For a one­time fee, called a premium, a title insurance policy may provide protection from such losses as:

 ■ Unknown title defects (title issues that prevent you from having clear ownership of the property); 

■ Existing liens against the property’s title (e.g. the previous owner had unpaid debts from utilities, mortgages, property taxes or condominium charges secured against the property); 

■ Encroachment issues (e.g. a structure on your property needs to be removed because it is on your neighbour’s property); 

■ Title fraud;

 ■ Errors in surveys and public records; and