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

Our residential owner policy protects the insured’s ownership interest against losses incurred as a result of undetected or unknown defects that affect his/her registered interest in the title to the property. The policy will also include covered risks for certain “off-title” matters such as real property tax arrears of the seller.  With some exceptions, these covered risks must exist as of the policy date, but be unknown to the insured. The policy will be customized to reflect the details of the particular real estate transaction.

Our Residential Owner Policy is Available for the Following Property Types

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

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 at the time the real estate transaction closes
• 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 is the purchase price of the property and will increase as the value of the property increases 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
• Existing liens against the title
• Violations of municipal zoning by-laws
• Setback violations
• Outstanding municipal utility charges, provided such charges form a lien on title
• Existing work orders
• 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
• Forgery or impersonation to the extent they affect the validity of the insured’s interest in title

Standard Exclusions/Exceptions

• 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
• Risks that are known to the insured, but not to Stewart Title, on the policy date
• 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 closing of the real estate transaction
• Physical/structural conditions or defects regardless of whether or not such conditions/defects 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

If the property contains 2-6 units (including basement apartments and granny suites) there is no coverage for the additional units unless a multi-unit endorsement is attached (and only to the extent of the number of units referenced therein).

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 guarantee 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 to 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.