Ask the Professional Diane LaRiccia- Ottawa Real Estate Agent

Kerry Fox

Lawyer

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Bio:

Kerry grew up in Kanata and attended Queen's University and the University of Ottawa. She started her law practice in 1999 and has worked at law firms in both Kingston and Ottawa in the areas of residential and commercial real estate. Recently, she completed a term on the board of directors for the Women's Business Network. She opened her own law office in the fall of 2009.

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Answers

1. Are surveys still important

Yes! Despite the introduction of title insurance (which gives you coverage for not having an up-to-date survey), surveys are still important. Even if all you can get is an older survey, it's still better than nothing. Surveys are the only way you have of knowing if there are any easements or encroachments affecting your property. If you do receive a survey on closing, keep it somewhere safe and don't lose it. Surveys aren't kept on file anywhere except at a surveyor's office and surveyors won't usually release them unless they are updated.

2. What is the role of title insurance?

Most purchases today are going to close with title insurance. Title insurance gives you coverage for tax arrears, water arrears, outstanding work orders, zoning violations, and not having an up-to-date survey.

Title insurance doesn't mean that a full title search isn't done. It is. The lawyer still reviews all the documents on your property title. Your lawyer will order a title insurance policy instead of ordering various searches from the City. This saves you money in closing costs.

Diane LaRiccia, Sale Representative, RE/MAX®y Affiliates Realty Ltd., Brokerage, 5517 Hazeldean Road, Unit 1, Stittsville, ON ON K2S 0P5
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