When you buy a home using a mortgage or when you refinance it, the lender would normally require that a survey certificate be presented to them. The purpose of the survey is to formally establish the boundaries of the property and to ensure that all buildings are within those boundaries. A survey previously made by the seller may be acceptable to the lender if accompanied by the seller’s statutory declaration that no alterations have been made to the structures since the date of the survey. The existing survey must be tendered to the lender early enough to allow a new survey to be commissioned if the existing one does not satisfy the lender’s requirements. If the seller cannot provide a recent survey certificate, it will be the responsibility of the buyer to pay the surveyor’s fee. Alternatively, the lender may require the borrower to purchase Title Insurance.
Title insurance protects your ownership interest (i.e., title) of your property from losses incurred as a result of unknown title defects or other covered matters that exist at the time of your purchase, but are unknown to you at that time.
Title insurance provides coverage for, but not limited to:
Title insurance is available for a low premium that is paid only once at the time of closing. Your notary public will be able to provide you with a premium quote. Coverage is valid for the duration of ownership and the policy coverage amount is generally the amount you paid for your property.
Please note the standard exclusions and exceptions from coverage normally contained in all title insurance policies. These include:
Based on the searches performed by your notary public, there may be property specific exceptions added to your policy.