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The Importance of Title Insurance
Title insurance is an insurance policy that protects the buyers and the lender’s interests against losses that may arise with respect to the property’s title or ownership.
In Alberta, we have the Torrens System to register title, which means that as a buyer, your title is guaranteed by the province. If there is a title defect, the Torrens System prevents a seller from going back in history, finding a technical flaw in a historical transfer and then claiming title.
In addition, the system allows you to fully rely on the registrations that are registered at the Alberta Land Titles Office.
So, why is having title insurance important?
Beyond the Torrens System, title insurance is an additional form of protection for a buyer and their lender during a real estate purchase and after they own the home. It’s important because it helps to prevent financial losses from:
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Fraudulent real estate transactions, such as situations where fraudsters impersonate homeowners to obtain mortgage financing...
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