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Celebrating 20 Years in Canada!
Over the past 20 years, we have experienced incredible growth. What was previously an operation of four people in a single office now has over 230 employees across seven offices nationally. Our growth and success is attributed to the continued support of our client base. We sincerely thank you and look forward to continually developing products which support the Canadian legal community now and in the years to come. Close on Time Title insurance can facilitate the timely closing of transactions in situations where a real property report has been ordered, but is not yet available on the closing date. The real property report related coverage provisions, including coverage for forced removal of all or part of the structureslocated on the property due to setback violations or encroachments (other than boundary walls or fences)* onto abutting land or easements, will provide purchasers and lenders with comprehensive protection from losses. * The exception for fences and boundary walls applies only to properties greater than one acre in size. Title Insurance for Homebuyers - Information Brochure
Flexible, Customized Coverage Custom underwriting is often available for known defects such as many types of encroachments onto neighbouring land that are revealed by an up-to-date real property report obtained prior to closing. This coverage generally includes coverage for losses if the purchaser is forced during his/her ownership to remove the encroachment. This coverage is often more beneficial to a purchaser than an encroachment agreement, as such agreements usually require the purchaser at his/her own expense to remove the encroachment if the municipality so requires.  Dealing with Mortgage Free Properties Properties with no mortgages are especially attractive to fraudsters. When acting on a transaction where the property is currently mortgage free, extra caution should be taken to confirm the identity of the vendor or borrower. As well, there has been a recent increase in registration of forged discharges. Where a mortgage has recently been discharged, those documents should be checked to confirm who registered the discharge, especially in cases where there is a private lender. Where there is any suspicion of the bona fides of the borrower, consideration may be given to confirming with the prior lender that the mortgage was properly discharged. Marijuana Grow Ops Where an Agreement of Purchase and Sale provides that a property had been used as a marijuana grow operation, or for the production of other illegal drugs, you are reminded to contact Stewart's Underwriting Department to determine which search requirements may apply and to obtain appropriate exceptions to be included in Schedule B prior to issuing a policy or commitment to insure the property. Powers of Attorney Recent experience has indicated that the fraudulent use of powers of attorney is a significant risk. Accordingly, whether you act for a vendor, purchaser, or borrower it is important to carefully scrutinize powers of attorney being used in transactions when you did not meet with the donor and donee personally, and prepare and witness the power of attorney yourself. A proper review of a power of attorney includes not only ensuring the proper form and execution of the power of attorney document, but examining the reasoning behind its use, and verifying the identity of the party(ies). When you act for a purchaser and you are aware that the vendor is using a power of attorney, you must obtain and review the power of attorney to ensure its validity on its face. Additionally, it is of utmost importance that mortgage funds being obtained by way of power of attorney be paid directly into the name of the donor and not the attorney. Title Insuring Mortgages in Favour of Self-Directed RRSPs When title insuring residential mortgages with Stewart Title, there is a difference in the premium paid depending on whether the mortgage to be insured is institutional or private in nature. An additional $50 is automatically charged for residential private mortgage policy requests. If you are preparing a residential lender policy for a private mortgage as Examining Counsel with Stewart Title, it is important that you enter the name of the lender correctly to ensure that the additional $50 premium is added to the invoice statement. This also applies to mortgages where the mortgagee may be an institutional lender holding the mortgage in trust for a self-directed RRSP. This would be considered a private mortgage and the additional $50 premium would be applicable. Should you have any questions or concerns on this issue, it is advisable to contact an underwriter.  Stewart Title has been issuing title insurance policies for more than a century and our financial strength, stability and claims paying ability make us an industry leader. Stories from our most recent files: Outstanding water arrears Resolution: Stewart Title confirmed coverage and paid the water arrears and interest owed by the prior owner. House located on two parcels Resolution: Stewart Title retained counsel to bring the proper application to the land registrar's office to have the insured registered as the owner of the second parcel. Evidence was provided that the prior owners of the second parcel, their heirs, and successors could not be located, and the land registrar's office granted permission to register the second parcel in the name of the insured.
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