Mike  Mifsud

Mike Mifsud

Broker/Owner

HomeLife Nu-Key Realty Ltd., Brokerage*

Mobile:
705-321-0132
Office:
705-733-1222
Toll Free:
1-888-999-4036
Email Me
Mike  Mifsud

Mike Mifsud

Broker/Owner

HomeLife Nu-Key Realty Ltd., Brokerage*

Mobile:
705-321-0132
Office:
705-733-1222
Toll Free:
1-888-999-4036
Email Me

Title Insurance Details

Title Insurance Details

What is Title Insurance?

Title insurance is protection against loss arising from problems connected to the title of your property. Before you purchased your home, it may have gone through several ownership changes, and the land on which it stands went through many more. There may be a weak link at any point in that chain that could emerge to cause trouble.  For example, someone along the way may have forged a signature in transferring title. Or there may be unpaid real estate taxes or other liens. Title insurance covers the insured party for any claims and legal fees that arise out of such problems.

Prior to closing, public records are "searched" to determine the previous ownership of the property, as well as prior dealings related to it. At closing the buyer expects property that is free and clear of such claims, so typically they must be cleared up before closing.

Occasionally problems regarding title are not discovered before closing, or are not remedied before closing. Such defects can make the property less marketable when the buyer subsequently sells and, depending on the nature of the problem, can also cost money to remedy. For example, the survey might have failed to show that an addition to the property was built without permission. The buyer of the property could be out-of-pocket if he is later required to remove the addition.

Am I required to purchase Title Insurance?

Title Insurance is required if you need a mortgage, because all mortgage lenders require such protection for an amount equal to the loan. It lasts until the loan is repaid. As with mortgage insurance, it protects the lender but you pay the premium, which is a single-payment made upfront.

Who is protected with Title Insurance?

Title insurance policies can be issued in favour of a purchaser (on new/resale homes, condos and vacation properties), a lender, or both the purchaser and lender. Some of the risks that are frequently covered under a title insurance policy include: survey irregularities; forced removal of existing structures; claims due to fraud, forgery or duress; unregistered easements and rights of-way; lack of pedestrian or vehicular access to the property; work orders; zoning and set back non-compliance or deficiencies; etc.
For a risk to be covered, usually it has to have existed as of the date of the policy. As with any type of insurance policy, certain types of risks might not be covered, for example, native land claims and environmental hazards are normally excluded. Be sure to discuss with your lawyer what risks are covered and what are excluded.

When does the insurance coverage end?

When the title insurance is covering the purchaser, it remains in effect as long as the insured purchaser has title to the land. Some policies also protect those who received title as a result of the purchaser's death, or certain family members (e.g., a spouse or children) to whom the property may have been transferred for a nominal consideration.

When the title insurance is covering the lender, the policy remains in effect as long as the mortgage remains on title. A lender covered under a title insurance policy is insured in the event the lender realizes on its security and suffers actual loss or damage with respect to a risk covered under the policy. Lenders are usually covered up to the principal amount of the mortgage.

The premium for title insurance is paid once (at the time of purchase). Generally speaking, in Canada the purchaser of the property pays for the title insurance, though there can be situations where the seller pays for it. Some policies automatically cover both the purchaser and lender; others will cover both for a small additional fee

Protection and Peace of Mind

Title insurance can help ensure that a closing is not delayed due to defects in title. And, if an issue relating to title arises with respect to a risk covered under the policy, the title insurance covers the legal fees and expenses associated with defending the insured's title and pays in the event of loss.

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What is the value that I offer?  

 My personal attention and 36 years of Experience!

 

As the Broker of Record and Owner of Homelife Nu-Key Realty I can assure you that as your Realtor, you will receive the highest level of service and expertise possible.  I will put my 36 years of experience to work for you and commit my time and knowledge to ensure you achieve your real estate goals. 

I learned selling real estate through good old hard work and perseverance. My success is attributed to personal service and focusing on my clients needs. I earn my client's trust by showing them I truly care about them by listening to them. Whether buying or selling or both, my clients and I are a team and it's important to work together to achieve success.  I follow through by being responsive and there when they need me.  

In 1992, I advanced my real estate career successfully completing the educational requirements to become a Real estate Broker and established my first real estate brokerage and in 1993 I moved to Barrie to provide services for a large Barrie builder and was responsible for selling more than one thousand homes. 

Now with 36 years under my belt, and CEO and Broker of Record of my HomeLife Brokerage, I'm still hands on and out there doing what I love. " I love helping people buy and sell real estate. I can’t imagine a better job!  Everyday I look forward to working with people and helping them achieve their real estate goals” 
  

Over the years I have gained valuable knowledge and experience as a Realtor. “True knowledge comes from learning through years of experience” and I have learned so much and I put that knowledge and experience to work every day for my clients. "Buying or selling a home is likely one of the largest financial investments you will have and it’s important to entrust someone that has the knowledge and experience that can guide you through the entire process."


My Guiding Principal has always been to live by the Golden Rule, and that is to "Treat Others As I Would Want To Be Treated" 

I look forward to the opportunity to help you with your real estate needs.


Any time you want information on the market or are ready to buy or sell a property –contact me. There’s no obligation. 
Please feel free to Call or Text me at 705-321-0132 or email me at  mike@brokermike.ca

 

 
 
 
 

Top 1% Agent in Barrie! Why choose me as the REALTOR to work with? 

Because I'm the Boss!  I own the Brokerage and I don't report to anyone!
Did you know that most agents must work under the direct supervision of a Broker of Record?   Did you also know that many buyers use the first agent that they contact and never ask them how long they've been licensed in the real estate business?   That's crazy!    If you are buying or selling one of your biggest financial investments would it not be wise to entrust someone who is one of the best in their field? Someone with many years of knowledge and experience?I'm the Broker of Record and owner of the brokerage!  I have more than 30 years of direct Real Estate experience,  and I know this business!  I have sold more than 1000 homes in the Barrie area.  I do more than just sell homes, I am your trusted  advisor, I am your representative acting for your best interest,  I am your local expert that  will guide you through the entire process of buying or selling your home. My job is more than just finding you the right home!  My job is to ensure that it's in a good location, point out positive features as well as areas of concern.  I will negotiate the best deal possible for the home and help you with getting the best mortgage rate, choosing  the right  lawyer, choosing the right home inspector and much much more! Why would your trust anyone else with what is most likely your biggest immit my time and experience until we find you the right property or sell the one you're in.  Go ahead call me and see how quick I get back to you!

I am so confident that your making the right choice choosing me as your REALTOR, that I will Guarantee it in writing, that if you are not happy with my services, you can cancel a



Specialty: Residential Homes; Condos, Business sales

Experience: 37 years

Awards: #1 in Office Production

Area Covered: Barrie and area Barrie, Innisfil, Midhurst, Springwater, Essa, Oro-Medonte, Orillia,Richmond Hill, Newmarket, Markham, Bradford, Vaughn, GTA