Showing posts tagged with: Commercial
Chicago Title Settles $102,000 in Unpaid Real Estate Taxes
15Jul
Chicago Title Settles $102,000 in Unpaid Real Estate Taxes
Claims

Chicago Title Settles $102,000 in Unpaid Real Estate Taxes

 

Managing and scaling a business is not for the faint-hearted. Each day is accompanied by challenges and surprises. One of the ways commercial property can be affected includes sudden expenses from compliance issues and losses due to fraud or identity theft. Sometimes, this could also encompass unpaid real estate taxes that are discovered after an assessment imposed on title by a governmental authority.

Reassessed Real Estate Property Tax Notification 

This is precisely what happened with a commercial property owner recently. A commercial real estate lawyer conducted the standard due diligence that any prudent real estate solicitor would do on a purchase transaction. It was then the solicitor came across a Real Estate Tax Reassessment Notice. The Notice inadvertently indicated the basis of the reassessment was the real estate property taxes were too high, and in all probability, the purchaser would receive a refund. The solicitor took no further action, a Commercial Title Owner’s Policy was issued with no exception noted on Schedule B, and the transaction closed. A few months after closing, the insured received a Reassessment Notice relating to the unpaid real estate property taxes. The notice indicated the insured owed $102,000.00 in unpaid real estate taxes.

The Chicago Title resolution

Fortunately, the insured had a commercial owner’s title insurance policy,  and he notified Chicago Title of the Reassessment Notice and filed a claim. Since the reassessment commenced prior to the Date of Policy, Chicago Title considered this a pre-existing lien. Chicago Title accepted this claim and paid $102,000 to clear the matter from the title.

A Commercial Title Insurance Owner’s and Loan Policy provides coverage for lien resulting in unpaid real estate property taxes or assessments imposed on title by a Quai-Governmental Authority on the date of closing.

Fortify your business with a commercial owner policy

It’s always a good idea to ensure that you have a commercial owner policy to provide coverage for issues like this. The small premium can pay huge dividends.

Take advantage of our comprehensive coverage solutions. To learn more, visit CTIC.ca

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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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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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