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Using Title Insurance
Title Insurance protects the individual or lender against loss or damage due to title or survey defects. It provides coverage for building bylaw violations, work orders, major encroachments, legal rights of access and other title-related problems that could devalue a property or even make it impossible to sell in the future. Title insurance can also insure against the lack of an up-to-date survey.
The following benefits apply:
- may reduce the client's overall legal costs since a lawyer is not required to check title, etc.
- may provide faster access to funds since a survey or title search is not required
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