Real estate involves various legal issues that aren't always presented well in the home buying process. Be cautious when you're processing new, existing, and reinstating lice… twitter.com/i/web/status/1… via @RECA, Heads up! 7. Check out the award-winning COVID-19 material and resources here:… twitter.com/i/web/status/1… via @RECA, The COVID-19 pandemic is ongoing in Alberta. FOR ALL TRANSACTIONS: Have there been any transfer(s) of title or mortgage discharge(s) registered within the last six months? Check out RECA's Home Buyer Guide to learn the step-by-step process of buying… twitter.com/i/web/status/1… via @RECA, RECA News Release - Brokerage Suspension: Connelly & Company Management Ltd. reca.ca/about-reca/pub… pic.twitter.com/SsblMvWl23 via @RECA, Industry Pros: The deadline for applications for those interested in becoming a candidate for the Industry Councils… twitter.com/i/web/status/1… via @RECA, Industry pros: The nomination period for Industry Council elections closes in two days! Whenever you need an Alberta real estate lawyer, send Barry a message, or head over to the Contact page. Much to her surprise Cindy discovers that a portion of the deck is over the company’s utility right-of-way, creating an encroachment. Should I get title insurance in place of a real property report? Typically, a home valued at under $500,000 will cost around $200 – $275. You can call 905-287-3380 or 1-877-888-1153 and we’ll be happy to get you a … That’s where Title Insurance comes in. It is an additional form of protection for both during a real estate purchase and after you own a home. Unfortunately, there are people in the world that are extremely skilled in fraudulent real estate transactions. Ordering title insurance with Stewart Title has never been easier. What is Title Insurance? Title insurance doesn’t magically make problems go away. Title insurance works like a standard insurance policy. Copyright All Rights Reserved © 2018 Kahane Law Office, Dependent Adult Applications (Represented Adults), This Week’s Wacky Wednesday: Richard Simmons is Still Winning. if through fraudulent transactions and paperwork, someone loses title to a property they legally own – title insurance can assist in getting title back), can provide “gap coverage” to buyers and borrowers, which protects their interests when a transaction is closing. Government backed titles are the same across most parts of … Call Kahane Law if you want a policy. Fraudulent real estate transactions, such as situations where fraudsters impersonate homeowners to obtain mortgage financing; Violations of municipal zoning by-laws and building permits; Existing liens registered against the property’s title, such as unpaid utility, mortgage, condo charges, and property taxes from the previous owner; Errors in surveys and public records; and. Some title insurance policies will cover known risks that are not likely to cause a loss. You can also find this and… twitter.com/i/web/status/1… via @RECA, The 2020 RECA #IndustryCouncilElections began yesterday. Have a great long weekend! Learn m… twitter.com/i/web/status/1… via @RECA, The October edition of Case Summaries is up on our website. Title insurance is particularly important for condos because it covers construction liens and failure to disclose information on the status certificate that would result in a special assessment or increase in common expenses, like in the above case. Negligence or errors made by your lawyer relating to title risks. Decker said the benefits of title insurance include a one-time fee for coverage for as long as you own your home, with an average premium of $125 to $325. On December 14,2018, Service Alberta unveiled stage two regulations and announced they will begin stage three consultation which includes condominium manager licensing. No person… twitter.com/i/web/status/1… via @RECA, Industry pros: Today is the LAST day to complete your #LicenceRenewal for the 2020-2021 year! To insure your title for the full amount of your purchase price, you also need to pay for buyer’s title insurance, and this costs about $150 more (for a $500,000 home). Our online ordering applications are designed to expedite the policy-issuing process, allowing legal professionals to close their clients’ transactions quickly and accurately. Violations of municipal zoning b… Contact us for brokers in Manitoba, Alberta and Québec. Contact us for brokers in Manitoba, Alberta and Québec. All licensees are eligible to vote in the sectors w… twitter.com/i/web/status/1… via @RECA, #TuesdayTip Have you witnessed a suspicious activity but you're nervous to report it? This Week’s Wacky Wednesday: The Case of the Arcade Champ and His High Score. A title insurance will protect you from most situations that may affect your title insurance. Many people come to us with real estate related problems years after they bought a home and forgot that they had purchase protection. To remain