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Try FCT Online and WIN Contest

There couldn’t be a better time to order online with our contest running January 15 – April 15, 2018. For every commercial and residential title insurance policy request you send to FCT via online ordering, you will be automatically entered to win exciting prizes including the Grand Prize of a $2,500 travel voucher!
For full contest details
click here.

Normally, when you buy something, you pay for it and take it with you.
But real estate is a little different.
You purchase it and get documents to say the home is yours.
That’s what we call “title”.
And that’s what FCT is here to protect.

What is title insurance?

Before you bought your home, the property may have changed hands several times. Even with a new build, somewhere along the way there may have been an error such as an incorrect survey, a non-existent building permit or title-related issues that can affect your ability to sell, mortgage or lease your property in the future. Title insurance protects you from these types of issues.

Title insurance protects homeowners against financial loss due to challenges to your ownership, fraud and other defects relating to your property, such as survey or zoning errors. Plus, remedying the issues or legally defending your ownership can be very costly and stressful. But with title insurance, FCT has a duty to defend a homeowner’s title from a court action as a result of a covered risk and provides compensation for actual loss incurred..

What does title insurance cover?

A homeowner title insurance policy protects you against 33 covered title risks, including the following:

What does title insurance cover?

A homeowner title insurance policy protects you against 33 covered title risks, including the following:

Fraud and forgery

If someone forged your signature without your knowledge and registered a fraudulent mortgage on your home, the onus is on you to prove that fraud was committed. This can be very costly—financially and emotionally—to resolve. However, a homeowner title insurance policy from us can cover the legal expenses and costs to prove that fraud was committed*.

Municipal issues

If improvements were made to your house before you purchased it (for example, the basement had been finished, an addition built or a deck added), you could find out after closing that the required permits were not obtained. At any time, your local municipality could force you to remove or remedy the improvement, which could cost thousands. Title insurance can cover the cost of removals or remediation required by the city, or diminished value if the structure cannot be rebuilt*.

Tax and utility payments

If the previous homeowner was not up to date on payments and the accounts are now in arrears, a homeowner title insurance policy can cover the outstanding payments*.

Outstanding work orders

If the previous homeowners had a building permit issued in the past but never called for a final inspection, or if there is an Order to Comply, a Stop Work Order, or a building inspector’s report stating more work needs to be done, the property may have outstanding work orders. A homeowner title insurance policy from FCT will protect you against loss associated with complying with the outstanding work order*.

Encroachments

Sheds, laneways, even homes and garages are sometimes unintentionally built on neighbouring properties and need to be moved. This could happen if a previous owner built without verifying where the lot lines were. We protect you against financial loss associated with encroachment issues*.

Legal fees

If you have to defend and restore your title as a result of a covered title risk, FCT will pay the legal fees and costs associated with it*. This is what we call our ‘duty to defend’.

An unpleasant surprise for new homeowners

Jerry and Rita± received a letter from the city advising them that their deck, deck addition and deck roof, as well as the basement renovation in their recently purchased home were constructed by the previous owners without getting the required building permits.

As a result, the city demanded that the proper building permits be obtained for the finished basement, and that the deck, its addition and roof, be removed. The cost of complying with these requirements amounted to over $50,000.

Learn how FCT saved Jerry and Rita from this $50,000 expense by reading our real-life claim stories.

Click here to read more real-life claim stories

An unpleasant surprise for new homeowners

Jerry and Rita± received a letter from the city advising them that their deck, deck addition and deck roof, as well as the basement renovation in their recently purchased home were constructed by the previous owners without getting the required building permits.

As a result, the city demanded that the proper building permits be obtained for the finished basement, and that the deck, its addition and roof, be removed. The cost of complying with these requirements amounted to over $50,000.

Learn how FCT saved Jerry and Rita from this $50,000 expense by reading our real-life claim stories.

Why do you need it?

A homeowner title insurance policy provides you with protection from a number of title risks including Real Property Report** errors and fraud, as described above. It also helps your purchase close smoothly and efficiently.

As part of closing your home purchase, the majority of lenders in Canada require the lawyer or notary to get a lender title insurance policy. The lender policy protects the lender and the priority of the mortgage on your property. It also has some benefits to the homeowner, such as reduced transaction costs, smoother legal closing process and in the event of fraud, the title insurer pays out the fraudulent mortgage instead of the homeowner. However, a lender policy doesn’t protect homeowners. You must have a homeowner title insurance policy to be protected from all 33 covered risks.

How much does it cost?

Unlike other types of insurance, title insurance is available for a low, one-time premium. There are no renewals to worry about and no further premium payments. The best part is your coverage is in place for as long as you or your heirs own the property.

The average premium cost for a single family home purchase transaction with one mortgage is $229.00† for both the homeowner and lender policy.

How to order

If you are purchasing a property, please contact your lawyer or notary to order title insurance. If you are an existing homeowner, visit www.fct.ca or call 1.877.888.1153 to order your title insurance policy.

Why do you need it?

A homeowner title insurance policy provides you with protection from a number of title risks including Real Property Report** errors and fraud, as described above. It also helps your purchase close smoothly and efficiently.

As part of closing your home purchase, the majority of lenders in Canada require the lawyer or notary to get a lender title insurance policy. The lender policy protects the lender and the priority of the mortgage on your property. It also has some benefits to the homeowner, such as reduced transaction costs, smoother legal closing process and in the event of fraud, the title insurer pays out the fraudulent mortgage instead of the homeowner. However, a lender policy doesn’t protect homeowners. You must have a homeowner title insurance policy to be protected from all 33 covered risks.

How much does it cost?

Unlike other types of insurance, title insurance is available for a low, one-time premium. There are no renewals to worry about and no further premium payments. The best part is your coverage is in place for as long as you or your heirs own the property.

The average premium cost for a single family home purchase transaction with one mortgage is $229.00† for both the homeowner and lender policy.

How to order

If you are purchasing a property, please contact your lawyer or notary to order title insurance. If you are an existing homeowner, visit www.fct.ca or call 1.877.888.1153 to order your title insurance policy.

*This material is intended to provide general information only. For specific coverage and exclusions, refer to the applicable policy. Copies are available upon request.

**Survey or Certificate of Location where applicable.

±Name has been changed to protect the privacy of our clients.

†Please note: This premium is quoted based on a lawyer or notary ordering a policy on behalf of the insured homeowner. The premium listed includes one (1) homeowner policy and one (1) loan policy for a purchase transaction between $200,000 – $500,000. Additional charges may apply. The premium quote does not include applicable taxes.