Toronto Homeowners Return from Holiday Trip to find out their house was sold without their knowledge
Title insurance is a type of insurance that protects homeowners from financial loss due to problems with the ownership of their property. While it may seem like a unnecessary expense, a recent news article from Toronto serves as a reminder of why title insurance can be a wise investment.
The article tells the story of a couple from Toronto who went on vacation only to return and discover that their house had been sold without their knowledge. It turns out that someone had forged the couple’s signatures on the deed and transferred the property to themselves.
The couple was devastated, as they had invested a significant amount of time and money into their home. They also faced the possibility of losing the money they had received from the sale of the house.
What Can I do to Prevent my Home Being Sold Without my Knowledge?
This is where title insurance comes in. If the couple had been insured, their title insurance policy would have covered the financial loss they suffered as a result of the fraudulent sale of their property. It would have also covered the legal fees associated with pursuing a claim and potentially recovering their home.
While this type of situation is fortunately rare, it does highlight the importance of protecting yourself as a homeowner. Title insurance may seem like an added expense, but in the event of a problem with the ownership of your property, it can save you a significant amount of money and stress.
It’s worth noting that title insurance is typically required by mortgage lenders as a condition of providing a loan. Even if you are not required to purchase it, however, it can be a good idea to do so as an extra layer of protection for your investment in your home.
Title insurance is a good idea even when you don’t have a mortgage because it protects homeowners from financial loss due to problems with the ownership of their property. While it may seem like an unnecessary expense, it can save homeowners a significant amount of money and stress in the event of a problem with their property’s title.
