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Understanding title insurance - blog post resize
13Jun
Understanding Title Insurance
Commercial

Understanding Title Insurance

 

Buying a home can be an emotional, exciting journey and probably the single largest investment you could make in your life. Understanding title insurance can help you protect your property’s title.

Do note that when buying a home, many hidden issues may spring up after you purchase it. This is why it is important to get an owner’s title insurance policy as it protects you from legal title discrepancies and other fraud issues. Here are other reasons why understanding title insurance is vital to protecting your home.

Everyone has a checklist of things they look for when buying a house. This could include a quiet tree-lined street, a neighbourhood with good schools and others. These are all important things to consider but what about the property’s history?

Did you know there could be issues like pre-existing liens, easements, zoning violations, outstanding work orders, forged identity and more? These issues could cause confusion over who has right to the property. And the last thing you want as a homeowner is a big confusion that puts your property in jeopardy.

Here is where title insurance comes in when you buy or refinance a home. Title insurance confirms there’s no dispute over who has rights to the property.

Peace of mind with a one-time fee!

Unlike homeowners’ insurance where you pay a monthly premium, title insurance only requires a  one-time fee to protect you and your property. Title insurance gives you and your client peace of mind that any disputes or restrictions that may arise are resolved or known.

Regular title insurance covers you against losses from unknown title defects that could impact your property ownership, title fraud, unforeseen mistakes in public records and surveys, issues regarding encroachment and more.

Title insurance from Chicago Title can provide peace of mind with the knowledge that your client’s interests are fully protected. To learn more get in touch with us at Chicago Title today.

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cottage season
17May
5 Things to Consider When Buying a Cottage + Bonus Tip
Industry News

5 Things to Consider When Buying a Cottage + Bonus Tip

 

Now that the weather is warming up, cottage season is upon us. Vacation properties have become a red hot market driven by the allure of short-term rental investment properties to those who are looking for a quiet place to relax outside of the city. Before dipping your toes into the market, or into the lake, there are 5 things you must consider to protect yourself, and your dream investment from becoming a nightmare:

  1. Property and Surroundings

Start the process by visual inspection of the property. Look for things like missing shingles, holes or damage on the roof, cracks in the foundation, and damage to porch screens, decks or chimneys. If the property is on a lake, don’t forget to check docks, lifts and boathouses.

  1. Water Supply

A reliable water supply is critical. Ensuring that the plumbing is in order and testing water potability, gives you the peace of mind that you will have a reliable and safe water supply for the cottage season.

  1. Septic System

Take note of potentially strong odours, water pools or damp spots around the septic tank. This also includes gurgling sounds in the plumbing system and slow draining bathtubs, showers and sinks. The last thing you want to be surprised with is water or sewage coming up your toilets, drains and sinks. Pay close attention and engage a professional if you see any red flags.

  1. Mold or Mildew

Check for mold and mildew around the sills. Remember that bathrooms are often a hot spot for growth as the conditions often provide the perfect environment for mold and mildew to flourish. If you find any mold or mildew be sure to never touch or disturb it, as even a small amount may be a health hazard.

  1. Ease of Access:

If you intend to make regular use of your vacation property, look for one with unencumbered access by road. Remember, Cottages that offer access by water only, may cost less, but you must also factor in the added expenses of operating, parking and protecting your boat. Being isolated by water also provides yet another opportunity for potential intruders to go unnoticed.

Bonus Tip

Lastly and most importantly, remember that title insurance coverage is one of the greatest tools you have to protect against potential losses arising from issues like encroachment, zoning violations, fraud and more.

That’s it. By exercising the precautions above and ensuring you have protected your investment with a title insurance policy you can ensure that your dream property does not become your worst nightmare. Click on the link to learn more about our seasonal property endorsement.

 

Chicago Title offers comprehensive coverage for your cottage.  Contact your lawyer for more information on our coverage today!

CTIC.ca

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A lawyer allegedly defrauded his clients resulting in a loss of more than $7.5 million
20Jan
A lawyer allegedly defrauded his clients resulting in a loss of more than $7.5 million
Industry News

A lawyer allegedly defrauded his clients resulting in a loss of more than $7.5 million

 

A Mississauga based lawyer- Shahid Malik has allegedly defrauded his clients resulting in a loss of more than $7.5 million.

Last year numerous victims retained the services of Shahid Malik, the owner of Shahid Malik Law Office in Mississauga, in order to settle real estate transactions. However, it is suspected that the funds were not allocated towards the outstanding mortgages.

Click on the link to read the full article: https://globalnews.ca/news/8513033/arrest-warrant-shahid-malik-lawyer/483483

 

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The four industrial buildings in the centre of this image, all along Calgary’s 25th St., N.E., have been purchased by Skyline Commercial REIT. (Google Maps)
20May
Congratulations Skyline on the purchase of 1.1 million sq. ft. of industrial buildings in Calgary!
Industry News

Congratulations Skyline on the purchase of 1.1 million sq. ft. of industrial buildings in Calgary!

Skyline Commercial REIT has acquired a four-property industrial real estate portfolio in Calgary, comprising over 1.1 million square feet of space, for $132 million, as reported by RenX.

The four industrial buildings in the centre of this image, all along Calgary’s 25th St., N.E., have been purchased by Skyline Commercial REIT. (Google Maps)

Chicago Title Insurance Company congratulates Skyline Commercial REIT for acquiring this commercial real estate property.

Meet the team of experts for your commercial title insurance needs.

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OSFI's ticking time bomb
03Mar
Proposed changes to Regulatory Capital Framework
Industry News

Proposed changes to Regulatory Capital Framework

OSFI’s (Office of the Superintendent of Financial Institutions) proposed changes to the Regulatory Capital Framework for Federally Regulated Property and Casualty (P&C) Insurers have created serious concerns in the industry.

The proposed changes will not only affect all Title Insurance providers in Canada, but also the entire commercial real estate industry through price increases and coverage limitations.

Here’s what the industry is saying about this.

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