Question: What is Title Insurance? Home Owner Policy and Lender Policy?
KL: Title Insurance is generally a one-time charge unless you change lenders for the lenders policy. The Lender’s policy protects the bank against any defects of ownership. Such as an illegal charge on your property (see a lawyer for further explanation). The owner’s policy protects YOU against any defects in title. Ask your lawyer for further details.
Question: What is the exemption for the First Time Home Buyer and can I use this exemption again if I buy another home?
KL: The new home buyer’s exemption applies if you have never owned property anywhere in the world. You can then get a exemption for all or a portion of the Land Transfer Tax. And no, you can only use this once.