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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. LegalSTEPSTM - A Revolutionary Conveyancing Application
Stewart Title is proud to introduce LegalSTEPSTM, a web-based/desktop conveyancing application that will enable Ontario lawyers and their staff to complete the documents required for a real estate transaction and order title insurance, all from one application. Throughout development, we listened to your feedback to ensure that LegalSTEPSTM was built with the law office in mind. Whether it is a purchase, sale or refinance, LegalSTEPSTM will save you time and money every time you use it via the following features: User Friendly Customizable Efficient Flexible We are confident that you will also be very satisfied with our simple setup process, which includes unbeatable user pricing and does not require you to pay a licensing fee, nor sign a term commitment. There are also no costs associated with signing up; customization; support; or automatic updates. LegalSTEPSTM is another example of Stewart Title's unwavering philosophy to provide innovative products and services to the legal community, and to invest in products that help law firms complete real estate transactions more efficiently and with greater ease. For further details on LegalSTEPSTM please click here. You may also book a demo or training session online or by contacting your local business development representative. Introducing StewartPROTECTTM In February 2008, we introduced the latest addition to our line of residential title insurance products for Ontario Legal Professionals, StewartPROTECTTM. The enhanced coverage of StewartPROTECTTM is offered through an optional endorsement to our residential Gold Comprehensive Protection Owner and Lender Policies (excluding Existing Owner Policies). This endorsement, called a Closing Protection Letter, provides coverage to the insured for losses arising from situations where the insured's lawyer commits an error or omission in providing legal services on an insured purchase or mortgage transaction, irrespective of whether the negligence is related to a title risk covered under the provisions of the policy jacket. This coverage is available without requiring the insured to take legal action against his or her lawyer. Legal professionals in Ontario can purchase StewartPROTECTTM by ordering through one the following methods offered by Stewart Title: STEPSTM, STEPSTM/The Conveyancer® Integrated, phone, fax or email. Both STEPSTM and STEPSTM/ The Conveyancer® Integrated have been modified to enable you to purchase StewartPROTECTTM. In particular, an additional document, called a Purchaser Acknowledgment, has been added to these systems. In order to obtain the Closing Protection Letter on purchase transactions, lawyers are reminded that they must have their purchaser clients sign this document. As long time supporters of the legal community, we are excited to offer you and your clients the added protection and benefits of StewartPROTECTTM. We are committed to continuously improving our services and investing in our products to streamline the real estate process for legal professionals. For additional information on StewartPROTECTTM, including coverage benefits and pricing, please contact your local business development representative or view our downloadable brochure, click here. Title Insurance for Homebuyers - Information Brochure
 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. Adjoining Land Searches Except where the property being insured is the whole of a lot on a plan of subdivision, or otherwise exempt from section 50 of the Planning Act, searches of adjoining lands are required on purchase transactions to confirm that the lands have not merged with adjoining property and can be separately conveyed prior to issuing a policy. Our residential search requirements indicate that a full adjoining land search must be conducted for Registry properties and that for Land Titles properties, adjoining land searches should be done for the current owner as listed in the abstract. For residential refinances, no adjoining land search is required provided you make a verbal inquiry of the borrower to determine if they have an interest in an abutting property. Please consult our commercial search list for commercial property requirements. Execution Searches on Registry Properties Please recall that when conducting a subsearch of title for a property in a refinance transaction, Stewart Title requires it to be conducted to the most recent arm's length deed. Accordingly, in the Registry System, from the perspective of searching executions for a vendor, it is prudent practice to search not only the current vendor (who obtained title by way of the non-arm's length transfer) but also the transferor in the non arm's length deed. The rationale for this is that in the Registry System there is no mechanism for marking deeds subject to executions and frequently a non arm's length transferee will take title regardless of the existence of executions. 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: Hidden Septic System Resolution: Stewart Title spent more than $130,000 to demolish the addition, reconstruct it to building code standards and install a new septic system located at an appropriate distance from the home. Stewart Title also provided and paid for alternative accommodations for our insureds during construction. Misappropriation of Trust Funds Resolution: Stewart Title paid more than $180,000 to discharge the prior mortgage from title. Open Permit and Notice of Violation Resolution: Stewart Title covered the claim and paid more than $60,000 in rectification costs to have the open building permit closed and the notices of violations corrected. Mark Your Calendars: Lecture Series 2008
Join us at one of our available lectures: Ottawa - Tuesday, September 9 Registration and Breakfast: 8:00 am to 9:00 am
Each year, these lectures generate open and lively discussions covering a wide range of topics that benefit the legal community. Topics to be covered include: Legislative Updates, News & Recent Developments Insuring Commercial Properties There is no fee to attend and seminar material. To RSVP, please send the names of those attending along with firm names and phone numbers to: OttawaLectureSeries@stewart.com Don't miss out on what promises to be a very rewarding and informative event!
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