Want to get a NEW driveway for $300?
Ben Schmidt of www.benschmidt.tv a Fredericton NB and Oromocto NB real estate agent video blogs about title insurance...
So, I met a new client the other day, and they have a pretty interesting story. They purchased a home and were under the impression that the driveway next to the home, was included. Ended up being that this driveway was the neighbors and did not belong in anyway shape or form, to the home that they purchased. I have no idea exactly how the lawyer, Realtor or anyone did not pick this up. It blows me away!
Now the huge positive that came from this, is they had purchased title insurance. Title Insurance is a great option, instead of getting a survey done. Title Insurance covers anything that a survey "would have found" if you had actually done one. If they had purchased a survey, they would have found that the driveway does not belong to the home, but ultimately the vendor, most likely, wouldn't have paid for a new driveway to be put in. Since it was found after the house was purchased, and title insurance was purchased, the insurance company covered for the expense of a new driveway to be put in!
Moral of the story.... get title insurance. Ask your Realtor or Lawyer about it.
If you have any questions for a Realtor give me an email at ben.schmidt@me.com