Mike  Chadha

Mike Chadha

Your Real Estate Consultant for Life

RE/MAX Excellence

Mobile:
780-907-2737
Email Me
Mike  Chadha

Mike Chadha

Your Real Estate Consultant for Life

RE/MAX Excellence

Mobile:
780-907-2737
Email Me

Title Insurance Details

Title Insurance Details

What is Title Insurance?

Title insurance is protection against loss arising from problems connected to the title of your property. Before you purchased your home, it may have gone through several ownership changes, and the land on which it stands went through many more. There may be a weak link at any point in that chain that could emerge to cause trouble.  For example, someone along the way may have forged a signature in transferring title. Or there may be unpaid real estate taxes or other liens. Title insurance covers the insured party for any claims and legal fees that arise out of such problems.

Prior to closing, public records are "searched" to determine the previous ownership of the property, as well as prior dealings related to it. At closing the buyer expects property that is free and clear of such claims, so typically they must be cleared up before closing.

Occasionally problems regarding title are not discovered before closing, or are not remedied before closing. Such defects can make the property less marketable when the buyer subsequently sells and, depending on the nature of the problem, can also cost money to remedy. For example, the survey might have failed to show that an addition to the property was built without permission. The buyer of the property could be out-of-pocket if he is later required to remove the addition.

Am I required to purchase Title Insurance?

Title Insurance is required if you need a mortgage, because all mortgage lenders require such protection for an amount equal to the loan. It lasts until the loan is repaid. As with mortgage insurance, it protects the lender but you pay the premium, which is a single-payment made upfront.

Who is protected with Title Insurance?

Title insurance policies can be issued in favour of a purchaser (on new/resale homes, condos and vacation properties), a lender, or both the purchaser and lender. Some of the risks that are frequently covered under a title insurance policy include: survey irregularities; forced removal of existing structures; claims due to fraud, forgery or duress; unregistered easements and rights of-way; lack of pedestrian or vehicular access to the property; work orders; zoning and set back non-compliance or deficiencies; etc.
For a risk to be covered, usually it has to have existed as of the date of the policy. As with any type of insurance policy, certain types of risks might not be covered, for example, native land claims and environmental hazards are normally excluded. Be sure to discuss with your lawyer what risks are covered and what are excluded.

When does the insurance coverage end?

When the title insurance is covering the purchaser, it remains in effect as long as the insured purchaser has title to the land. Some policies also protect those who received title as a result of the purchaser's death, or certain family members (e.g., a spouse or children) to whom the property may have been transferred for a nominal consideration.

When the title insurance is covering the lender, the policy remains in effect as long as the mortgage remains on title. A lender covered under a title insurance policy is insured in the event the lender realizes on its security and suffers actual loss or damage with respect to a risk covered under the policy. Lenders are usually covered up to the principal amount of the mortgage.

The premium for title insurance is paid once (at the time of purchase). Generally speaking, in Canada the purchaser of the property pays for the title insurance, though there can be situations where the seller pays for it. Some policies automatically cover both the purchaser and lender; others will cover both for a small additional fee

Protection and Peace of Mind

Title insurance can help ensure that a closing is not delayed due to defects in title. And, if an issue relating to title arises with respect to a risk covered under the policy, the title insurance covers the legal fees and expenses associated with defending the insured's title and pays in the event of loss.

 

Have Questions?

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In today's challenging Real Estate market, your choice of Real Estate Professional does matter! For a greater probability of success you need a dedicated professional, one who can guide you through the process and be counted on to protect your investment! Get to know me, knowledgeable, results-oriented professional.

 

Hi, My name is Mike Chadha. I am a residence of Edmonton for  over 25 years and have been involved in all aspects of Real estate for the past 15 years. I arrived in Edmonton in 1988 when the Edmonton was a much smaller but still very vibrant community. Over the years I have seen many changes in our community that have made a positive impact in all of our lives.

1998 I graduated with a diploma in Computer Systems Technology from Northern Alberta Institute of Technology, Edmonton.

 

After graduation, I joined the Federal Government of Canada as a software developer and served for 8 years. I received many awards including the 2003 Federal Council Award and Albert Blair Award for conception and development of Labour Market Information application.

 

I have also served as an Instructor in the Computer Systems Technology division at the Northern Alberta Institute of Technology, Edmonton for over 2 years.

 

Since 2003 I have been serving our community as a full time real estate agent. Since then I have also been involved in construction of new homes, remodeling older homes, investment properties, commercial investments and leasing.

During my last 15 years I was awarded several accolades including the "Top Realtor" in the office of 78 other real estate agents and 2016 Re/Max Hall of Fame Award.

 

My vast experience in technology, government programs, new home construction, remodeling older homes and investment properties allows me to help my clients purchase or sell properties for the best price possible. I also use the computer extensively to find the best deals for my client and aggressively market the property utilizing many online/offline marketing tools.

Whether you are purchasing, selling or wish to investigate the possibilities, I care about your needs and will take the time to provide personal attention and 100% client satisfaction.

I promise to provide the most professional, ethical and informed real estate services in the Industry. My most important assets are honesty and integrity, whereby my clients become my friends.

Call me at 780-907-2737 and I will be happy to answer any question you may have!

 


Education: Computer Science

Specialty: Residential and Commercial

Experience: 16

Awards: Re/Max International Hall of Fame

Area Covered: Edmonton, St. Albert, Sherwood Park, Beaumont, Leduc, Nisku, Morinville, Fort Saskatchewan