Save Money and Protect Your Good Title
Real estate title fraud is widespread across Canada. Real estate industry insiders estimate that real estate fraud costs Canadians between $300 million and $1.5 billion each year with the average case of real estate fraud costing $300,000.
When real estate title fraud occurs, the onus is on the homeowner to prove the crime, something which can be very costly, financially and emotionally.. With title insurance you can protect your biggest investment.
Title insurance may be purchased for a property you already own or for a property you are just purchasing. Title Insurance purchased through PWUPP for Retirees is for property you already own and can be applied to your primary residence or to other properties. Title insurance protects you against losses that are the result of title defects and claims against a property not uncovered in a title search. It also provides protection against things such as unpaid liens, encroachment issues, construction liens, defects in title, costs arising from building code violations, and real estate title fraud.
The Consumers Council of Canada (CCC) recommends the purchase of title insurance for both new homebuyers and existing homeowners, based on findings from a 2005 CCC study.
What does PWUPP for Retirees Title Insurance provide?
Title Insurance purchased through PWUPP for Retirees is for property you already own and provides relief from many of the repercussions of title fraud including:
- losses associated with a fraudulent mortgage that remains registered against the rightful owner's (your) interest,
- the cost of defending your ownership right, and
- the stress, uncertainty and time spent resolving title related problems.
And protection from other title problems such as:
- discrepancies in your title, and
- certain defects that would have been revealed by an up-to-date survey.
Note that a retiree may purchase title insurance for a property, the title of which is held solely by the retiree's spouse, but only if the retiree is one of the occcupants of the property.
To purchase Title Insurance, you are required to complete an application with First Canadian Title, the provider of the coverage. Call the PWUPP Call Center at 1-877-393-0338 to do so.
