Title insurance, while it has its advantages, does not eliminate the need for a survey.
A title insurance policy is simply a form of insurance that insures against title defects that may be revealed by a survey. It is a "quick fix" which allows a real estate transaction to close in a timely fashion without any hassles; however, without a survey all you have done is delayed the discovery of any potential problems to a later date. The moral of the story: get title insurance and a survey, and avoid surprises.
By G. Gord Mohan | Barrister & Solicitor
- Posted by Steven Porter, Mortgage Agent - Mortgage Architects
Steven can be reached through his website at www.1800Mortgages.ca
No comments:
Post a Comment