Tina   Cosman

Tina Cosman

Sales Representative

Royal LePage Access Real Estate, Brokerage*

Mobile:
250-804-6765
Email Me
Tina   Cosman

Tina Cosman

Sales Representative

Royal LePage Access Real Estate, Brokerage*

Mobile:
250-804-6765
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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250-804-6765

  

TINA COSMAN

     

CELL: 250-804-6765





 

 

 

In 2005 my family moved to Salmon Arm from Ontario. We were looking for a change of pace; a different lifestyle and safe environment to raise our three children.

What we found was the perfect community – offering all the amenities with a small town feel. The Salmon Arm area has great schools, entertainment, shopping, and recreational opportunities year round.  We love to ski, hike, bike and explore the local lakes and campgrounds.  As an active community member, I proudly support the SPCA, The Family Resource Centre, Shuswap Children’s Association and the SAFE Society.

Previous to real estate, I worked as a  Human Resources professional for over 18 years. 

I love people and I love what I do.

My dedication to my clients has earned me some exciting career achievements.

 Awards:

  • 2018,/2019 Centurion award with Century 21; including #65 in units sold across Canada with Century 21 landing me in the top 1% across Canada with Century 21

 

  • 2017 Team Centurion award with Century 21

 

  • 2016 Team Centurion award with Century 21

 

  • 2015 Team Centurion award with Century 21   

 

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Previous Awards:
  • 2014:  June and September, Top 100 agent recognition for RE/MAX Western Canada

  • Consistently 100% Club Award Winner RE/MAX Canada

  • Platinum Award Winner for 2013 & 2014 RE/MAX Canada

  • Hall of Fame Award Winner RE/MAX Canada

Let me show you what the Shuswap has to offer - call me at (250) 804-6765 or send me an email: tina@tinacosman.com

 



Awards: 100% Club, Platinum Award Winner for 2013 & 2014, Hall of Fame Award Winner, Centurion Award Winner 2015, 2016 & 2017

Area Covered: Salmon Arm and surrounding area including Enderby, Sicamous, Armstrong, Tappen, Sunnybrae, White Lake, Blind Bay, Eagle Bay, Sorrento, Scotch Creek, Anglemont