Don't Have a Site Survey - Title Insurance - Should You Get It?

Don't Have a Site Survey? - Title Insurance - Should You Get It?

Why Do I need a Survey Certificate?

Well an up-to-date building location survey provides assurances as to the:

• Location of the buildings in relation to the lot boundaries
• Impact of any constraints on building location such as easements and right of ways
• Dimensions of the property or the buildings
• Existence of any encroachments onto the property
• Existence of any encroachments by buildings on the property onto neighbouring properties

A survey is not required if you are purchasing a townhouse or apartment. If a "survey certificate" isn't readily available - you can opt out to purchase Title Insurance Instead... go to www.firstcanadiantitle.com.:-)

Title insurance protects the insured from title defects and survey defects. Most lenders will accept title insurance in lieu of a survey. Title insurance protects the lender against:

Fraud & Forgery

Impersonations

Forged documents

Title Defects

• Unmarketability of title
• Errors or omissions in the public registry
• Unregistered easements (utility, pipeline, etc.)
• Priority of other liens or encumbrances
• Executions or court judgments
• Undisclosed or missing heirs

Survey Problems

• Errors in existing surveys, Real Property Reports or Building Loation Certificates
• Encroachment(s) on a neighboring property, zoning setback violations or easements
• No legal access to the property (right of way)
• Municipal zoning and by-law infractions
• Contravention of subdivision, development and other agreements :
• Liens, encumbrances, or defects in the title to a property
• Tax arrears
• Defects that would have been revealed by an accurate, up-to-date survey
• Forced removal of an existing structure, other than a boundary wall or fence
• Work orders, zoning or set back non-compliance/deficiencey
• Another party claiming an interest in the property
• Fraud, forgery, duress, incometence, incapacity or impersonation
• Unmarketability, which allows another person to refuse to perform a contract to purchase, lease or make a mortgage

Title insurance can be purchased for a one-time fee, payable when the property is purchased. Depending on the premium you pay, it protects your lender only, or both you and your lender.

A title insurance company issues the policy, and the policy remains in effect for as long as you own the property. Note that a new policy may be required if you change mortgage lenders.

For more information about title insurance, please visit the websites for some of Canada's major title insurance companies:

• First Canadian Title Insurance - www.firstcanadiantitle.com
• Stewart Title Guaranty Company - www.stewart.ca

Click here for premiums charged by First Canadian Title.

Also see:

How Do I Find a Good Realtor?

Is It Wrong to Work With More Then One Realtor?

Speaking of Statistics...What's the Difference Between Median Price and Average Price?

Don't Have a Site Survey - Title Insurance - Should You Get It?

If you or someone you know is thinking of Buying or Selling property in Cultus Lake, Chilliwack, Hope, Abbotsford, Langley or anywhere in the Fraser Valley Area of B.C. - or if you would like more information please give Liz Moras of Landmark Realty Chilliwack a call at- 604-799-0459 or e-mail at lizmoras@gmail.com.

Copyright © 2009 By Liz Moras, All Rights Reserved. All photos taken by Liz Moras and copywritten. Please do not use without permission. Information provided by this author is only an opinion, it is not guaranteed, may be based on information collected from several sources, and may be time sensitive. It is not necessarily representative of the opinions of Landmark Realty Chwk. Ltd.