Title insurance saves a purchaser money in that it allows for certain searches necessary to close a transaction and not to be done by your solicitor. It can save you money in terms of fees and time for your solicitor to do those searches. Overall, title insurance protects your interest in the land from unknown defects and some defects that quite frankly a lawyer may not know of at the time. For example, fraud could happen post-closing and your title insurance would then come into play. Also, for things that may not be known by you at the time but there is a defect, title insurance basically says that you don’t have to do certain searches so it saves you money on the fees for those searches, its saves you money from against the cost of your solicitor doing those searches, so overall it is a cost saving measure that offers added protection to the purchasers more than what a lawyer’s opinion on title could ever offer.

If you have any questions, please contact us at SBMB law or visit our website.