Eric  Robinson

Eric Robinson

Real Estate Broker

iPro Realty Ltd.

Mobile:
416-364-2036
Office:
416-364-2036
Email Me
Eric  Robinson

Eric Robinson

Real Estate Broker

iPro Realty Ltd.

Mobile:
416-364-2036
Office:
416-364-2036
Email Me

Title Insurance Details

Title Insurance Details

What is Title Insurance?

Title insurance is protection against loss arising from problems connected to the title of your property. Before you purchased your home, it may have gone through several ownership changes, and the land on which it stands went through many more. There may be a weak link at any point in that chain that could emerge to cause trouble.  For example, someone along the way may have forged a signature in transferring title. Or there may be unpaid real estate taxes or other liens. Title insurance covers the insured party for any claims and legal fees that arise out of such problems.

Prior to closing, public records are "searched" to determine the previous ownership of the property, as well as prior dealings related to it. At closing the buyer expects property that is free and clear of such claims, so typically they must be cleared up before closing.

Occasionally problems regarding title are not discovered before closing, or are not remedied before closing. Such defects can make the property less marketable when the buyer subsequently sells and, depending on the nature of the problem, can also cost money to remedy. For example, the survey might have failed to show that an addition to the property was built without permission. The buyer of the property could be out-of-pocket if he is later required to remove the addition.

Am I required to purchase Title Insurance?

Title Insurance is required if you need a mortgage, because all mortgage lenders require such protection for an amount equal to the loan. It lasts until the loan is repaid. As with mortgage insurance, it protects the lender but you pay the premium, which is a single-payment made upfront.

Who is protected with Title Insurance?

Title insurance policies can be issued in favour of a purchaser (on new/resale homes, condos and vacation properties), a lender, or both the purchaser and lender. Some of the risks that are frequently covered under a title insurance policy include: survey irregularities; forced removal of existing structures; claims due to fraud, forgery or duress; unregistered easements and rights of-way; lack of pedestrian or vehicular access to the property; work orders; zoning and set back non-compliance or deficiencies; etc.
For a risk to be covered, usually it has to have existed as of the date of the policy. As with any type of insurance policy, certain types of risks might not be covered, for example, native land claims and environmental hazards are normally excluded. Be sure to discuss with your lawyer what risks are covered and what are excluded.

When does the insurance coverage end?

When the title insurance is covering the purchaser, it remains in effect as long as the insured purchaser has title to the land. Some policies also protect those who received title as a result of the purchaser's death, or certain family members (e.g., a spouse or children) to whom the property may have been transferred for a nominal consideration.

When the title insurance is covering the lender, the policy remains in effect as long as the mortgage remains on title. A lender covered under a title insurance policy is insured in the event the lender realizes on its security and suffers actual loss or damage with respect to a risk covered under the policy. Lenders are usually covered up to the principal amount of the mortgage.

The premium for title insurance is paid once (at the time of purchase). Generally speaking, in Canada the purchaser of the property pays for the title insurance, though there can be situations where the seller pays for it. Some policies automatically cover both the purchaser and lender; others will cover both for a small additional fee

Protection and Peace of Mind

Title insurance can help ensure that a closing is not delayed due to defects in title. And, if an issue relating to title arises with respect to a risk covered under the policy, the title insurance covers the legal fees and expenses associated with defending the insured's title and pays in the event of loss.

 

Have Questions?

  My slogan “Selling Toronto Since 77" represents my experience as a Full-time Toronto Resale Agent.

  But that is not the whole story….please read "The Making of Your Agent"


 

BEFORE 1977:

   By age 5, (as I recall it :) , I took a look across the St.John River from our1000 tree Apple Farm, outside of Woodstock N.B., and said “We Gotta Get To    Ontario”.
So my family of four packed up the truck, car and Sally the dog (the cattle traveled by train) and headed to a newly purchased farm just outside of Lindsay, Ontario.

   Naturally, being the only Son, I quickly grew into Family Farming Business with my Father and Grandfather as it expanded from mixed livestock, grain and large scale potato growing into producing 136,000 broiler chickens annually.   Next, a Farm Equipment Dealership was added.                                                    My Mother, our Admin. and Bookkeeper made sure I learned the importance of these functions.                                                                                                       So this is pretty much the story of my Childhood -  Hard Work and Busy learning all facets of running Businesses.

