David  Gharat

David Gharat

Broker

Real Estate Bay Realty Brokerage

Mobile:
416-729-2333
Office:
416-519-2641
Email Me
David  Gharat

David Gharat

Broker

Real Estate Bay Realty Brokerage

Mobile:
416-729-2333
Office:
416-519-2641
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.

 

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David Gharat

 Broker - D.Y.G Homes Toronto 

Seniors Real Estate Specialist - Canada

REALTORS® with the SRES® designation are specifically trained to serve the needs and interests of real estate buyers and sellers age 50+.
SRES® Designees join an elite group of real estate professionals serving the 60+ market

SRES® is the only “seniors real estate” designation recognized by NAR. 


Welcome to DYG HOMES Real Estate! We are dedicated to providing exceptional service and expert guidance for all your real estate needs

With a passion for helping clients navigate the dynamic real estate market, we bring a wealth of knowledge and experience to every transaction. Whether you're a first-time homebuyer, an experienced investor, or looking to sell your property, we are here to assist you every step of the way.

Our commitment to client satisfaction is unwavering. We take the time to understand your unique goals and tailor our approach to meet your specific needs. We believe in open and honest communication, ensuring you stay informed and empowered throughout the process.

Backed by the latest industry tools and market insights, we stay ahead of trends and leverage our expertise to deliver results. From conducting comprehensive property searches to negotiating favorable deals, we work tirelessly to secure the best outcomes for our clients.

As a Seniors Real Estate Specialist (SRES), David is specially trained to cater to the needs and interests of clients aged 60+ who are looking to retire, relocate, downsize, upsize, or invest.

The clients David serves include:

1. Age 60+ Retirees: Seniors who are selling their homes to relocate or downsize.

2. New and Experienced Buyers: Individuals who are looking to buy properties or invest in real estate.

3. First Time Home Buyers: Individuals who are purchasing their first home.

4. Resale Condos: Specializing in the sale of condominiums in the market.

5. Residential Houses: Assisting clients with buying or selling residential houses.

6. Finance/Mortgage Referrals: Providing referrals to financial and mortgage services.

7. Relocation Referrals: Assisting clients with relocation services.

8. Rental/Lease: Helping clients with rental and lease agreements.

9. Referrals to Property Management: Offering referrals to property management services for duplexes, triplexes, and fourplexes.

We invite you to give us a call to arrange a viewing of a specific property or to have a friendly chat about your real estate needs.

With our dedication and personalized approach, we look forward to assisting you in achieving your real estate goals.

*case by case basis

 

DEDICATION | TRUST | VALUE

 


David is a member of the following professional Real Estate Organizations

 

TREB (past) Government Relations Committee Member

TREB (past) Consumer Relations Committee Member

TREB-Toronto Real Estate Board
NAR-National Association of Realtors 

RECO-The Real Estate Council of Ontario
OREA-Ontario Real Estate Association
CREA-Canadian Real Estate Association

 


 

           



Designation: SRES

Education: Broker - SRES Seniors Real Estate Specialist Canada

Specialty: Buy & Sell Houses-Condos, Pre-Construction Condos, Investments Rental, Leasing, Property Management, Mortgage Referrals

Experience: Since 2013

Awards: 100% Club Award Winner-Executive Club Award

Area Covered: Toronto, East York, North York, Markham, Scarborough, Pickering, Ajax, Mississauga

Languages Spoken: English