Should I buy Title Insurance?
In many instances, banks and financial institutions require the borrowers to obtain a title insurance. However, this policy only protects the bank’s interest and insures against financial loss in the event of a defects in title to the property.
In British Columbia, title defects rarely happen. When a land title is transferred, the new owner can be assured that his/her title is “indefeasible” (meaning the title transfer cannot be defeated, revoked, or made void) under the Torrens system, as long as the owner acquires the interest in good faith and for value consideration.
A bit about myself. I am a member of the British Columbia Notaries Public Society. I want to answer some of the most common questions that my clients have through my blog. Hope you find it useful.