Additionally, there are some areas where lawyers/ notaries are unable to provide an opinion, such as fraudulent documents or errors in the public record. Title insurance can offer protection against these unexpected factors.
Minimizing Lawyer/Notary Liability
Title insurance is no-fault based coverage; the claims process is straightforward and does not involve having to prove negligence. Our focus is on assessing and processing claims in a practical and efficient manner to ensure that the insured receives the full benefits of their policy.
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. Therefore, in the event we do pay a claim, liability rests with us - not the lawyer/ notary acting in the transaction. This reduction in exposure to negligent actions is a direct benefit to legal professionals.
Additional Advantages of Stewart Title’s Commercial Title Insurance
Priority and Enforceability of the Lender’s Mortgage Our Commercial Loan Policy insures the lender’s interest, providing protection for the lender if they suffer a loss as a result of a title defect. Our policy coverage lasts for as long as the mortgage is outstanding. Eliminates Closing Delays By underwriting known defects, encroachments or title problems, Stewart Title facilitates the closing of the transaction. Saves Costs Title insurance may reduce the amount of due diligence and off-title searches required to close a transaction. Title insurance is available for a one-time premium. Gap Coverage Registration of the mortgage on title and the advance of mortgage proceeds at closing may not occur at the same time, as there could be delays in the registration. Title insurance protects against intervening liens claiming priority between closing and registration. Opportunity to Trade Mortgages on the world market with some degree of standardization.
Why Stewart Title?
An Industry Leader As one of the world’s leading title insurers, Stewart Title’s commercial portfolio is among the strongest and most impressive in the industry. We have provided customized coverage for some of the world’s best hotels, golf courses, resorts, office towers and business centres. This impressive portfolio ranges from smaller commercial sites to multi-site and cross-boarder transactions. See some our worldwide Spotlight transactions to find out more. Canadian Expertise Each commercial property is unique and can present its own set of closing challenges. Our expertise is in providing lenders and owners with the best security, coverage and service available. Underwriting Excellence Handling transactions that require special underwriting and risk analysis is what we do best. Our team is recognized as offering the knowledge and ingenuity necessary to handle today’s complex transactions. Specialized Endorsements Because of the variety of commercial property types and the nature of various transactions, Stewart Title offers commercial endorsements that can be tailored to suit almost every situation. Real Estate Investment Trusts (REITS) REITS have their own title insurance requirements and we can offer a custom-designed master policy for both purchase and mortgage transactions. Stewart Title has streamlined the policy issuing process to ensure a fast turnaround so that REIT transactions close on time. Whether it is a single or multi-site transaction, we can provide gap coverage between the advance of funds and the registration of closing documents. Cross-Border Transactions It takes experience, responsiveness and dedication to complete all aspects of a cross-border transaction. From selecting the appropriate coverage to tying in loan policies for multiple sites, we have the resources to understand the nature of your transaction and how best to protect it.