09/30/2024
📜 Understanding Title Insurance in Alberta: What You Need to Know! 🏡
🔍 What Title Insurance Protects Against:
-Fraud & Forgery: Coverage for losses due to fraudulent transactions.
- Undisclosed Title Defects: Protection against hidden liens or claims.
- Non-Compliance Issues: Coverage for municipal violations post-purchase.
- Encroachments: Safeguards against boundary disputes.
- Legal Defense Costs: Covers legal fees to defend your title.
- Gap Coverage: Protection during the registration process.
🚫 **What Title Insurance Doesn’t Protect Against:**
- **Known Issues:** Does not cover defects you were aware of before buying.
- **Property Value Fluctuations:** No coverage for changes in market value.
- **Physical Damage:** Not a substitute for homeowner’s insurance.
- **Certain Non-Title Claims:** Excludes personal injury disputes.
- **Existing Mortgages:** Primarily protects lender interests, not the buyer's.
đź”— For more in-depth information, check out [RECA's Title Insurance Bulletin](https://www.reca.ca/wp-content/uploads/2017/01/Title-Insurance-Bulletin.pdf).