Back-alley issue

Back-alley issue

We were preparing title insurance for the sale of commercial property when our title search came back with an unusual problem. The property, in a major city, had laneways attached to it, but no record of if those laneways belonged to the property or not. Without clear ownership, a third party could come in and block access to it.

The vendors had always used the laneways when they owned the property, but the purchasers were worried. They requisitioned the vendor’s lawyer to solve the issue by close of sale, and the vendors were feeling the pinch of all the work and cost needed to get it fixed.

But one of our experienced underwriters spoke with the vendors and got them to make a declaration that they’d always been able to use the laneways. We used that to create a custom endorsement to protect the purchasers if someone ever tried to restrict their use of the laneway.

Thanks to our customized coverage, the deal closed on time, with both sides saving a bundle. That’s one of the great advantages of having people on the ground who know the area. Custom problems need custom solutions, which are exactly what CTIC provides.

Related Articles

Please Be Advised / S'il vous plaît soyez informé

Please be advised that on Monday, May 20th, 2024, our offices will be closed for Victoria Day, our regular business hours will resume on Tuesday, May 21st, 2024.

Veuillez prendre note que nos bureaux seront fermés le lundi 20 mai 2024 pour la fête de la Reine et que nous serons de retour aux heures normales d’opération le mardi 21 mai 2024.

For the Province of Québec:

Please be advised that on Monday, May 20th, 2024, our office will be closed for National Patriots’ Day, our regular business hours will resume on Tuesday, May 21st, 2024.

Veuillez prendre note que notre bureau sera fermé le lundi 20 mai 2024 pour la Journée nationale des patriotes et que nous serons de retour aux heures normales d’opération le mardi 21 mai 2024.

Search