Title insurance wins growing acceptance with banks.(Brief Article)

Since its introduction to the Canadian residential mortgage market in 1991, the use of title insurance has increased significantly both in frequency and variety. Title insurance - an insured statement of the condition of "title," or the right to property ownership - is now widely accepted by most banks and is available in all provinces and territories.

There are several ways in which title insurance can improve banks' residential mortgage closing processes. Almost all Canadian banks accept title insurance as either a replacement of or a supplement to their usual requirements for surveys or real property reports. Thus title insurance can provide significant cost and time savings to a bank's clients.

Additionally, most Canadian banks have expanded their acceptance of title insurance beyond typical survey matters and now use it for protection from almost all title-related problems. In some ...