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Title Insurance Foldline Foldline Foldline Foldline P18329_Title_Ins_BRO_E_FA_WEB.qxd:P18329_Title_Insurance.qxd 3/27/08 9:42 AM Page 1 Financial Services Commission of Ontario ■ You carefully review your policy to ensure that it correctly describes You may want to contact your title insurance company or insurance If you decide to write to the independent ombudsman organization referred to About FSCO agent/broker to obtain information on its claims handling process. in your company’s final position letter, make sure you describe your complaint all of the property you are purchasing; FSCO is an arm’s­length agency of Ontario’s Ministry of Finance. In addition ■ You understand what title­related losses your policy will cover; and 4. Keep a copy of your claim for your records. and why you disagree with the company’s position. Remember to include to insurance, FSCO regulates pension plans, credit unions, caisses populaires, ■ You know what your policy excludes or does not cover. your company’s letter and any documentation that relates to your complaint. Once your claim is received by the title insurance company, it will be mortgage brokers, loan and trust companies, and co­operatives. It is important to know that all lawyers practicing real estate law in reviewed to determine if you qualify for coverage, based on your policy. Upon receipt of your unresolved complaint, a Complaint Officer at the FSCO works with consumers, industry stakeholders and investors to Ontario are required to carry professional liability insurance. Your Your title insurance company will then contact you to let you know that the independent ombudsman organization will review and respond to your enhance public confidence in, and access to, a fair and efficient financial lawyer’s professional liability insurance may provide coverage for claim was received. A decision about your claim should be communicated complaint. services industry in Ontario. Understanding title­related issues that relate to the services your lawyer provides in to you within a reasonable amount of time. For more information on any of these sectors, visit our website at the real estate transaction. www.fsco.gov.on.ca, or call our Contact Centre at: (416) 250­7250, Toll­free: A lawyer will provide you legal advice in order to help you make an If You Have a Complaint 1­800­668­0128, TTY toll­free: 1­800­387­0584. Title Insurance informed decision about title insurance and other aspects of the Remember to visit FSCO’s website at www.fsco.gov.on.ca for more transaction. The title insurance provisions under Rules of Professional If you are not satisfied with how your claim is being handled, there information on: Conduct Rule 2.02 ensure that lawyers meet their obligations. These are steps you can take. Improved measures have been put in place to ■ insurance, rules are available on the Law Society of Upper Canada’s website at help consumers get their insurance complaints resolved more quickly. ■ how to file a complaint against your insurance company, www.lsuc.on.ca, under Rules of Professional Conduct. Among them is the establishment of a Complaint Handling Protocol by ■ FSCO’s dispute resolution services, all title insurance companies licensed to operate in Ontario. How the ■ pensions, Since title insurance policies contain a lot of legal terminology, make complaint process works varies from company to company.Your company ■ applying for special access to money in locked­in retirement savings sure you ask your lawyer or title insurance company questions about representative (agent, broker, claims adjuster or customer service accounts, and anything that you do not understand. representative) will be able to provide you with specific information ■ important consumer tips. Title insurance companies and insurance agents/brokers should meet best about the procedures to follow should you have a complaint. practice standards that include: In addition, each company has a Consumer Complaint Officer who oversees ■ providing information to clients on all available options; the complaint handling process. The Consumer Complaint Officer is an Financial Services Commission of Ontario ■ supplying full details for all matters related to the title insurance employee of your insurance company responsible for ensuring that your 5160 Yonge Street, Box 85 transaction; and complaint is addressed. If you are unable to obtain information about Toronto, Ontario ■ ensuring that the recommended product meets the client’s needs. the protocol from your company representative, or if you are having M2N 6L9 Keep in mind that you are the customer and can choose any one of the difficulty obtaining a response outlining your company’s position, then Telephone: (416) 250­7250 title insurance companies that you think would best meet your needs. you should contact your company’s Consumer Complaint Officer. Toll­free: 1­800­668­0128 For your convenience, the Financial Services Commission of Ontario (FSCO) TTY (416) 590­7108, 1­800­387­0584 How Do I Make a Claim? has compiled a list of all company Consumer Complaint