Real Estate Tidbits: Title Insurance

Brought to you by Rachel Schofield: REALTOR at KENNEDY Real Estate 

This is a great article for Realtors/Lawyers/Mortgage Brokers and of course Edmonton BUYERS and SELLERS. There is much confusion about this topic. We were fortunate enough to have the opportunity to have Bhavna Chavda from FCT (First Canadian Title) come to our office for one of our team meetings and give us the skinny on Title Insurance. This is what we learned…

Title Insurance: what does it mean to you? If you haven’t purchased a  home before, chances are it doesn’t mean much. If you have, Title Insurance may set off some alarms in your head. You’ve probably become convinced that a Real Property Report is the only way to go. But does Title Insurance deserve this bad rep?

Let’s start by defining these two terms.

Real Property Report: A Real Property Report (RPR) provides information such as the location of utility right-of-ways and easements.  It also shows boundary fences, the overhangs of eaves and additional improvements such as swimming pools and hot tubs.  As a seller, you need to make sure that your RPR is up to date and has municipal compliance before selling your property.  Not having this can delay the sale and cause a lot of delay when it comes to transferring title from seller to buyer. Lenders will also need to know about issues with the RPR and make sure they are resolved before lending money on the property.

Title Insurance: Title insurance is an insurance policy that protects you, the home owner, against challenges to the ownership of your home or from problems related to the title to your home. The policy provides coverage against losses due to title defects, even if the defects existed before you purchased your home. A title defect is a problem with the title which prevents free and clear ownership. There are many types of defects such as rights of way, encroachments (from neighbouring properties), unpaid liens, etc.

Are you in the process of trying to sell a home, and is the Real Property Report causing you closing delays? Here’s how a title insurance policy may help you.

Did you know that a title insurance policy:

• is accepted by most lenders in lieu of an up‐to‐date Real Property Report (RPR);
• can provide coverage over known RPR problems and offers protection from loss if the land is unmarketable as a result of defects that would have been revealed by an up‐to‐date RPR;
• provides protection against real estate title fraud and issues such as unpaid liens, title defects, encroachment issues, construction liens, and costs arising from building code violations.

It also provides coverage for purchasers:

• Unmarketablility of the title or land
• Liens, including tax liens; Builder’s liens
• Easements; Work orders; Lack of building permits
• Someone else owning or claiming to own an interest in the property
• Documents not properly signed, sealed or delivered
• Fraud, forgery or incapacity (including post‐policy coverage)
• Defective registration of documents
• Registration gap coverage
• Lack of access; Restrictive covenants
• Encroachments; Neighbour’s encroachments built after purchase
• Adverse matters that would have been disclosed by a local authority search or an up‐to‐date survey

So, if you ever find yourself in a situation where an RPR is too costly or time-consuming to obtain, you can always consider Title Insurance as a viable option.

source: www.firstcanadiantitle.com

This informative article was brought to you today by:

Rachel Schofield Associate | REALTOR®
Your Downtown Area Specialist
KENNEDY Real Estate
YourEdmontonREALTOR® | Edmonton Home Stager

Call us today…780-485-3010 and GET SOLD!
Area Specialists | Lifestyle Marketing

Brought to you by Rachel Schofield: REALTOR® at KENNEDY Real Estate

Calling all Edmonton home owners: We can all agree with Dorothy when she says, “There’s no place like home.” It’s our refuge from the outside world and an environment that is perfectly tailored to the way we want to live. But, did you know that the air in your home is often 3-5 times more polluted than the air outside? I offer you green living tips that are not only good for your health, but also helpful when you are  selling your home.

Did you know…

Carpet can be one of the most negative air quality factors in your home.

New carpet can be a source of chemical emissions. Carpet and the adhesives used in its installation emit volatile organic compounds.  Carpet can also act as a “sink” for chemical and biological pollutants including pesticides, dust mites, and fungi.

A healthier, and more re-sale friendly option is eco-friendly hardwood flooring.

Vinegar kills 99% of bacteria, 82% of molds and 80% of viruses on contact.

You don’t need an arsenal of expensive, chemical-laden, heavily scented and over packaged products to clean your home. Vinegar works as well on counter tops as it does on mirrors. Consider adding citrus zest to make your own pleasant, custom scent.

Also, when would-be buyers visit your home, they won’t be turned off by over-powering fumes of toxic cleaning products.

Potted plants aren’t just pretty, they help to filter chemicals from the air.

Bringing in the “green” of plants will truly lead to a “greener” environment, in more ways than one. Houseplants can reduce components of indoor air pollution, even volatile organic compounds such as benzene, formaldehyde, toluene, and xylene. Plants also reduce airborne microbes and increase humidity.

They also bring a “home-y” feel to a house, making prospective buyers feel comfortable and at ease.

I hope you put these tips to good use and to good health!

This informative article was brought to you today by:

Rachel Schofield Associate | REALTOR®
Your Downtown Area Specialist

KENNEDY Real Estate
YourEdmontonREALTOR® | Edmonton Home Stager

Call us today…780-485-3010 and GET SOLD!
Area Specialists | Lifestyle Marketing