In Ontario, most purchases close without an up-to-date survey, because most buyers purchase a title insurance policy at the same time that they buy the house. What happens if you find out after the fact that your neighbour’s property encroaches onto yours? Generally speaking, this is covered by your title insurance policy, if you bought… Continue reading Toeing the line
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10 Closing Costs When Buying a Home
Article courtesy of Genworth Canada. Land transfer tax. When a home changes hands, many provinces and a few municipalities charge a property transfer tax or title transfer fee. Rates are usually on a scale of 0.5% to 2% of the home’s value and can add thousands to your purchase price. First-time homebuyers qualify for rebates… Continue reading 10 Closing Costs When Buying a Home
Title insurance: you probably already have it
Every now and then, I receive mail from banks about getting title insurance for my home. Title insurance is a very valuable tool; it protects you from any problems with the title to your property that could not be discovered before your purchase was completed, and protects you going forward against fraud (either a false… Continue reading Title insurance: you probably already have it