Here is an excerpt from Chapter 14 of Owning U.S. Property – The Canadian Way, by David A. Altro.
DIFFERENCES BETWEEN BUYING PROPERTY IN THE U.S. VS. CANADA
Title insurance is one of the differences between buying property in the U.S. vs. in Canada.
In Quebec, title insurance generally is not applicable for residential real estate and not used on an everyday basis. However, across the U.S., every purchaser and every bank that provides mortgage money requires title insurance. I deal with title companies in Florida, Arizona, Hawaii and Cal- ifornia on a regular basis.
What’s the purpose of title insurance? It protects the buyer from title problems that exist prior to closing on the purchase, but are not detected by the closing agent at the time of closing. Read the rest of this entry »