    When I turned 16 (and had my driver's license), a most important and impactful thing occured.  My father (Frank) announced  “You and I are going to buy a lot, build a house and sell it.  It is time you learned about property ! ”                                                                                                                                           Soon after, we were shopping with a Realtor, to purchase a building lot overlooking Sturgeon Lake and I was learning the basics of plans, permits, basement installation, home building, and Home Selling thru a Realtor.

 By the time I was 18 - I was feeling the draw of Toronto !   So I was happily attending Ryerson Business School in Toronto, when my Father announced -  “You and I are going to buy this waterfront farm on Sturgeon Lake and develop a subdivision !”   ( I was like - "WHAAAAAT" ???  :)                                           Soon, while going to Ryerson, I was driving to Lindsay several times a week since  “Lakeside Village”, a 34 Home, Estate Subdivision was under way.

Now That Was A Real Education !  This project took many Years of:  local and provincial government approvals; assembling investors and financing; countless engineering and builder meetings.   And we were Learning On The Fly !  (talk about a Part-time Job :)
However, it Was Very Cool to be able to do many school assignments on my own project.
                                                                                                                                                                                                                                                         
By age 21,  our highly regarded "Lakeside Village" Subdivision was completed and Sold Out - and I proceeded with my Plan to become a Toronto Realtor.

 By age 23,  I had next completed a new 2 Year, full time Seneca College Diploma Course in Toronto, that seemed like it was created - Just For Me !                   It was called “Real Property and Appraisal” and incorporated the in-depth Appraisal 1 & 2 (for those wishing to become a professional Appraiser), Real Estate Law, Property Management , Construction Management, Construction Estimating, Developing, Accounting, Marketing and Promotion, Government Property Regulations and The Planning Act.

This was the extent of my Preparation and Experience to be ready to help people with their most important Buying and Selling decisions - BEFORE becoming a Professional Toronto Real Estate Broker in 1977.

 
SINCE 1977:

My Goal has been to be the most knowledgeable, hard-working, complete Resource for my Clients..
I also spend a serious amount of time accumulating and knowing the very best of Honest, Talented, Well-priced Contractors/Tradesman/Plans & Permit Specialists/Lawyers/Surveyors/Mortgage Specialists - since personal connections in these fields are very important assets to be able to recommend to you.      (So you do not have to hire strangers from the internet or flyers anymore.)
I have designed and renovated many 
Toronto homes, and show 100's of homes and condos, every year. 
My lifelong study of the resale market, real estate investments, housing statistics, interest rates, new construction condo/loft projects, real estate law, renovation/design, condominium corporations – will hugely benefit your property decision making.                                                                                                  My Business is typically approx. 85% Residential and 15% Investment Properties/Land/Re-development Sales.

  AREAS:  I have experience in All Areas of the City of Toronto and have handled Sales and Purchasing in most parts of the entire GTA.                                      My  business has always been "Needs of the Client Based," as opposed to just knowing one small pocket.   Many of my Clients have wanted me to handle their out-of-town transactions as well.  My appraisal education and over 40 years of experience enables me to analyze pricing data in any area and know country property as well.   I have also done business in the following areas: Pickering/Ajax/Brooklyn/Whitby/Oshawa/Bowmanville;  Newmarket/Aurora/Stouffville/Uxbridge;  Mississauga/Milton;  Kawartha Lakes/Scugog Lake/Port Perry/Lindsay/Balsam Lake/Sturgeon Lake/Rice Lake/Buckhorn Lake/Omemee.

 

In Summary, I believe that when you are hiring an Agent, you deserve:

 1.)       An Agent – who is This involved, interested, dedicated and experienced in all things Property.

 
2.)       An Agent – that you can tell right away, genuinely puts your best interest above all else !  As opposed to the "just sending out junk mail and waiting for the phone to ring approach" - I have acquired my loyal diverse clientele thru "word of mouth" recommendations from one family member and friend to the next.

 3.)       An Agent – who promptly returns your calls/emails, 7 days a week.   And does Not disappear on holidays in the middle of your buying/selling.

 4.)     An Agent – who Always will dedicate the time, and has the will, determination and knowledge to “MOVE MOUNTAINS” to make you Happy & Successful in Toronto Homes, Condos, Lofts and Investments.


                  I Assure you, You Will Notice The Difference and My Knowledge Is Your Power