May 31 | 2017

Does Your Client Really Need Title Insurance?

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Does your client need title insuranceThe topic of title insurance may come up when clients are purchasing a new property, and a common question is, “do I really need it?”

Well, title insurance in Canada has come a long way from when we first introduced it to the market over 25 years ago. It offers the best defense against title fraud, as well as survey and title issues/defects. It can also protect your clients from unexpected costs that may threaten their financial status.

For instance, Jason and June* finally found their dream home after years of saving and searching for the right property. Once financing was approved, they happily moved into their newly purchased home. Shortly after moving in, they received a notice from the city about outstanding tax and water utility charges amounting to over two thousand dollars. This was a very unwelcome surprise given their tight budget as first-time homebuyers. Luckily their lawyer had recommended they purchase a title insurance policy, which covered outstanding tax and utility bills. Because of their title insurance coverage, they were spared the extra expense when the claim was paid out by FCT.

Commercial property owners also benefit from protecting their multi-million dollar investments with title insurance as it covers issues like encroachments, zoning violations, unpaid taxes and utilities, etc. For example, a developer Jack*, purchased a golf course with plans to develop it into a larger golf course and resort. The municipality provided confirmation that the land could be developed for these purposes. Unfortunately, after closing, he was notified by the municipality that there was an error and the land was zoned as “open space/residential” and applying for re-zoning was not an option. As a result, the land could continue to be used as is but development plans could not proceed. Because FCT had insured the value of the land along with the approximate value with the improvements, Jack received a claim settlement for the loss in property value because of the zoning error. With the claim settled, he had the choice to use the property in keeping with current zoning, or sell the property without incurring a financial loss.

So does your client really need title insurance? You decide.

*Names have been changed to protect the privacy of our clients. This information is provided as general information only. For further details please review the subject policy.

Nov 23 | 2015

Understanding your title insurance coverage doesn’t have to be taxing

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Teresa Occhiuto Let me begin this post by introducing myself . . . my name is Teresa Occhiuto and I’ve been with FCT for over 16 years (wow, time flies!). In my current role as Senior Business Development Specialist, I focus on providing support to legal professionals in the Greater Toronto Area. I educate my customers on the value of residential title insurance and its role in building more successful businesses. I also try to ensure that lawyers understand the ways in which title insurance can help safeguard their reputation as well.

Say what you mean and mean what you say

Having spent many years in a law-office environment, I know how complicated the due diligence process can be. In my current role I enjoy taking the time to work one-on-one with lawyers to create efficiencies, specifically for purchase transactions. In doing so, I hope to help build a better, transparent experience for both my customer and their clients. I’ve always felt that it’s the quality and integrity of the service that separates the good from the great. Customers need to know that their business is valued and that you “say what you mean and mean what you say.”

A taxing discovery

Recently I discovered that one of my customers was ordering a tax verification service from a third party. He was doing this to satisfy his own due diligence, mandating that each transaction had the accompanying tax certificate. However, in the particulars of his third-party policy, there were a few red flags that actually jeopardized the exact protection he was trying to secure for his clients. In the fine print, his policy stated that if the deal had time constraints, this service would not be completed on time and would result in an exception being placed on the policy for property taxes.

The supposed “value-added” service he was paying extra for was ultimately putting both his clients and his reputation at risk by undermining coverage!

You can imagine how stressed he was, realizing the potential impact to his reputation had there been a claim. All along he had been paying extra for inferior coverage and support from the third party he thought had his best interest at heart.

In the end FCT’s title insurance provided a solution that saved him money and provided him with coverage he knew that he could rely on — transparent, comprehensive coverage he fully understood.

Because, after all, that’s my job. (A job I love, by the way!)

To learn more about how your FCT dedicated business development manager can help you make the most of your business while protecting your reputation, email us at or add a comment below.