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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
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50% - Moderately

Title Insurance


Synonyms:title defect insurance
Filed Under: insurance, real-estate
Tags: insurance, realty
 

Definition of title insurance

title insurance
1. A type of insurance that protects the policyholder from problems in the title of property or from challenges to the ownership of property. Title insurance covers a number of risks including fraudulent attempts to take a title through forgery, encroachments on the policyholder's property, easements, zoning non-compliance, unpaid liens, or having someone other than the policyholder on the title.

Related Terms and Acronyms:

  • abstract of title (ab)   A written history of all the transactions that bear on the title to a specific piece of land. An abstract of title covers the time from when the property was first sold to the present.
      ➥  AB is a common abbreviation for Abstract of Title when used in property listings and real estate classifieds.
  • chain of title   Legal records that trace ownership of a property from the most recent owner to the original owner.
  • cloud on title   A claim on title to property that could impair the ability to transfer ownership.
  • insurable title   A title that can be insured.
  • land title   The legal document conveying title to a property.
  • title   Evidence of a person's right to possession ownership of a property.
  • title binder   Insurance that covers both the buyer and seller of a property until the property has sold.
  • title defect   A legal claim by others to property, or the right to make demands upon an owner.
  • title report   A report that reveals any competing claims, liens, or other problems relating to a property. A title report is required before title insurance will be issued. Also known as a "Preliminary Title Report" or "Prelim."
  • title search   A check of public records to make sure that the owner of real property has the right to transfer ownership. A title search is designed to spot gaps in the chain of title, liens, problems with the legal description of the property, judgements against the owner, and the like.

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