What protection does Gap Coverage provide when Land Registry offices are closed?
Gap Coverage is automatically included in all of our residential and commercial title insurance policies and insures both purchasers and lenders against losses due to intervening registrations on title between the date of closing and the date of registration of the documents to the Land Titles or Registry office.
Learn more about Gap Coverage.
Do I need to purchase Gap Coverage separately?
Chicago Title has Gap Coverage embedded in all residential and commercial policies. This coverage is not new, it is a coverage we had in place.
This coverage is part of the offering to our Insureds and will continue to protect purchasers and lenders during potential delays or closure of Land Titles/Registry Offices caused by the COVID-19 pandemic.
Provided the title search (and execution/judgement search where applicable) is dated within 30 days prior to the closing date, Chicago Title’s Insurance policy will protect the insureds from loss in the event there is an intervening registration between the time the closing documents are executed by all parties and their registration at the Land Titles/Registry Offices.
No need to ask for Gap Coverage, it’s included in all Commercial and Residential policies. Always, at no additional cost.
Unknown defects, charges or liens existing as of the date of execution of the closing documents are covered by the Covered Risks of the Title Insurance policies.
For more information on Extended Gap and other coverage offered by Chicago Title, please contact your Regional Manager.
How is Chicago Title handling delays in off-title searches? (eg. taxes, status/strata certificates, building/zoning related searches, etc.)
With regards to other off-title searches, if the current situation prevents a law firm from obtaining responses from Municipalities or Government offices, please know that Chicago Title will work with you to provide title insurance coverage where we can in order to close the real estate transaction.