All parties to real estate transacti From page 47 that may be incurred in deal- ing with the problem, such as clearing a paid up mortgage or Hien that is sill on the title. The third type of cost is a loss i in property valuc that iv owner asar ult of an vrre itle problem. pse Costs Unat title insurance covers, you might expect the premiums to be pretty high, but they are not. In fact, according to Quiring, B.C. has the lowest tide insurance premium: in North America because we have one of the best fand tide systems. It only costs $150 to get titk t coverage for any residential property up to $500,000 in value. Above that amount the price is an extra 75 cents per thousand dollars. (For an extra $50 the coverage can be extended to cover both the lender and the purchaser of a property) Furthermore, this price is no higher for rural properties and amazingly cnough it is not even higher for proper- ties with potential title prob- lems. In cases where a survey reveals a problem with the title on a property, title insurance can still often be purchased. For example, if 2 survey showed that a house _, encroaches onto a utility , * right-of way, a vendor would usually have to 2ccept an r 986-0654 Home ° _686- 487 Pager ee. mall.shira @sutton.< com abatement in the price of the property to induce someone to purchase it. . purchas- er would be concerned about the risk that part of the house might have to be removed and, to add insult to injury, he would have to pay to have it done. In addi- tion, lenders might balk at providing a mortgage on this property. ns can benefit onto the insurer. Real estate agents benefit, nat only because the dde insurance facilitates the completion of real estate deals, but because it reduces the chances that realtors will be drag messy and costly d over title problems. Finally, lenders benetic as the insurance reduces the risk of financing a property that “Insurance reduces the risk of financing a property that has a title problem, because the problem will be covered by the insurance company” However, if tide insurance is purchased, then all the risk is assumed by the insurer. As a result, the vendor can probably sell the property with little or no abatement in the selling price and the bank would be willing to finance the deal. Who can benefit from tide insurance? Well, depend- ing on the circumstances, it appears that all parties involved in a real estate transaction can. Certainly a vendor who is trying to sell a property that has a problem with the title can benefit, because the insurance can facilitate the sale of the property which might otherwise be very dif- ficult to sell. The purchaser can benefit in that he can unload the risk associated with title problems o-COnnN Ctl GN? Ieee Comer sute next to park, nr ‘Giassed in deck, Thus one is & °10" #201-250 W. 1st. : “OSIN ITO 1a "Jf 7 yevokd Sr + S770PAL 1 BDO CHOOSE 2-1BDRMS INVESTORS OF OWNERS 1, Nicely UPDATED 1 bdrm $4,500 down plus $619 P.Al. (5 yr) BESTE B-U-Y mr Seabus. 2. Spacious south facing $5,000 ON + $739 P.M. (5 woo CROFT $5500 D! + $725 PM toy YRS) 1 BDRM. Close to 700 sq.ft. #408-2012 Fullerton has a title problem, because costs arising from the prob- Jem will be covered by the insurance company. cording to Quiring, the use of title insurance in Canada is growing, at an exponential rate. In cases where a survey is not avail- able or would be costly to get, parties in real estate transactions are turning to title insurance. Even in cases where there is an up-to-date survey, if there is any prob- lem, real or perceived, with the title, people are turning to title insurance to be safe rather than sorry. — Trent Appelbe is an economist and a real estate agent with Sutton Group - West Coast Realty. 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