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Try FCT Online and WIN Contest

There couldn’t be a better time to order online with our contest running January 15 – April 15, 2018. For every commercial and residential title insurance policy request you send to FCT via online ordering, you will be automatically entered to win exciting prizes including the Grand Prize of a $2,500 travel voucher!
For full contest details
click here.

What is title insurance?

Title insurance protects your client–both lender and homeowner–against losses associated with title fraud, as well as survey and title issues. Title insurance doesn’t just cover things that may happen in the future (e.g. title fraud), but also things that have occurred prior to purchase (e.g. pre-existing, unknown work orders and zoning violations). A title insurance policy can be purchased for a low, one-time premium and protects the insured lender or homeowner for as long as they hold an interest in the property.

What does it cover?

We offer two different policies: homeowner and loan.

Homeowner

The homeowner policy protects the purchaser against 33 covered title risks.

Loan

The loan policy protects the lender against 27 covered title risks.

Fraud and forgery

If someone forged a homeowner’s signature without their knowledge and registered a fraudulent mortgage on their home, the onus is on the homeowner to prove that fraud was committed. This can be very costly—financially and emotionally—to resolve. However, a homeowner title insurance policy from us can cover the legal expenses and costs to prove that fraud was committed*.

Municipal issues

If improvements were made to a homeowner’s house before they purchased it (for example, the basement had been finished, an addition built or a deck added), they could find out after closing that the required permits were not obtained. At any time, their local municipality could force them to remove or remedy the improvement, which could cost thousands.  Title insurance can cover the cost of removals or remediation required by the city, or diminished value if the structure cannot be rebuilt*.

Tax and utility payments

If the previous homeowner was not up to date on payments and the accounts are now in arrears, a homeowner title insurance policy can cover the outstanding payments*.

Outstanding work orders

If the previous homeowners had a building permit issued in the past but never called for a final inspection, or if there is an Order to Comply, a Stop Work Order, or a building inspector’s report stating more work needs to be done, the property may have outstanding work orders. A homeowner title insurance policy from FCT will protect homeowners against loss associated with complying with the outstanding work order*.

Encroachments

Sheds, laneways, even homes and garages are sometimes unintentionally built on neighbouring properties and need to be moved. This could happen if a previous owner built without verifying where the lot lines were. We protect homeowners against financial loss associated with encroachment issues*.

Legal fees

If a homeowner has to defend and restore their title as a result of a covered title risk, FCT will pay the legal fees and costs associated with it*. This is what we call our ‘duty to defend’.

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An unpleasant surprise for new homeowners

Jerry and Rita± received a letter from the city advising them that their deck, deck addition and deck roof, as well as the basement renovation in their recently purchased home were constructed by the previous owners without getting the required building permits.

As a result, the city demanded that the proper building permits be obtained for the finished basement, and that the deck, its addition and roof, be removed. The cost of complying with these requirements amounted to over $50,000.

Learn how FCT saved Jerry and Rita from this $50,000 expense by reading our real-life claim stories.

Why Western Protocol is not enough for your clients

When closing a home purchase, many lawyers and notaries in Alberta choose to close with Western Protocol. But did you know that closing with title insurance from FCT offers the same advantages as Western Protocol with the addition of more extensive coverage?

The primary purpose of Western Conveyancing Protocol is to allow a lawyer or notary to release residential mortgage proceeds before registration without an up-to-date Real Property Report (RPR)**, if no known survey defects exist. Western Conveyancing Protocol provides survey coverage to a lender only, and gap coverage to both the lender and homeowner, but that is where the coverage starts and stops. It provides no survey coverage for homeowners and no coverage for known survey defects for homeowners or lenders.

Title insurance on the other hand, also allows a lawyer or notary to release residential mortgage proceeds before registration without an up-to-date RPR, but as an insurance product, offers more extensive coverage. By purchasing both a homeowner and lender title insurance policy on each real estate transaction, your clients receive the benefits of:

  • survey coverage to lender and homeowner;
  • potential coverage over known survey and other defects;
  • gap coverage to lender and homeowner;
  • coverage for loss as a result of intervening registrations, if the registration occurs because Land Titles rejects the transfer/charge due to clerical or typographical errors;
  • homeowner protection against 33 covered title risks;
  • lender protection against 27 covered title risks.

What’s more, title insurance can save homeowners and you time and money with the streamlined process it affords. It can also go a long way in protecting your good standing in the legal community by assuming risk you would have otherwise assumed.

Learn more about the coverage title insurance offers over and above Western Conveyancing Protocol by clicking below to read our real-life claim stories.

