Without a lawyer to protect you, who is looking out for your best interests upon the purchase of your new home, certainly not the bank or mortgage company.
The lawyer on the other hand represents you and only you and can advise you upon the purchase Title insurance through TitlePLUS. TitlePLUS covers all aspects of the transaction including the mortgage and the property for the client without hidden costs. It is hassle-free as the client and lawyer are both able to avoid the confusion, potential conflicts and the increased costs of the technology company intervener.
Title Insurance such as TitlePLUS is nothing short of mandatory today due to the incidence of fraud.
A perfect example of this is the case of The Toronto-Dominion Bank v. Jiang et al 63 O.R. (3d) 764 (Ontario Superior Court of Justice). In this case Mr. and Mrs. Shin purchased their property in 1995 without title insurance. In September of 2000 a Mr. Jiang fraudulently through the electronic registration system which is in place throughout much of Ontario, had the property transferred to himself and then took out a $200,000.00 line of credit with The Toronto-Dominion Bank upon which he fully drew the $200,000.00. Mr. Jiang then disappeared. The Shins who had never seen or ever heard of Mr. Jiang until The Toronto-Dominion Bank contacted them that a line of credit on their home was in arrears. The Shins understandably refused to pay and they were sued by The Toronto-Dominion Bank. The Bank was successful and the Shins had to repay the $200,000.00 plus costs and interest to the Bank. Unfair as it may seem, the Bank was entitled to collect its money against the Shins pursuant to s. 78(4) of the Land Titles Act, R.S.O. 1990, c.L.5. The Shins did get an Order that the title to their property be restored to them. The Shins had they taken out title insurance could have handed the entire problem over to TitlePLUS who would have looked after the problem and paid the claim of The Toronto-Dominion Bank.
Since TitlePLUS insurance became available many years ago, the writer has not completed a real estate transaction without it.
Revised March 2015