Officers. This list is available online at www.fsco.gov.on.ca. If you are unable to find the name FSCO website: www.fsco.gov.on.ca Whether you currently 1. Double­check your insurance policy to verify that the title­related of your company’s Consumer Complaint Officer on this list, you should own or plan to problem is covered by your policy. Your insurance company will not direct your complaint to the Chief Executive Officer of your insurance Ce feuillet de renseignement est également disponible en français purchase a property, provide compensation for an issue that is excluded by your policy. company, or contact FSCO at (416) 250­7250, Toll­free: 1­800­668­0128. this brochure is your 2. Submit your claim as soon as possible. Ask your title insurance company If you are unable to resolve your complaint with your insurance company, guide to understanding or refer to your policy to find out when claims must be submitted. your company is obligated to provide you with a letter stating its final title insurance. 3. Make your claim in writing. Write a letter to the title insurance company position on your complaint, as well as provide you with the name and and include information on the losses you have experienced due to a details of an independent ombudsman organization that can review the title­related problem. Make sure you include your policy number, contact complaint. information and any relevant documents related to your claim. Financial Services Commission ISBN 978­1­4249­6301­0 of Ontario ©Queen’s Printer for Ontario, 2008. Foldline Foldline Foldline Foldline Foldline Foldline Foldline Foldline P18329_Title_Ins_BRO_E_FA_WEB.qxd:P18329_Title_Insurance.qxd 3/27/08 9:42 AM Page 2 What is “Title”? ■ Other title­related issues that can affect your ability to sell, mortgage, Title insurance does not provide compensation for non­title related issues. What Types of Properties can be Insured? • Legal coverage – The title insurance company will pay for most legal or lease your property in the future. It is not a home warranty or home insurance policy, and will not provide expenses* involved in defending your home’s title. The word “title” is a legal term that means you have Residential title insurance policies can insure: Your title insurance policy will protect you as long as you own your compensation for: • Savings of time and money – It simplifies the closing process for your legal ownership of property. You obtain title to property property, and will cover losses up to the maximum coverage set out in ■ Damages due to flooding, fire or sewer backup; ■ houses lawyer, thereby saving you time and money. when the owner signs the deed (transfer document) over to you. Title is the policy. It may also cover most legal expenses related to restoring ■ General wear and tear of your home (e.g. replacing old windows, a ■ condominiums then registered in the government’s land registration system. your property’s title. leaky roof, or an old furnace); ■ cottages When is residential title insurance normally purchased? ■ Theft (e.g. a burglar breaks into your home and steals your television); and ■ rental units Residential title insurance is usually purchased when you buy your home. What is Title Insurance? ■ Other losses or damages due to non­title related issues. ■ vacant land What is “Title Fraud”? ■ cooperatives However, you can also purchase residential title insurance anytime after Title insurance is an insurance policy that protects residential or commercial Refer to your title insurance policy for a full list of exclusions, restrictions, ■ leased properties you purchase your home. property owners and their lenders against losses related to the property’s Title fraud (or real estate title fraud) is a form of real estate fraud that and terms and conditions. ■ title or ownership. harms individual homeowners and their lenders. Title fraud typically rural properties Note ­ Title insurance policies for existing homeowners are slightly different involves a fraudster using stolen personal information, or forged documents Commercial title insurance policies can insure: than policies that are obtained at the time a property is purchased. to transfer your home’s title to him/herself (or an accomplice), without Do I Need Extended Title Insurance Coverage? Do I Really Need Title Insurance? ■ office buildings your knowledge. The fraudster then gets a mortgage on your home and For an additional fee, some title insurance companies may also offer How much does it cost? ■ industrial buildings Title insurance is not a requirement in Ontario. The decision on whether disappears with the money. you protection from additional risks that are not covered by a standard ■ shopping centres The cost of residential title insurance varies based on the value of your or not you should purchase title insurance should be discussed with your title insurance policy, such as identity theft and certain known title If you are a victim of title fraud, you may be able to receive compensation ■ apartment buildings property, and the insurance company you choose.
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