We know that being able to close your transaction quickly and smoothly is of utmost importance. All transactions processed by FNF Canada are accompanied by a policy of title insurance that is issued and underwritten by Chicago Title Insurance Company. We have developed underwriting guidelines and standards for our mortgage settlement services that allow for quick and automatic underwriting of most common title issues. Our national processing system is integrated with Chicago Title and allows for the automatic and immediate issuance of most title policies. Any issues requiring underwriting approval are electronically submitted to and reviewed by a group of dedicated underwriters, providing instant responses and underwriting support.
A title insurance policy from Chicago Title provides comprehensive protection for clients, including coverage for matters such as errors in the public record, fraud and/or forgery, survey errors and other matters which cannot be completely mitigated by a lawyer/notary or service provider.
Specifically, the Gold Loan Policy provides protection against the following title risks for an amount up to 125% of the registered mortgage. It remains in effect for as long as the security is registered on title.
- Invalidity or unenforceability of the insured mortgage
- Borrower fraud and forgery (including post-policy coverage)
- Failure to obtain independent legal advice or inadequacy of ILA
- Previous fraud/errors in Land Titles records
- Fraudulent discharge of the mortgage
- Defects in the title
- Inability to use property for single family residential purposes
- Priority of liens and/or unregistered easements/rights of way
- Defects that would have been revealed by an up-to-date survey, survey errors or illegibility of survey
- Lack of access from a public road
- Violation of zoning setback requirements
- Contravention of registered restrictions, subdivision, development and other agreements
- Registration gap coverage (allows for instant funding)
In addition to the covered title risks, there is a duty to defend title, a key feature of every policy issued. This includes costs, legal/notarial fees and expenses.
Chicago Title also provides title insurance for owners and lenders through lawyers and notaries across Canada for residential and commercial real estate transactions, including coverage for large multi-jurisdictional complex commercial transactions.
www.chicagotitle.ca