authorized, mortgage brokerage professionals must renew on or before Septe… twitter.com/i/web/status/1… via @RECA, Managing Mortgage Brokers: You only have a few more weeks to complete the Mortgage Broker Update 2020 course and re… twitter.com/i/web/status/1… via @RECA, Been offered a mortgage deal that seems too good to be true? Are you considering buying one? Unknown title defects that prevent you from having clear ownership of the property which may impact your ability to sell, lease or mortgage your property in the future. In Alberta, with a torrens title system, landowners are “insured” by the Land Titles Office for errors on the title. different policies exist for home or property owners and another policy exists for mortgage lenders. After moving into an existing home, Max receives a notice from the municipality requiring him to obtain a building permit for a family room addition the previous owner built without a permit. Max hires a contractor to inspect the addition. For a one-time fee, some of the insured risks on residential properties include: 1. In fact, Chicago Title traces its history back before the famous Chicago fire caused by the cow. His title shows no mortgage. #Bill20 sets a new governance structure for RECA, focuses RE… twitter.com/i/web/status/1… via @RECA, The real estate industry is ever-changing, and real estate professionals adapt with it. When purchasing a property in Alberta, you may be asked to purchase a number of insurances and the Title Insurance policy will most likely be brought up. Trust your instincts when you suspect potential… twitter.com/i/web/status/1… via @RECA, Industry Pros: So far, half of all Alberta #RealEstateBrokerages, 40% #MortgageBrokerages, nearly 20% of real estat… twitter.com/i/web/status/1… via @RECA, RECA will be closed this Monday, September 7, 2020 for #LabourDay. The term “Title Insurance Closings” means that a real estate transaction is going to be completed by using Title Insurance. Barry and Keith discuss title insurance as a substitute for a real property report when buying and selling real estate in Alberta. A fraud policy within your homeowners… This paper will address some key areas of knowledge that al l lawyers in Alberta who use title insurance should possess. We wish everyone a safe and happy ne… twitter.com/i/web/status/1… via @RECA, Brokers, is your fiscal year-end tomorrow December 31st? No law in Alberta requires title insurance. Land titles - Overview. Title Insurance is private insurance that is purchased which allows certain real estate transactions to “close” on the Closing Date, even though the actual registration of the documents has not taken place at the Land […] The other type of policy protects a buyer or owner of property. See the latest disciplinary decisions issued by RECA:… twitter.com/i/web/status/1… via @RECA, Getting ready to sell your home? Title insurance is an insurance policy that protects against certain unknowns. Title defects that you knew about before purchasing your property; Issues only discoverable by a new survey or property inspection; Problems not listed in public records (such as unrecorded liens and encroachments); and. Throughout September, RECA is hosting public consultation webinars on the proposed standards of practice (rul… twitter.com/i/web/status/1… via @RECA, #myRECA will be down from 10-10:30 p.m. this evening for maintenance. Licensees and consumers should… twitter.com/i/web/status/1… via @RECA, Thinking about selling your home? Some mortgage lenders will require you to pay for a policy to protect them when you get a new mortgage. twitter.com/RECBCofficial/… via @RECA, Are you looking to sell your home? If you’re considering buying title insurance, make sure you know the covered risks, as well as the limitations and exclusions to coverage. Scammers often take advantage of tough economic times… twitter.com/i/web/status/1… via @RECA, #abre #realestate #realestateagent Arnie forges Sydney’s signature on the mortgage documents and the lender registers the mortgage on title. The cost of the title insurance will depend on where you are buying, what you are buying, and the value of the property. A clean or clear title is important because the title is what gives you ownership of a property. It addresses key areas of knowledge that all lawyers who use title insurance in Alberta should possess, including a discussion on the basics of title insurance, what is covered, and various claims examples. An RPR is a legal document an Alberta Land Surveyor prepares that clearly illustrates the boundaries of a property and the location of improvements, such as buildings, garages, sheds, and fences, relative to property boundaries. Looking for a forward-thinking company you can rely on? Thank you for your patience while we get it back up and running. What is Title Insurance Title insurance is an insurance policy that protects you, the home owner, against challenges to the ownership of your home or from problems related to the title to your home. If Sydney has title insurance, it may cover any loss or damage from the fraud or forgery, including the costs to defend Sydney’s interest in the property. Planning to purchase a new home in Edmonton? This issue has updates from RECA's Administrator, #LicenceRenewals, condo manager s… twitter.com/i/web/status/1… via @RECA, #DYK Albertans can submit a complaint if they suspect real estate or mortgage brokerage services breach standards?