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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.

Buying real estate is a little different than any other purchase.
Your client pays for it and then gets documentation to say the home is theirs.
That’s what we call “title”.
And that’s what FCT is here to protect.

What is title insurance?

Before your client purchased their home, the property may have changed hands several times. Even with a new build, somewhere along the way there may have been an error such as an incorrect survey, a non-existing building permit or title-related issues that can affect a homeowner’s ability to sell, mortgage or lease their property. Title insurance protects your clients from these types of issues.

Title insurance protects homeowners against financial loss due to challenges to their ownership, fraud and other matters related to the title of their property, such as survey or zoning errors. Plus, remedying the issues or legally defending their ownership can be very costly and stressful. But with title insurance, FCT has a duty to defend a homeowner’s title from a court action as a result of a covered risk and provides compensation for actual loss incurred.

What does title insurance 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’.

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 do your clients need it?

A homeowner title insurance policy provides homeowners with protection from a number of title risks including Real Property Report** errors and fraud, as described above. It also helps their purchase close smoothly and efficiently.

As part of closing a home purchase, the majority of lenders in Canada require the lawyer or notary to get a lender title insurance policy. The lender policy protects the lender and the priority of the mortgage on the property. It also has some benefits to the homeowner, such as reduced transaction costs, smoother legal closing process and in the event of fraud, the title insurer pays out the fraudulent mortgage instead of the homeowner. However, a lender policy doesn’t protect homeowners. Your clients must have a homeowner title insurance policy to be protected from all 33 covered risks.

Help your clients understand their options

When closing a home purchase, many lawyers or notaries in Alberta choose to close with Western Protocol instead of title insurance. Most often this is the case because historically, it’s what they’ve always done. 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 for your homeowner client?

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), as long as no known survey defects exist.  Western Conveyancing Protocol provides survey coverage to a lender only, and gap coverage to both a lender and homeowner, but that is where the coverage starts and stops. It provides no survey coverage for homeowners and no coverage for known defects for 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 advising your client to ensure their lawyer or notary purchases both a homeowner and lender title insurance policy on each real estate transaction, your clients will receive the benefits of:

  • survey coverage to lender and homeowner;
  • potential coverage over known survey and other defects;
  • gap coverage to lender and homeowner;
  • homeowner protection against 33 covered risks;
  • lender protection against 27 covered risks.

What’s more, title insurance can save homeowners time and money with the streamlined process it affords.

Learn more about the coverage title insurance offers by reading 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 you 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 do your clients need it?

A homeowner title insurance policy provides homeowners with protection from a number of title risks including Real Property Report** errors and fraud, as described above. It also helps their purchase close smoothly and efficiently.

As part of closing a home purchase, the majority of lenders in Canada require the lawyer or notary to get a lender title insurance policy. The lender policy protects the lender and the priority of the mortgage on the property. It also has some benefits to the homeowner, such as reduced transaction costs, smoother legal closing process and in the event of fraud, the title insurer pays out the fraudulent mortgage instead of the homeowner. However, a lender policy doesn’t protect homeowners. Your clients must have a homeowner title insurance policy to be protected from all 33 covered risks.

Help your clients understand their options

When closing a home purchase, many lawyers or notaries in Alberta choose to close with Western Protocol instead of title insurance. Most often this is the case because historically, it’s what they’ve always done. 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 for your homeowner client?

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), as long as no known survey defects exist.  Western Conveyancing Protocol provides survey coverage to a lender only, and gap coverage to both a lender and homeowner, but that is where the coverage starts and stops. It provides no survey coverage for homeowners and no coverage for known defects for 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 advising your client to ensure their lawyer or notary purchases both a homeowner and lender title insurance policy on each real estate transaction, your clients will receive the benefits of:

  • survey coverage to lender and homeowner;
  • potential coverage over known survey and other defects;
  • gap coverage to lender and homeowner;
  • homeowner protection against 33 covered risks;
  • lender protection against 27 covered risks.

What’s more, title insurance can save homeowners time and money with the streamlined process it affords.

Learn more about the coverage title insurance offers by reading 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 you 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.

How to purchase

Title insurance is traditionally ordered by a lawyer or notary on behalf of their clients before closing. However, after you have closed a deal, you want to remain top of mind with your clients and leave a lasting, positive impression. Showing you value their business and want to help protect their investment is an effective way to get them to use your services again, and refer you to family and friends.

A good way to do that is to give a memorable and practical closing gift: title insurance.

Order a gift certificate today

Get a quote

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

Click here

Contact us

Business Development Managers – Realtors

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Darrel Sather
Southern Alberta
403.471.9435
dsather@fct.ca

Ruben Orellana
Northern Alberta
780.982.4892
rorellana@fct.ca

Business Development Managers – Brokers

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Carol Lashmar
Southern Alberta
403.466.7314
clashmar@fct.ca

Heather Thoma
Northern Alberta
780.616.2119
hthoma@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.

±Name has been changed to protect the privacy of our clients.

†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.