Articles & Information

Title Insurance Now the Norm in Real Estate Practice

The real estate industry thought that it might take longer for title insurance to take a foothold in Ontario conveyancing after it first arrived for residential transactions in the late 1990's, but we at Siksay & Fraser can advise that title insurance is now the norm for residential real estate transactions. Nearly 100% of our residential purchasers - and the majority of our commercial purchasers - now instruct us to obtain title insurance for them in closing their transactions.

Why is this happening? There are a number of reasons:

  • When title insurance first became an option, the Law Society of Upper Canada wisely required Ontario lawyers to advise clients of its availability. We at Siksay & Fraser embraced that professional obligation and have diligently advised and educated our clients relative to the merits of title insurance.
  • Title insurance is a good deal. Its cost is often (but not always) offset by the savings in disbursement costs that would have to be paid otherwise. In addition, title insurance usually means that no new survey is required, with further savings of $500-$800 or more.
  • Title insurance is a "deal closer". By its nature, title insurance serves to "insure over" many minor title defects (and some potentially major and serious ones) that might otherwise put a closing in jeopardy. Clients and real estate professionals like the "increased certainty for closing" that results when title insurance is used.
  • The claims experience has been positive from the client perspective. We have assisted a number of clients in successful claims under their title insurance policies
  • For most purchase and mortgage refinancing transactions, we believe that purchasing title insurance is in the best interests of our clients.

Siksay & Fraser have embraced and will continue to embrace the changes in the real estate industry.

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