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Tuesday, May 16, 2017
Are you protected?
At FCT we offer solutions to protect you before, during and after a real‐estate transaction.
Introduction
During.
• To tell or not to tell
your title insurer
• Known Defects vs.
Unknown Defects
• Waiver of Subrogation
• Private Lenders
• CRA Deemed Trust
Claims
Before.
• Title Insurance vs. Title Searching
• Who should order the Policy?
• Commercial vs. Residential
• Fraud Detection
• Power of Sale and Foreclosure Issues
Agenda
1 2 3 After.
• S. 116 of the Income
Tax Act
• Claims Process
• Case Example CIBC v.
Computershare
• E&O Extra Policy
Easements, Restrictions
Before.Title Searching vs. Title Insurance
Do I need a Survey ?
Benefits:
• Maintain control of the process• Deal with underwriting issues• Set exceptions to coverage
Before.Title Searching vs Title Insurance
Before.Ordering the policy
Who should order it and why?
Commercial vs. Residential Coverage
Before.Are you getting the right policy?
• Fraudulent transfers
• Fraudulent mortgages
• Fraudulent discharges
Before.Fraud‐detection experts
Before.Advising clients on the transaction
Power of sale/foreclosure transactions• Carefully review documents with client
During.On time closings
Search Guidelines vs. Due Diligence
• Proposed use
• Conservation Authority
• Lot size dimensions
During.Protect your firm
To tell my title insurer or not to tell, that is the question.
During.Custom coverage
Known defects vs Unknown defects
• Limited marketability explained
During.Protect your firm
Waiver of Subrogation
• FCT has undertaken not to make a subrogated
claim against you, except in cases of gross
negligence or willful misconduct.
During.Reputation protection
FCT’s exception: An allegation that the Insured Mortgage was fraudulent, including a challenge to its validity and enforceability, if the Insured did not ensure that the balance of mortgage proceeds (after payment of real property taxes, prior registered encumbrances, execution creditors and unsecured debts owing to a bank, trust company, insurance company, credit union or caisse populaire) was made payable to the registered title holders, or did not ensure that a written undertaking to make the balance of mortgage proceeds payable to the registered title holders was obtained from their solicitor/notary.
Acting for private lenders
During.Protect your clients
CRA Deemed Trusts
During.Protect your clients
S. 116 Clearance Issues
• No coverage under the policy; treat all S. 116 issues with extreme caution.
Claims Process
• Don’t delay
• Don’t feel bad
• Insured can submit claim
After.Reputation protection
CIBC vs. Computershare
• Mirror and curtain principle of the land titles system
After.Claim case example
After.E&O Extra Policy
Industry leader and pioneer of title insurance in Canada.
Why FCT?
Credibility
Expertise
Product
People/ServiceOur mission is providing service excellence through thinking differently and employing a personalized approach. FCT is the only title insurer with a certified fraud examiner who works with you to protect your clients and practice.
Comprehensive coverage and a superior claims handling history
Unparalleled underwriting solutions and 25+ years of industry related experience.
Thank you!