Types of policies
Stewart Title also offers commercial title insurance policies and provides gap coverage.
Policies can be issued all across Canada for:
- residential dwellings of up to six units
- vacant land
- leased land
For a one-time fee, some of the covered title risks for residential properties include:
- someone else owns an interest in your title
- existing liens against the title
- violations of municipal zoning by-laws
- encroachments onto an adjoining property (other than fences and boundary walls)
- setback violations
- realty tax arrears
- outstanding municipal utility charges, provided such charges form a lien on title
- existing work orders
- lack of legal access to the property
- unmarketability of the land due to adverse matters that would have been revealed by an up-to-date survey / RPR/ Building Location Certificate
- fraud, forgery and false impersonation to the extent they affect the validity of title
Cost effective, timely closings
At a low, one-time premium, title insurance often pays for itself when compared to the cost of an up-to-date survey/ RPR/ Building Location Certificate and standard off-title searches. Title insurance has no deductible so the premium is truly a one-time fee.
Our lender policies are accepted widely in the lending industry. In fact, our survey/ RPR/ Building Location Certificate coverage is generally acceptable to lenders in lieu of an up-to-date survey/ RPR/ Building Location Certificate. This saves borrowers the cost of obtaining a new survey/ RPR/ Building Location Certificate and allows for a transaction to close faster.
As well, with title insurance, waiting for municipalities to respond to compliance letters, searching for old or obtaining new surveys/ RPRs/ Building Location Certificates is (in most cases involving single family residential homes), no longer necessary. Our underwriting department is available to review and underwrite many known title and off-title defects, thereby accelerating the closing process.
Minimizing lawyer/ notary liability
Stewart Title waives its rights of subrogation against lawyers/ notaries in all cases except for intentional acts or omissions, gross negligence, or fraudulent acts or omissions. Subject to the above, in the event Stewart Title pays a claim, liability rests with Stewart Title and not the lawyer/ notary acting in the transaction. This reduction in exposure to negligence actions is a direct benefit to the lawyer/ notary.
Stewart Title also provides several ordering options for lawyers/ notaries. Residential and commercial title insurance policies can be ordered by phone, fax and Internet. Examining Counsel Members benefit from ordering via STEPS online.
Automated Payment Process (APP)
Remitting policy premiums to Stewart Title is quick, easy and cost effective. Legal professionals can remit premiums for their clients’ policies electronically via credit card or pre-authorized debit.
By remitting premiums through APP, legal professionals can save time and costs. Contact your Business Development Representative to find out how. To obtain a user name and password for the set up of your account contact us at 1-866-969-9101, or e-mail inquiryCDA@stewart.com.
Contact us for more information.