Josh  Stokes

Josh Stokes

REALTOR®

Keller Williams Platinum Realty

Mobile:
709-771-4168
Office:
(709) 753-4454
Email Me
Josh  Stokes

Josh Stokes

REALTOR®

Keller Williams Platinum Realty

Mobile:
709-771-4168
Office:
(709) 753-4454
Email Me

Title Insurance Details

Title Insurance Details

 

What is Title Insurance?

 

Title insurance is protection against loss arising from problems connected to the title of your property. Before you purchased your home, it may have gone through several ownership changes, and the land on which it stands went through many more. There may be a weak link at any point in that chain that could emerge to cause trouble.  For example, someone along the way may have forged a signature in transferring title. Or there may be unpaid real estate taxes or other liens. Title insurance covers the insured party for any claims and legal fees that arise out of such problems.

Prior to closing, public records are "searched" to determine the previous ownership of the property, as well as prior dealings related to it. At closing the buyer expects property that is free and clear of such claims, so typically they must be cleared up before closing.

Occasionally problems regarding title are not discovered before closing, or are not remedied before closing. Such defects can make the property less marketable when the buyer subsequently sells and, depending on the nature of the problem, can also cost money to remedy. For example, the survey might have failed to show that an addition to the property was built without permission. The buyer of the property could be out-of-pocket if he is later required to remove the addition.

 

Am I required to purchase Title Insurance?

 

Title Insurance is required if you need a mortgage, because all mortgage lenders require such protection for an amount equal to the loan. It lasts until the loan is repaid. As with mortgage insurance, it protects the lender but you pay the premium, which is a single-payment made upfront.

 

Who is protected with Title Insurance?

 

Title insurance policies can be issued in favour of a purchaser (on new/resale homes, condos and vacation properties), a lender, or both the purchaser and lender. Some of the risks that are frequently covered under a title insurance policy include: survey irregularities; forced removal of existing structures; claims due to fraud, forgery or duress; unregistered easements and rights of-way; lack of pedestrian or vehicular access to the property; work orders; zoning and set back non-compliance or deficiencies; etc.
For a risk to be covered, usually it has to have existed as of the date of the policy. As with any type of insurance policy, certain types of risks might not be covered, for example, native land claims and environmental hazards are normally excluded. Be sure to discuss with your lawyer what risks are covered and what are excluded.

 

When does the insurance coverage end?

 

When the title insurance is covering the purchaser, it remains in effect as long as the insured purchaser has title to the land. Some policies also protect those who received title as a result of the purchaser's death, or certain family members (e.g., a spouse or children) to whom the property may have been transferred for a nominal consideration.

When the title insurance is covering the lender, the policy remains in effect as long as the mortgage remains on title. A lender covered under a title insurance policy is insured in the event the lender realizes on its security and suffers actual loss or damage with respect to a risk covered under the policy. Lenders are usually covered up to the principal amount of the mortgage.

The premium for title insurance is paid once (at the time of purchase). Generally speaking, in Canada the purchaser of the property pays for the title insurance, though there can be situations where the seller pays for it. Some policies automatically cover both the purchaser and lender; others will cover both for a small additional fee

 

Protection and Peace of Mind

 

Title insurance can help ensure that a closing is not delayed due to defects in title. And, if an issue relating to title arises with respect to a risk covered under the policy, the title insurance covers the legal fees and expenses associated with defending the insured's title and pays in the event of loss.

 

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709-771-4168

  

(709) 753-4454

  
Hey, I’m Josh... aka "Sold By Stokes"- born entrepreneur, down to earth bay boy & loving family guy! Life is busy- when I’m not at the office you’ll find me at the park, rink or in our driveway playing road hockey with my son & best buddy, Bennett. You might even catch me strumming a tune or two serenading my beautiful baby girl, Scarlett. Married to my ‘Bombshell’ wife Michelle, loving mother and a saint who keeps me on my toes- she may even do a social media post for me from time to time.
 
For a short period, before real-estate, our life brought us to Alberta. With a Petroleum Engineering background, I worked specifically as a field supervisor and quality control engineer. A team leader with a great eye for specifics and detail. After 3 years in the field, myself & my wife decided we needed a change. We needed the salt water, our family and our kids to grow up as true Newfies!
 
Shortly after moving, I completed my real-estate licence & the rest is history. I’ve earned “Top Producing Agent” on different levels - ranking in the Top 5% of all REALTORS in the province for 2018 (believe me, that didn’t come easy)! “Top” doesn’t mean you’ll find me drinking expensive champagne and driving luxury cars. I’m more of a dark beer - Rickards Red kinda guy and soon enough my wife will have me driving a minivan. “Top” comes from long hours, trial & error, brainstorming, meeting with mentors, taking every single piece of advice and knowledge anyone is willing to offer and lots of thinking outside the box!
 
I feel every deal is more then a transaction - my clients are now my "Sold By Stokes" family! From start to finish I want to make sure my clients have the best experience possible. Over the years, I’ve bought and sold numerous personal homes and I know how important a trusting client/REALTOR relationship truly is. So, whether you're selling, buying your first home, looking for resale, or to build your own home from the ground up, I’m here to work with you to find exactly what your looking for!