When does title insurance typically take effect for a residential property purchase?
Correct Answer
B) On the closing date when title transfers
Title insurance coverage begins on the closing date when legal ownership transfers to the buyer. The policy protects against title defects, survey issues, and certain legal problems that may not have been discovered during the title search process.
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An Alberta brokerage has agency relationships with both a seller and a buyer who wants that seller's property. Under the RECA Rules, how can the brokerage act for both parties in this trade?
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