Gold Comprehensive Protection Existing Owner’s Policy
One-to-Six Residences

This policy protects the ownership interest for owners that already own a residential property but have not previously purchased a title insurance policy. With some exceptions, the covered risks must have existed as of the policy date (date the property was originally purchased), but be unknown to the insured. The policy will be customized to reflect the details of the particular real estate transaction.

Our Residential Existing Owner Policy is Available for the Following Property Types

• Residential dwellings of up to six units¹
• Condominiums
• Cottages
• Vacant land
• Cooperatives

Important Features

• Insures the ownership interest in the property for as long as the insured owns the property
• Available for a one-time premium payable upon issuance of the title policy
• Protects anyone who inherits the property or the insured’s spouse or child if the property is transferred to their spouse or child for nominal consideration
• The amount of insurance for the existing owner policy is the greater of the amount paid for the property, or the current fair market value as determined by an MPAC Property Assessment, tax assessment, realtor’s letter of opinion or appraisal.   Coverage will increase with the value of the property up to a maximum of 400%.  The amount of insurance decreases by any amounts (other than legal fees and associated legal expenses) that we pay to cover a claim.

Key Covered Risks (Policy Coverage Provisions)²

• Someone else owning an interest in the insured title
• Forgery or impersonation to the extent they affect the validity of the insured’s interest in title
• Existing liens against the title predating the acquisition of title by the insured
• Violations of municipal zoning by-laws by previous owners
• Setback violations created by previous owners
• Existing work orders issued against previous owners
• Outstanding municipal utility charges owed by previous owners, provided such charges form a lien on title
• Lack of legal access to the property
• Unmarketability of the land due to adverse matters that would have been revealed by an up-to-date survey/real property report/building location certificate acquired at the time title was conveyed to the insured

Standard Exclusions/Exceptions

• Risks that are known to the insured, but not to Stewart Title, on the policy issuance date
• Environmental matters, including but not limited to, mold, asbestos, UFFI, termites, infestations, underground fuel storage tanks, abandoned oil wells, water leakage, and water quality or quantity
• Native or Aboriginal claims
• Risks that the insured created, allowed or agreed to
• Governmental rights of expropriation
• Matters that first occur after the policy date (with certain exceptions as set out in the policy)
• Matters disclosed in a home inspection report obtained prior to the acquisition of title by the insured
• Physical/structural conditions or defects regardless of whether or not such conditions/defect affect the value or marketability of the property
• Functionality of septic systems
• For condominiums/strata properties – matters disclosed in status certificates/estoppel certificates/Form B/F

Title insurance is not a home warranty product. It does not guarantee that the house and other improvements located on the property are well built.  Nor does it guarantee that there are no defects that will need repair (e.g., leaking roof, foundation issues). Title insurance does not insure that appliances and home systems (HVAC etc.) will function properly or that structures constructed on the property comply with prior or current building code requirements.  Further, title insurance does not guaranty that you may change the use of your property or construct additions/improvements.

Contact us for additional information.

¹Property purchasers: if the property has more than six units, advise your lawyer or notary so the correct form of title insurance policy is obtained.

²Review the actual policy for full coverage details.  The policy may include additional exceptions related to specific issues affecting the property.  It may also include additional endorsements. If the property has more than one unit, the insured is not covered for losses related to the additional unit(s) unless they have a multi-unit endorsement attached the owner policy – that endorsement will indicate the number of units for which coverage is provided.

This website is intended to provide information that is of a general nature and is subject to modification. Coverage and requirements can vary depending on the nature of the transaction and location of the property involved. Please review your actual Stewart Title policy for full coverage details.