When the prices of the houses are high, it attracts frauders. British Columbia is the province with the higher house prices and counter-intuitively one of the lowest adoption rates of title insurance.
If you are a victim of fraud without title insurance, you will have to find a lawyer who is specialized in title fraud. You will have to attend a meeting with him to determine if you want to retain him on your case.
After that, you will have to discuss with him about the terms of payments and pay an upfront retainer if necessary. This is an estimated amount of money that varies between 3000$ to 5000$.
During the process, you will have to instruct the lawyer. In total, you will have to spend 10 000 $ to 15 000$ for legal representation and hearing process.
Title insurance is a one-time payment. The amount of money depends on the value of your home. For properties valued between 200 000 $ to 500 000$, the cost varies between 250$ to 350$. But, after that, you won’t have to pay anything if you are a victim of fraud. You just have to contact your title insurer and submit your claim with the necessary documentation. The cost of legal representation is not deductible if you have title insurance.
After you send all the documents, the title insurer will agree to cover your claim and your fraudulent mortgage will be deleted from the title.
The advantages are so big. First, you will not be anxious because you will have insurance coverage for your issue. You won’t have to worry about paying out-of-pocket legal costs associated with the fraudulent mortgage. You will deal with a company that has expertise in title issues and professionals will help you to deal with your fraudulent mortgage. At the end, you save money because you will be covered by your insurance.
Click here if you want to learn more about title insurance.