… twitter.com/i/web/status/1… via @RECA, #TuesdayTip for industry pros: We are halfway through the month and there is still time to renew your licence! FOR ALL TRANSACTIONS: We are working on the problem and hope to… twitter.com/i/web/status/1… via @RECA, Industry pros: If you've started your renewal application but haven't submitted payment, you only have 2 days left… twitter.com/i/web/status/1… via @RECA, RECA has received the 2020 #ARELLOCommunicationsAward for its COVID-19 info and resources! Find out about how to register a motor vehicle in Alberta, and how to transfer, renew or cancel a registration. Throughout the rest of North America, when you get a Title, you can never be completely sure that it discloses everything. Alberta Title Insurance Policy In Alberta, there is an insurance product that many people do not know about. #SundayFunDay via @RECA, The myRECA system is currently down. This means that your coverage protect your property for most risks but the known defect is exempted out of the policy. As incidents of real estate fraud increase throughout Canada, homeowners and lenders are proving to be irresistible targets for fraudsters. Title insurance doesn’t magically make problems go away. In the province, $200,000 in third-party liability coverage is mandatory. These fraudsters use stolen identities, carefully crafted documentation, and impersonate homeowners to obtain mortgage financing. Hi Robert, thanks for reaching out! For Alberta only. This title insurance may provide coverage for title and some non-title issues. Lawyers cannot release mortgage funds to a seller until registration is complete and the title shows no intervening registrations. This decision not to purchase a homeowner policy was documented and provided to the homeowners in writing. This is a policy where either the buyer or seller may pay the insurance premiums to protect the buyer’s equity in the property. In fact, Chicago Title traces its history back before the famous Chicago fire caused by the cow. Get star… twitter.com/i/web/status/1… via @RECA, Just receive an offer on your home? However, other forms of title insurance protect lenders only. When buying a home, there are a number of insurance products that come up. The three major title insurance companies providing insurance in Alberta all have a parent company in the USA. Imagine buying your dream home, closing the deal and then realizing the previous owner hadn’t paid property taxes for several years. For a one-time fee, it provides coverage for the entire length of your ownership of the property. … If your lender requires a title insurance policy as part of the transaction, that policy is for the benefit of the lender and will not cover you as the buyer. For Alberta only. Title Insurance covers issues that are not shown on the Real Property Report such as losses related to municipal issues such as outstanding work orders, permits, tax arrears, builder’s liens, and fraud. Every insurance policy will have a detailed lists of what risks the specific policy insures. Just need a refresher on t… twitter.com/i/web/status/1… via @RECA, RECA is currently experiencing a technical issue with its phone systems. To help protect yourself against huge financial losses caused by title fraud, you may consider purchasing title insurance. Lawyers’ Professional Indemnity Company, 250 Yonge Street, Suite 3101, P.O. As a seller, you'd have a number of obligations to—both to the real estate profes… twitter.com/i/web/status/1… via @RECA, Industry pros: There is only 1 hour left to vote in the 2020 #IndustryCouncilElections. The purchaser of the insurance must disclose any known issues or defects regarding the property’s title or non-title items to the insurer prior to purchasing a policy. Owners of motor vehicles in Alberta must obtain coverage that meets the mandatory regulations. affecting title to real property. No. Click here to find out why you should definitely invest in homeowners title insurance to avoid any issues. Title insurance in Alberta covers three things: 1. fraud 2. things on title that shouldn’t be there 3. enforced removal. Title coverage lasts as long as you own the property and covers losses up to the maximum coverage set out in your policy. This creates an encroachment on municipal property. Review candidate bios and endorsement information at… twitter.com/i/web/status/1… via @RECA, With provincial #COVID19 cases on the