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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. Additional Coverage Designed Specifically for Western Canada Now Available Residential policies (other than Existing Owner Policies) are now enhanced by the inclusion of additional coverage in our new Western Canada Endorsement. This endorsement will automatically be attached to the residential policies. In particular, for properties of one acre or less, the coverage found in our residential policy jackets for encroachments, lack of required building permits, and violations of existing zoning by-laws has been extended to include fences and boundary walls. Claims under owner policies with respect to fences and boundary walls are subject to a deductible of $450 and a maximum liability of $5,000. The endorsement also adds covered title risks for a variety of matters that would normally form exceptions to the land titles guarantee and for adverse results that would have been revealed had a number of listed local authority searches been conducted, such as a building and zoningdepartment compliance search, as at the date of closing. We encourage you to review our new Western Canada Endorsement for full details.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. Condo Coverage Stewart Title's search requirements permit a Condominium Estoppel/Status Certificate or Strata Form F to be obtained up to thirty (30) days prior to the closing date without the need to obtain a new certificate on the closing date. As long as an Estoppel/Status Certificate or Strata Form F was received within thirty (30) days prior to closing, coverage is provided for condominium fee arrears and special assessments that would have been revealed if an Estoppel/Status Certificate or Strata Form F had been obtained on the closing date.  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: Misplaced Driveway Resolution: Stewart Title confirmed coverage and paid more than $45,000 to remove the encroachment and relocate the insured's driveway onto her property. Certificate of Pending Litigation Resolution: We retained counsel to negotiate a settlement with the plaintiffs who had registered the Certificate of Pending Litigation. A satisfactory resolution was obtained following which the Certificate was discharged from our insureds' title. Identity Theft Resolution: Stewart Title retained counsel to defend our insured lender's position that it held an enforceable mortgage on the property.
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