What is title insurance and do I need it?
Quick Answer
Short answer: Title insurance is a one-time premium (~$250) that shields buyers and lenders from title defects or fraud; it's optional but often replaces an outdated RPR.
Detailed Explanation
Canadian title-insurance policies cover issues like undisclosed encroachments, zoning violations, survey errors and fraud discovered after closing. While not mandatory by law, most lenders require a lender-only policy; buyers can add an owner's policy for nominal extra cost.
In Alberta, title insurance is frequently used when the seller's Real Property Report is missing or stale—saving weeks versus ordering a new survey.
- Premium paid once at closing, no annual fees
- Covers up to purchase price for most claims
- Does not replace home inspection or lawyer review
Disclaimer: This page is for general information only and does not constitute legal, financial, or real estate advice. Always verify details with a licensed Alberta REALTOR®, mortgage professional, or lawyer before making decisions. Buy in Edmonton assumes no liability for actions taken based on this content.
Tim Grover, RE/MAX Excellence • 780-288-5144 • 5607 199 Street NW, Edmonton, AB
Related Questions
- Who pays for the Real Property Report in Alberta?
- What does "subject to financing" mean in an offer to purchase?
- What is the typical closing period in Edmonton?
- Can I waive the home inspection in Edmonton?
- What is a "firm" offer vs a conditional offer?
- How much earnest money (deposit) should I put down in Alberta?
- What happens if I back out after removing conditions?
- Do I need a real-estate lawyer in Alberta?
- What's the difference between a REALTOR® and a real-estate agent?
- What documents will I sign at closing?
- What is a Buyer Representation Agreement and do I need one?
- What is a condominium document review and why is it important?
- What is a holdback and when is it used?
- What are common conditions in Alberta purchase contracts?
- What is possession day and what should I expect?
- What is the difference between closing and possession in Alberta?
- Can sellers stay in the house after possession (rent-back)?
- What happens if there are defects discovered after possession?
- What are the benefits of working with a REALTOR® when buying a home?
- Is there an advantage to signing a Buyer Representation Agreement with a REALTOR®?
- What legal protections do I gain by hiring a REALTOR® instead of going it alone?
- What legal protections do I gain by hiring a REALTOR® instead of going it alone?
- Who pays for the Real Property Report in Alberta?
- What does "subject to financing" mean in an offer to purchase?
- What is the typical closing period in Edmonton?
- Can I waive the home inspection in Edmonton?
- What is a "firm" offer vs a conditional offer?
- How much earnest money (deposit) should I put down in Alberta?
- What happens if I back out after removing conditions?
- Do I need a real-estate lawyer in Alberta?
- What's the difference between a REALTOR® and a real-estate agent?
- What documents will I sign at closing?
- What is a Buyer Representation Agreement and do I need one?
- What is a condominium document review and why is it important?
- What is a holdback and when is it used?
- What are common conditions in Alberta purchase contracts?
- What is possession day and what should I expect?
- What is the difference between closing and possession in Alberta?
- Can sellers stay in the house after possession (rent-back)?
- What happens if there are defects discovered after possession?
- What are the benefits of working with a REALTOR® when buying a home?
- Is there an advantage to signing a Buyer Representation Agreement with a REALTOR®?
- What legal protections do I gain by hiring a REALTOR® instead of going it alone?
- What legal protections do I gain by hiring a REALTOR® instead of going it alone?