Real Estate
Don’t worry about minor differences in title insurance policy terms – if you choose the right policy
We know that it is important to review the coverages, exclusions and specific exceptions in title insurance policies with clients. However, with respect to standard policy coverages (provided they are not affected by any property-specific exceptions), lawyers should be aware that the nature of Legal Service Coverage in TitlePLUS policies makes differences in these coverages… Read More »
Categories: 2015 September Blue Sky, Articles, Real Estate, Title insurance, TitlePLUSREPCO reduction reflects commitment to risk-rating
Real estate and civil litigation continue to be the areas of practice with the highest claims, both in terms of count and cost. However, real estate claims based on the registration of fraudulent instruments under the Land Titles Act where the claim would otherwise be excluded from coverage due to the dishonesty of the insured… Read More »
Categories: 2015 September - Insurance Issue 2016, Articles, Errors & Omissions, LAWPRO policy, Real EstateNever release funds before closing without meeting security requirements under the Condominium Act
Not infrequently, LAWPRO sees claims related to the release of condominium purchasers’ deposits to a vendor prior to closing. The circumstances under which these deposits can be released are strictly limited under the Condominium Act, 1998, S.O. 1998, c.19 (the “Act”), and the legislation does not permit contracting out of security requirements. Prior to the… Read More »
Categories: Areas of Law, Articles, Content Type, Real EstateLenders’ lawyers: beware of fake title insurance policies
While relatively rare, LAWPRO has seen instances of fake title insurance policies. Kathleen Waters, LAWPRO’s President & CEO, touched on the subject at the Law Society’s recent Real Estate Summit. An example of a situation in which a policy has been discovered to be fake is where the lender insured has asked that the borrower’s… Read More »
Categories: Areas of Law, Articles, Content Type, Real Estate, Title insuranceWhat do title insurers expect from lawyers?
Still relatively new in Canada, title insurance is not fully understood by many consumers. Even certain less-sophisticated lenders lack detailed knowledge of the product. The responsibility for explaining title insurance to those who purchase it – and for supporting insureds in obtaining coverage that suits their needs – falls squarely on lawyers’ shoulders. Lawyers are… Read More »
Categories: Areas of Law, Articles, Communications Errors, Content Type, Inadequate Investigation, Real Estate, Title insurance, TopicsYou can rely on the register except when you can’t
As between innocent mortgagees, which has priority when a fraudulent discharge of a first mortgage makes way for additional mortgages? A fraudulent discharge is discovered After a “second mortgage” it issued to Brampton homeowners in December of 2012 went into default in February 2013, lender Secure Capital issued a notice of sale. CIBC, which believed… Read More »
Categories: Areas of Law, Articles, Content Type, Fraud, Real EstateExcess coverage protects growing real estate practices
Is your real estate practice growing? That’s a good thing. But keep in mind that your risk exposure may be growing along with it. A hot market can mean a higher transaction volume, unconditional offers, and shorter closing times. All of these factors place pressure on lawyers, and can increase the chance of an error… Read More »
Categories: Areas of Law, Articles, Content Type, Excess insurance, Real EstateLAWPRO defends lawyers: Opposing inappropriate expansion of lawyer’s scope of responsibility
Advising clients of their rights on a legal matter is a significant responsibility and lawyers have a duty to discharge it with competence and care. But when defending a negligence claim where clients seek to hold lawyers accountable for the unfavourable results of their own business or strategic decisions, LAwPRO’s defence counsel don’t hesitate to… Read More »
Categories: 2015 May - Review of 2014, Articles, Casebook, Civil Litigation, Corporate Law, Criminal Law, Real EstateDemystifying condominiums with better communication
Condominium ownership has a unique set of rules and responsibilities. Helping your clients understand what they are getting into can reduce your risk of a malpractice claim. Start off on the right foot at the beginning of your relationship by sending a detailed retainer letter setting out what you will or will not be doing… Read More »
Categories: 2015 February - LAWPRO 20th, Articles, Communications Errors, Real Estate, TitlePLUSHow simple mistakes can lead to large claims
It’s easy to think that, at least in your office, a major claim couldn’t possibly happen. But LAWPRO’s experience shows that errors, innocent oversights and gaffes in any type of practice can lead to big problems. And if you or your firm don’t have adequate insurance in place to address the claim, you could be… Read More »
Categories: 2015 February - LAWPRO 20th, Articles, Civil Litigation, Corporate Law, Franchise, Inadequate Investigation, Independent Legal Advice, Personal injury, Personal Injury, Real Estate, Wills & Estates