The term “Title Insurance Closings” means that a real estate transaction is going to be completed by using Title Insurance.

Title Insurance is private insurance that is purchased which allows certain real estate transactions to “close” on the Closing Date, even though the actual registration of the documents has not taken place at the Land Title Office.

A real estate transaction that closes by way of a Title Insurance Closing allows the Buyer to have possession of the property, the Seller to receive their Sale Proceeds and for the Realtors to receive their commissions, even though the actual Transfer of Land and Mortgage have not been registered.  Title Insurance Closing Diagram of the process.

In a normal real estate transaction, everyone has to wait for registration of the documents.  Because of the long delays we are currently (December 9, 2006) experiencing at the Land Title Office (22 business days, about 30 calendar days) a method had to be found to “bridge” the time gap between when the conveyancing documents were ready and sent for registration and the date upon which they were actually registered.

Title Insurance is a response from the private insurance industry that if your transaction fits there insurance requirements, then the Title Insurance policy that you purchase will protect the Lender and you, if you purchased Title Insurance for yourself if there is some problem with the ultimate registration.

An important aspect of purchasing Title Insurance is that you do not need a Real Property Report IF the Buyer is prepared to accept Title Insurance instead of the Real Property Report.

TITLE INSURANCE IS NOT AVAILABLE for certain real estate transactions including:

  • Purchase of a NEW Condominium
  • Purchase of a USED Commercial Condominium


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