Click here to view

Recommend the best protection for your clients

A home may be the most expensive purchase your clients will make in their lifetime. It’s a very serious investment with significant emotional and financial involvement. And as their trusted advisor, you play a key role in this process.

Clients come to you for your expertise to help them make choices to serve their best interests. One of those critical choices is to purchase title insurance.

Title insurance offers your clients the best possible protection for their greatest investment.

Standing apart from the competition is the key to growing your business. Having a title insurance policy speeds up the closing process and builds confidence by covering unforeseen issues that can potentially put your deal in jeopardy.

Also, understanding the benefits of title insurance helps to reinforce your reputation as a trusted advisor. It promotes better overall satisfaction, and satisfied clients are much more likely to refer your services to friends and family.

How much does it cost?

Unlike other types of insurance, title insurance is available for a low, one-time premium. There are no renewals to worry about and no further premium payments. The best part is the coverage is in place for as long as your clients own the property.

The average premium cost for a single family home purchase transaction with one mortgage is $229.00† for both the homeowner and lender policy.

Why Western Protocol is not enough for your clients?

When closing a home purchase, many lawyers and notaries in Alberta choose to close with Western Protocol. But did you know that closing with title insurance from FCT offers the same advantages as Western Protocol with the addition of more extensive coverage?

The primary purpose of Western Conveyancing Protocol is to allow a lawyer or notary to release residential mortgage proceeds before registration without an up-to-date Real Property Report (RPR)**, if no known survey defects exist. Western Conveyancing Protocol provides survey coverage to a lender only, and gap coverage to both the lender and homeowner, but that is where the coverage starts and stops. It provides no survey coverage for homeowners and no coverage for known survey defects for homeowners or lenders.

Title insurance on the other hand, also allows a lawyer or notary to release residential mortgage proceeds before registration without an up-to-date RPR, but as an insurance product, offers more extensive coverage. By purchasing both a homeowner and lender title insurance policy on each real estate transaction, your clients receive the benefits of:

  • survey coverage to lender and homeowner;
  • potential coverage over known survey and other defects;
  • gap coverage to lender and homeowner;
  • coverage for loss as a result of intervening registrations, if the registration occurs because Land Titles rejects the transfer/charge due to clerical or typographical errors;
  • homeowner protection against 33 covered title risks;
  • lender protection against 27 covered title risks.

What’s more, title insurance can save homeowners and you time and money with the streamlined process it affords. It can also go a long way in protecting your good standing in the legal community by assuming risk you would have otherwise assumed.

Learn more about the coverage title insurance offers over and above Western Conveyancing Protocol by clicking below to read our real-life claim stories.

Click here to view
Recommend the best protection for your clients

A home may be the most expensive purchase your clients will make in their lifetime. It’s a very serious investment with significant emotional and financial involvement. And as their trusted advisor, you play a key role in this process.

Clients come to you for your expertise to help them make choices to serve their best interests. One of those critical choices is to purchase title insurance.

Title insurance offers your clients the best possible protection for their greatest investment.

Standing apart from the competition is the key to growing your business. Having a title insurance policy speeds up the closing process and builds confidence by covering unforeseen issues that can potentially put your deal in jeopardy.

Also, understanding the benefits of title insurance helps to reinforce your reputation as a trusted advisor. It promotes better overall satisfaction, and satisfied clients are much more likely to refer your services to friends and family.

How much does it cost?

Unlike other types of insurance, title insurance is available for a low, one-time premium. There are no renewals to worry about and no further premium payments. The best part is the coverage is in place for as long as your clients own the property.

The average premium cost for a single family home purchase transaction with one mortgage is $229.00† for both the homeowner and lender policy.

Get a quote

For a quick, secure quote, use FCT’s residential title insurance quote calculator

Click here

How to purchase

To order title insurance
title insurance quote calculator

Click here
Contact us

Our residential solutions team is available Monday to Friday 6:00 a.m. – 6:00 p.m.

1.866.804.3122
residentialsolutions@fct.ca

Business Development Managers

Darrel Sather
Southern Alberta
403.471.9435
dsather@fct.ca

Ruben Orellana
Northern Alberta
780.982.4892
rorellana@fct.ca

*This material is intended to provide general information only. For specific coverage and exclusions, refer to the applicable policy. Copies are available upon request.

**Survey or Certificate of Location where applicable.

†Please note: This premium is quoted based on a lawyer or notary ordering a policy on behalf of the insured homeowner. The premium listed includes one (1) homeowner policy and one (1) loan policy for a purchase transaction between $200,000 – $500,000. Additional charges may apply. The premium quote does not include applicable taxes.