To have and to hold… your property
Feb 14th, 2019 | By FCT
Maybe you and your significant other just hit the milestone of buying your own place, or maybe you’ve owned your joint home together for years and are considering passing it down to your kids or selling. Whatever the case may be, it’s a good idea to protect yourselves and your investment with title insurance.
Consider what happened to Melissa and John*. Shortly after putting their home on the market, they found that their house encroached onto a city easement for water pipes. The city agreed to let the couple keep their home where it was, as long as they signed an agreement. Knowing they had a homeowner policy with FCT, Melissa contacted us for advice. Our Enforced Removal Limited Marketability endorsement protected Melissa and John from any costs associated with the issue and insured the future owners over the encroachment in the amount of $8,143.50.
There’s also the unlucky situation of Marshall and Leslie. This couple bought a property with a plan to build their dream home on its foundation. They tore down the existing house and hired a surveyor, only to discover that the foundation was actually not on their property, but rather their neighbour’s, and it needed to be moved. Unfortunately, the couple hadn’t purchased a homeowner policy from FCT, which meant that they were on the hook for $100,000 to rectify the problem.
Make sure you are able to live happily ever after in your home by protecting your investment with title insurance from FCT.
If you have any questions about title insurance for home or condo owners, share them in the comments section!