Save money!

Your TitlePLUS lawyer can tell you how the prudent use of title insurance can save you money on the cost of certain legal searches that may not be required.

EXAMPLE: You can usually avoid the need for an up-to-date survey of the property if you are purchasing title insurance. This alone can save you hundreds of dollars!

 Discover when you should spend your money

Everyone wants to save money, but sometimes the right choice is to spend your money. You may be able to save the cost of certain searches or an up-to-date survey, but see your TitlePLUS lawyer to find out when your circumstances mean that you should pay for a search/survey even if you are not required to have one.

EXAMPLE: Your decision to save the money on the cost of a search/survey today may prove very costly down the line. If you are planning to alter the property (for example, by building an addition on the house), it is much more important that you have a survey and that your lawyer performs a zoning search. A review by your lawyer of the survey and zoning search/by-laws is the only way that you will know if you can build precisely what you want on the land.

 Avoid nasty surprises

Houses are expensive. The last thing that you need is to learn about a significant expense only a few days before closing. See your TitlePLUS lawyer to learn the full cost of purchasing your home.

EXAMPLE: Provincial governments generally levy a tax on the transfer of land. In Ontario, Land Transfer Tax is calculated on a sliding scale varying with the value of the property. On a $250,000 resale house, you would be required to pay $2,225 in tax.

 Learn the best way for you to "hold title"

If you are buying your house with someone else, which person's name should go on title? (In other words, who should be registered as the owner?) You, the other person or both of you? It is not as straightforward a question as it might seem. Also, if you put title to the property in more than one person's name, should you hold title as "joint tenants" or as "tenants in common"? The answers to these questions are very important. They will affect what happens to the property if one of you dies. To answer them fully in your circumstances, you and your lawyer might consider issues related to bankruptcy law, family law, estates law and other areas. Your TitlePLUS lawyer can help guide you so that you can make the best possible decision.

EXAMPLE: If you are buying your house with your spouse, it is common to have both of your names go on title as "joint tenants". This means that if one of you dies, the other automatically becomes the sole owner of the property.

 Ensure that you will be protected from fraud

When you buy a home using the services of a TitlePLUS lawyer, you will benefit from solid protection from fraud under the TitlePLUS policy.

EXAMPLE: Without your knowledge, it is possible for a fraudster to transfer title of your home into his/her name. Once done, the fraudster could potentially borrow a substantial sum of money from a lender on the security of a new mortgage on your home! The TitlePLUS policy will compensate you if you suffer a loss because someone (e.g., a lender) claims such an interest in your property. Please refer to the TitlePLUS policy for full details, including actual terms and conditions.

 Actually understand what you are signing

How many times have you been handed a document to sign and not really understood what it is you are signing? A real estate transaction is just too important for you to be signing documents without understanding them. Your TitlePLUS lawyer can explain to you the purpose of all the documents that you are being asked to sign.

EXAMPLE: Your mortgage documents are particularly important and your TitlePLUS lawyer can ensure that you understand the terms, such as when and how you can prepay some or all of your mortgage balance.