Viewing posts categorised under: Quebec
Endorsements further enhance title insurance
07Sep
Endorsements further enhance title insurance coverage!
Claims

Endorsements further enhance title insurance coverage!

 

Title insurance policies for owners and lenders address many real estate closing needs. However, some property owners or lenders may require a unique endorsement to the standard title insurance policy to cover an identified risk. An endorsement helps so the transaction can close on time and provide coverage should the identified risk require future remedy.

Claim Summary:

In 2017, the Insured purchased a brand-new home from a builder in Quebec. Chicago Title issued an owner’s policy that included an Identified Risk – Enforced Removal Endorsement to cover the insured should the owner of the adjacent property require the enforced removal of part of the interlocking paving stone driveway encroached onto the neighbouring property.

Two years later, in 2019, the neighbouring property owner sent a letter to the Insured requiring the prompt removal of the interlocking paving stones encroaching onto his property.

The Chicago Title Resolution:

The Company accepted the Insured’s tender of defence. The claim was covered under the Identified Risk – Enforced Removal Endorsement included in the owner’s policy. The issue was settled smoothly, with Chicago Title paying out the amount of $2,299.50 to cover the cost of removing the encroachment.

Title insurance from Chicago Title can provide peace of mind with the knowledge that your client’s interests are fully protected.

To learn more visit ctic.ca.

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Condo owner impersonations a
23Jun
Beware! Condo Owner Impersonations are on the Rise!
Claims

BEWARE! CONDO OWNER IMPERSONATIONS ARE ON THE RISE!

 

In a shifting real estate market, criminals are always trying to take advantage and become increasingly sophisticated with their real estate scams, especially condo owner impersonations.

A fraudster impersonated the owner of a unit at the Montreal Canadians Tower, a condominium property in downtown Montreal, Quebec. The fraudster borrowed an amount of $358,995.98 CAD from a Private Lender, which was guaranteed by a first mortgage.

As part of this transaction, the Insured obtained a lender’s policy underwritten by Chicago Title Insurance Company. The fraudster provided a false ID to the notary who transacted the mortgage.

Chicago Title paid $358,995.98 to the insured lender and an additional $31,032.00 CAD in legal fees. The homeowner regained their unencumbered condo unit. Without title insurance, the end of the story would have been very different.

Stay one step ahead of fraudsters

At some point in your life, you will encounter fraudulent activities. It’s not a matter of if; it is only a matter of when.  Fraudsters are an increasing threat worldwide, and it is not restricted to just the real estate industry. What is worrisome is that the criminals have improved their tactics. This is why you need to have a good understanding of how they work and how to spot fraud before it’s too late.

The good news? At Chicago Title, we are proactive at spotting fraud warning signs and at protecting our clients. We have made it our company mission to create processes and safeguard protocols to ensure a fair and accurate real estate transaction each time.

Choose wisely

We continue to increase awareness of fraud trends through educational resources that help lawyers, notaries, their staff and clients. Choose wisely and call us now for your free consultation.

We are here to help. For more information, contact your Regional Manager today!

CTIC.ca

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Chicago Title Paid $62,000 to Discharge Construction Legal Hypothecs Against Condo Unit
09May
Chicago Title Paid $62,000 to Discharge Construction Legal Hypothec Against Condo Unit
Claims

Chicago Title Paid $62,000 to Discharge Construction Legal Hypothec Against Condo Unit

 

In Quebec, Chicago Title insured almost all the owners of a condominium project. After taking possession, to the owners’ dismay, two Construction Legal Hypothec 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 hypothec guarantees full payments 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.

How Chicago Title Solved the Construction Legal Hypothec Issue

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. Get in touch with us today to safeguard your title and ensure a smooth transaction.

CTIC.ca

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11Apr
Chicago Title was the main title insurer in a landmark real estate deal in Quebec worth $5.7 B
Commercial

Chicago Title was the main title insurer in a landmark real estate deal in Quebec worth $5.7 B

Congratulations to Canderel, Group Mach, and their partners on acquiring Cominar Real Estate Investment Trust. We are proud to be the major title insurer for this historic deal valued at $5.7B, considered one of the most important real estate transactions in Quebec’s history.

Chicago Title Insurance Company congratulates Canderel, Group Mach, and their partners for acquiring this commercial real estate property.

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

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Chicago Title insured six out of the top ten CRE transactions
07Feb
Chicago Title insured seven out of the top ten CRE transactions
Commercial

Chicago Title insured seven out of the top ten CRE transactions

 

In 2021, there were 1,799* commercial real estate transactions resulting in $9.92 billion transaction volume in Montreal. Out of these, a few multi-residential, retail and office transactions emerged as the top ten commercial real estate transactions. Chicago Title insured seven out of these ten transactions.

We are the exclusive underwriter of commercial title insurance for thousands of notaries and lawyers across the country. The following are just a few reasons why they trust us with their commercial deals:

  • Local knowledge and expertise allows us to effectively underwrite regional specific commercial title matters;
  • Experience which allows us to understand and underwrite the most complex commercial title matters in a creative and solutions-oriented manner with a proven ability to work with our clients to build transaction-specific policies using our extensive endorsement library;
  • Service focused team underwrites and processes orders in a timely and responsive manner, allowing our clients to meet their customers’ expectations; and
  • Competitive pricing.

Commercial title insurance protects the owners and lenders from losses arising from fraud and title defects. Due to the pandemic, commercial property owners and lenders have faced a lot of uncertainty and challenges. During these tough times, one thing that has remained unchanged for them is the protection provided by title insurance.

Learn more about commercial title insurance and contact our business development team to understand how it can add value to your clients’ real estate transactions.

 

*Source: https://renx.ca/montreals-top-10-cre-transactions-of-2021/

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Chicago Title insured six out of the top ten CRE transactions
06Apr
Chicago Title insured six out of the top ten CRE transactions
Quebec

Chicago Title insured six out of the top ten CRE transactions

 

In 2020, there were 1,439* commercial real estate transactions valued at $6.12 billion in Montreal. Out of these, a few retail and office transactions emerged as the top ten commercial real estate transactions. Chicago Title insured six out of these ten transactions.

We are the exclusive underwriter of commercial title insurance for thousands of notaries and lawyers across the country. The following are just a few reasons why they trust us with their commercial deals:

  • Local knowledge and expertise allows us to effectively underwrite regional specific commercial title matters;
  • Experience which allows us to understand and underwrite the most complex commercial title matters in a creative and solutions-oriented manner with a proven ability to work with our clients to build transaction specific policies using our extensive endorsement library;
  • Service focused team underwrites and processes orders in a timely and responsive manner, allowing our clients to meet their customers’ expectations; and
  • Competitive pricing.

Commercial title insurance protects the owners and lenders from losses arising from fraud and title defects. Due to the pandemic, commercial property owners and lenders have faced a lot of uncertainty and challenges. During these tough times, one thing that has remained unchanged for them is the protection provided by title insurance.

Learn more about commercial title insurance and contact our business development team. to understand how it can add value to your clients’ real estate transactions.

 

*Source: Renx

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