What is Title Insurance?

What is Title Insurance in West Vancouver

Whether you are purchasing a new house or selling an existing property, you should have some idea of what title insurance is and what it covers. A title search is an essential part of the home buying process, as it helps ensure that your property is legally yours. A title search can also help you to find out if there are any issues with the title of your property, which could mean that you could end up losing your property. In addition, it can protect you from problems such as forgeries and liens.

Duty to defend

Taking out title insurance in West Vancouver means you have to be aware of the duty to defend. This is a standardized part of the policy. This is a formal duty that kicks in when the insurer is sued or threatened with suit. In the past, insurers have enjoyed some wiggle room in defining their responsibilities and rights.

The duty to defend is one of the most important responsibilities of the insurance company. The aforementioned responsibilities are enumerated in a series of legal documents that outline the insurer’s rights and obligations. Aside from providing coverage, insurers must also provide legal and technical expertise to defend and resolve claims and litigation. The duty to defend is an industry best practice that should be embraced by every insurance company. Considering the importance of the aforementioned task, every insurer should make it a priority to write a title insurance policy that is tailored to its business and the unique needs of the client. In addition to the aforementioned responsibilities, insurers must also ensure that the drafting of the policy is accurate. The right title insurance policy can save a client from an expensive lawsuit and ensure the insurance carrier is prepared should a unforeseen crisis hit. The title insurance industry is currently undergoing a period of transformation as the industry tries to reclaim its mojo following Hurricanes Irma and Harvey. The aforementioned changes are accompanied by increased competition and uncertainty. Insurers must remain nimble to stay ahead of the competition. In the meantime, they should be sure to follow the golden rule: treat your clients as you would like to be treated. This will ensure your reputation as a reputable insurer is enhanced and your company’s bottom line remains intact. Aside from the aforementioned responsibilities, insurers should make sure to review their policies on a regular basis and if they are concerned about their exposure to claim losses, consider a title insurance reinsurance program.

Forgery losses

Buying title insurance in West Vancouver can be a very difficult process. You will need to be wary of fraud and identity theft. These crimes are often a way for criminals to take ownership of a home. They also cause many banking issues for the victim.

There are a few simple ways to prevent real estate fraud. For example, only give out your social security number when you need it. You should also check your credit report regularly. There are free online services, such as Equifax Canada, that allow you to get your report.

You may need to provide your social security number when you apply for a mortgage, apply for a credit card, or when you want to sell your house. However, you should always have another form of identification besides your social security number.

One of the most popular ways for fraudsters to buy homes is through forgery. They steal the identity of a homeowner and pretend to be their legal representative. They then use this identification to apply for a loan. They then remortgage the home using the fraudulent information. They then sell the home.

If you are a home owner, you can save on title insurance by asking for credit for your closing costs. You may also ask for a discount on your title insurance if you refer your business to a lender.

The most common victims of forgery are senior citizens. These people are perceived as less tech-savvy and may have an outright ownership of the property.

They may be more likely to be targets for fraud because they are the ones who are most vulnerable. In addition, they don’t receive regular notices about the ownership of their homes.

You should contact your real estate agent or company if you think you have been the victim of forgery. They may be able to help you determine who you need to speak with.

The Land Title and Survey Authority (LTSA) of British Columbia recently announced fraud attempts against a number of residential properties. They advised real estate professionals to be more vigilant.

Reissue, refinance or substitution rate discount

Obtaining a reissue, refinance or substitution rate discount for title insurance in West Vancouver can save a home buyer thousands of dollars. Getting a reissue is as simple as asking the seller to provide you with a copy of their prior owner’s policy. Some title companies are only willing to grant a discount if you used the same lender to finance your new mortgage as you did for your old one.

It is also a good idea to ask your loan officer for a copy of their own title policy. Not only does this make your life easier, but it allows you to apply a reissue rate credit to your new policy. In addition, your title company can offer you a 40% discount on your new policy.

The title company notwithstanding, you will still need to actually store your dated title policy in a safe place. Some underwriters have a time limit on the number of years that your previous owner’s title policy is in force. You might be able to get away with just two or three years.

The aforementioned title insurance reissue, replacement or substitution rate is most commonly applied to empty lot purchases. In fact, 65% of all real estate transactions will qualify for the reissue rate. So while a title insurance reissue may not be the quickest way to obtain a lower monthly mortgage payment, it can be a boon to the property’s owners. As with all types of insurance, you should always read your policy carefully and never allow your title company to act as your lender.

Having an understanding of title insurance can save you money and protect your investment. The key is to find a reputable title company and get a title insurance reissue, replacement or substitution rates quote. The right company can save you hundreds of dollars and help you to enjoy the fruits of your labor. When you need title insurance in West Vancouver, call the experts at American Title. You will be glad you did!


Depending on your purchase location, the cost of title insurance in West Vancouver can range from $250 to $2,000. The amount you pay for a title policy is based on the value of the home. It also varies by the size and amenities of the neighborhood you buy in. It’s best to shop around for the best deal. You can also ask friends and family for their advice.

Most lenders require borrowers to obtain title insurance when obtaining a loan. This can be expensive, but it’s important to protect your investment. You should also ask your lawyer about the costs and benefits of different products.

Some states require title companies to disclose their fees differently. Others require them to be itemized and bundled into one quote. The total cost should match the estimated loan. Some title companies offer discounts for purchasing both an owner’s and lender’s policy.

Most home buyers choose to obtain an owner’s title policy. This type of policy lasts as long as the home is owned or inherited. It covers the full purchase price of the home, as well as issues from the past. However, it doesn’t cover the discovery of termites, mold, or violations of building ordinances.

Lender’s title policies are designed to protect the lender’s financial interests. They generally cover banks and other parties who are lending money to a buyer. They also protect the financial interests of the bank. It’s important to speak with your lender about whether or not they require title insurance.

There is a property transfer tax that is paid on residential property worth more than $3 million. This tax is a sliding scale, with 1% tax applied to the first $200,000 and 3% tax for the rest.

Strata documents are usually ordered by the listing agent. A rush order can cost between $100 and $200. The fee is based on the number of strata buildings and the bylaws. If there are issues, the seller must pay for clean-up.

Title insurance costs vary, and can be as little as $250 or as much as $400 plus GST. It’s important to find the best title company for you.

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