In Quebec, Chicago Title insured almost all the owners of a condominium project. After taking possession, to the owners’ dismay, two Construction Legal Hypothecs were registered on their titles. It was discovered that the developer had not paid two sub-contractors for their work during the construction of the condominium units.
Construction legal hypothecs guarantee that full payments are made to the parties involved in constructing the building.
To make matters worse, the developer declared bankruptcy after the sale. Chicago Title retained counsel to represent the insureds.
The Chicago Title Resolution:
Chicago Title paid approx. $62K to the sub-contractors to obtain a discharge of their Construction Legal Hypothec against our insureds’ condominium units. It also paid the legal fees for the retained counsel.
Title insurance is an essential form of insurance that provides coverage for future claims or future losses. It safeguards the owner of any real estate property or the insured mortgage lender from title ownership discrepancies. It also protects against overall real estate fraud or the effect of events prior to the acquisition of the property.
Title Insurance from Chicago Title can provide peace of mind with the knowledge that your client’s interests are fully protected.
About Chicago Title:
Chicago Title Insurance Company Canada has proudly provided security for Canadian real estate transactions for over 70 years. We bring years of experience and specialized expertise to protect your real estate transactions. We take the time to understand your specific circumstances and offer customized solutions for each of them. To learn more visit CTIC.ca
Our team is available for a no-obligation, free consultation. To safeguard your title and ensure a smooth transaction, get in touch with us today.Claims, Residential