Title Insurance

Title insurance is a one-time premium (typically $300 to $500 for residential properties) bundled into your closing costs. It protects against post-closing surprises: a previously unregistered easement, a property-line dispute with a neighbour, a forged signature in the chain of title, or title fraud where someone fraudulently transfers the property out from under you. In most provinces, title insurance is technically optional — but lenders almost always require it to issue a mortgage. In some provinces it's so routine that lawyers include it by default in their disbursements rather than asking. Quebec and parts of BC sometimes use a notary's title verification instead, depending on the property. The two large providers are FCT (First Canadian Title) and Stewart Title. Owner's title insurance is good for as long as you own the property; lender's title insurance lapses when the mortgage is paid off. The owner's portion is the one worth keeping — it's the cheapest insurance you'll buy and the most relevant if title fraud ever hits.