rise, RECA, with support from the local Boards/Associations and AREA, is reco… twitter.com/i/web/status/1… via @RECA, There's only one more day to weigh in on the proposed #StandardsofPractice (rules) for Alberta condo managers. Is title insurance required? To ease your mind, RECA has plenty… twitter.com/i/web/status/1… via @RECA, #TuesdayTip for Industry Pros: Are you helping your client buy or sell a stigmatized property? pic.twitter.com/AYqUHdB8XF via @RECA, The Minister of Service Alberta is now accepting applications for positions on the Board of Directors Chair, Board… twitter.com/i/web/status/1… via @RECA, Join Doug Dixon, RECA’s Condominium Manager Implementation Coordinator, for live public webinars and Q&A sessions a… twitter.com/i/web/status/1… via @RECA, Licence Renewals are open! Mort… twitter.com/i/web/status/1… via @RECA, RECA welcomes a review by the Minister of Service Alberta, Money Laundering and Real Estate Transactions, Professional Conduct Review (Investigations), Service Alberta Ministerial Order & Advertising Clarifications, Standard residential purchase contract in Alberta requires the seller or the seller’s lawyer to give an RPR to the buyer or buyer’s lawyer, Is an insurance product that cannot fix problems, but rather gives financial protection if problems arise in the future, Provides information about property compliance issues up front, so issues can be dealt with before closing (an RPR with a stamp of municipal compliance is critical protection for all parties in a real estate transaction), May cover internal non-compliance issues that do not show on an RPR (such as a lack of building permits or failure to meet building code on renovations) and may cover hidden deficiencies (such as underground storage tanks), Does not provide any insurance coverage/financial protection – the goal is to avoid problems arising later by having an RPR with a stamp of municipal compliance, can cover future title fraud (i.e. Other policies will insure around a defect. Today the myRECA system will be down from 9 p.m. - 9:30 p.m. for maintenance. Learn about what you can do when your licensee i… twitter.com/i/web/status/1… via @RECA, #DYK Licensees can only offer or promote incentives on behalf of their brokerage. The cost of a title insurance policy varies based on the property itself. RECA staff are available by email or phone to help! Additional coverage can be purchased from your insurer. When purchasing a policy for a mortgage lender (when you buy a home or refinance your home), most insurers have a reduced insurance premium for a homeowners’ policy. Also, in response to REpro; in Alberta almost every one of the items you mentioned will be caught on the RPR that is signed by a Land Surveyor (who has professional liability insurance). via @RECA, Flood maps help improve public safety and help build more resilient communities. Yes No If “Yes”, please attach copy(ies) of the Power(s) of Attorney to your order. A person cannot go back in history, find a technical flaw in a historical transfer and then claim title. About the author: Stan Galbraith is a lawyer with over 25 years of experience. Change land title ownership Find out how to change or remove a name on a land title. Join the publ… twitter.com/i/web/status/1… via @RECA, #FridayFact Not everything you see during viewings automatically comes with the property. It also offers standard owner’s coverage like: • Lack of permits On December 24, 2020, our offices will be closing at 3:00 pm EST and will reopen on Tuesday December 29, 2020 at 9:00 am EST. Cindy purchases her first home, which includes a large rear deck off the kitchen that the previous owners built. If possible, it is still best to have a current Real Property Report with compliance when buying or selling a home to ensure all property buildings are within the municipality guidelines. Title insurance operates on a no-fault basis. An owner’s title insurance policy may cover Cindy’s cost for the removal of the encroaching structure. Services and information. Title insurance is a type of insurance that protects mortgage lenders and/or homeowners against claims questioning the legal ownership of a home or property (i.e., the title to the property). Unlike other insurance products, there is only one premium paid at the time of closing which provides coverage to the owner throughout their ownership of the property. He was admitted to the Alberta Bar in 1983 and has operated his own law office since 1988. Find information about how land titles work and commonly used forms. The taxing entity Box 3, Toronto, ON M5B 2L7, 1-800-410-1013 Please remember: safety… twitter.com/i/web/status/1… via @RECA, Condo Owners and Renters: Join RECA Wed, Sept 30 from 7-9pm for a webinar on the proposed new regulations for… twitter.com/i/web/status/1… via @RECA, Industry pros: There's only one week left to #RenewYourLicence. 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