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Never release funds before closing without meeting security requirements under the Condominium Act

by LAWPRO

hand holding house keys

Not infrequently, LAWPRO sees claims related to the release of condominium purchasers’ deposits to a vendor prior to closing. The circumstances under which these deposits can be released are strictly limited under the Condominium Act, 1998, S.O. 1998, c.19 (the “Act”), and the legislation does not permit contracting out of security requirements. Prior to the… Read More »

Categories: Areas of Law, Articles, Content Type, Real Estate

Lenders’ lawyers: beware of fake title insurance policies

by LAWPRO

While relatively rare, LAWPRO has seen instances of fake title insurance policies. Kathleen Waters, LAWPRO’s President & CEO, touched on the subject at the Law Society’s recent Real Estate Summit. An example of a situation in which a policy has been discovered to be fake is where the lender insured has asked that the borrower’s… Read More »

Categories: Areas of Law, Articles, Content Type, Real Estate, Title insurance

What do title insurers expect from lawyers?

by LAWPRO

Still relatively new in Canada, title insurance is not fully understood by many consumers. Even certain less-sophisticated lenders lack detailed knowledge of the product. The responsibility for explaining title insurance to those who purchase it – and for supporting insureds in obtaining coverage that suits their needs – falls squarely on lawyers’ shoulders. Lawyers are… Read More »

Categories: Areas of Law, Articles, Communications Errors, Content Type, Inadequate Investigation, Real Estate, Title insurance, Topics

You can rely on the register except when you can’t

by LAWPRO

As between innocent mortgagees, which has priority when a fraudulent discharge of a first mortgage makes way for additional mortgages? A fraudulent discharge is discovered After a “second mortgage” it issued to Brampton homeowners in December of 2012 went into default in February 2013, lender Secure Capital issued a notice of sale. CIBC, which believed… Read More »

Categories: Areas of Law, Articles, Content Type, Fraud, Real Estate

Excess coverage protects growing real estate practices

by LAWPRO

Is your real estate practice growing? That’s a good thing. But keep in mind that your risk exposure may be growing along with it. A hot market can mean a higher transaction volume, unconditional offers, and shorter closing times. All of these factors place pressure on lawyers, and can increase the chance of an error… Read More »

Categories: Areas of Law, Articles, Content Type, Excess insurance, Real Estate

Stop. Look. Listen.

by LAWPRO

Cover of 2014 Year in Review issue

The phrase, “Stop. Look. Listen.” was a slogan used to help people remember to stay alert while crossing railroad tracks before the invention of mechanical gates and flashing lights. It’s also a great way to remind oneself to be both prudent and responsive. Listening is a key skill for any professional and one we take… Read More »

Categories: 2015 May - Review of 2014, Articles, Editorials

2014 financial results explained

by LAWPRO

Cover of 2014 Year in Review issue

Net premiums: $114.9 million Net LAWPRO revenues in 2014 were $114.9 million, almost exactly as budgeted. Premiums from the mandatory insurance program were $8.4 million higher than in 2013. Net claims: $99.6 million Incurred claims and adjustment expenses for 2014 increased by $2.9 million compared to 2013. However, they were lower than the $105.3 million… Read More »

Categories: 2015 May - Review of 2014, Articles, Year in Review

2014 claims report

by LAWPRO

Cover of 2014 Year in Review issue

Currently projected claims costs for 2014 hover around $109 million with subtle shifts seen in cause of loss. Claims report As details of the claims picture for 2014 come into focus, it appears that claims costs (including internal claims handling expenses) are on trend around the $109 million mark. The rate of claims per 1,000… Read More »

Categories: 2015 May - Review of 2014, Articles, Year in Review

LAWPRO evolves in step with the profession

by LAWPRO

lawpro logo

2014 marked the fourth year that LAwPRO’s base premium held steady at $3,350, but the terms of the policy have evolved continually since it was first introduced. As lawyers change the way they practise law, LAwPRO has taken steps to ensure that coverage remains relevant and responsive. To facilitate geographical mobility, LAwPRO introduced co-ordinated coverage… Read More »

Categories: 2015 May - Review of 2014, Articles, Year in Review

Land Acknowledgement

The offices of LAWPRO are located on the traditional territory of many nations including the Mississaugas of the Credit, Anishnabeg, Chippewa, Haudenosaunee and Wendat peoples. Toronto is covered by Treaty 13 with the Mississaugas of the Credit. LAWPRO respects and acknowledges the histories, languages, knowledge systems, and cultures of First Nations, Metis, and Inuit nations.

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