, it is included in the lawyer’s or strata lawyer’s fees. If you’re purchasing a strata property, you may have to pay a separate fee for the strata documents. This fee may be about $250 to $400 plus GST.
Duty to defend
A duty to defend title insurance policy covers the costs of defending the insured in case of a mortgage claim. This feature is included in every FCT title insurance policy and has no dollar limit. This type of insurance coverage does not reduce the value of your policy. It also ensures that you’re protected in the event of a lawsuit.
Search and examination
A title examination is a comprehensive review of real estate records, including public records. It is an important step when purchasing property, as it can help protect you from claims against your property. A title search can uncover unpaid taxes, liens, judgments against the seller, and restrictions that limit the use of the land.
A title search may also uncover defects in the title, such as fraudulent deeds and discharged mortgages. These problems can occur after a property has been mortgaged or conveyed. A title insurance policy can help you avoid these issues. However, it can be costly.
Title insurance premiums differ by state. Some require title examinations, while others do not. In general, ninety percent of a title insurance policy premium is spent on the search and examination process. The search and examination process is usually done by a licensed attorney, but it can also be performed by a non-attorney.
Among many other things, David A. Grantham is a contributing author to UmassExtension West Vancouver Blo. He is a renowned expert on real estate in BC.
Born in North Vancouver, Louisiana, Dr. Grantham grew up in Lower Lonsdale. He then went on to complete his business degree at the University British Columbia. As of this writing, Grantham has completed over 100 projects, including the development of a high rise building in Vancouver.
He is a husband, father, son, brother, and friend. He was a dedicated outdoorsman and enjoyed sports such as hunting, fishing, scuba diving, and snow skiing. His wife, Alison Grantham, and their two daughters survived him. He is survived by his wife Alison Martin Grantham and two daughters.