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 also responsible for communicating accurately with the proposed insurer about the details of a real estate transaction, the property to be purchased, and the expectations and needs of the purchaser and lender.
At the Law Society of Upper Canada’s recent Real Estate Summit, LAWPRO’s Vice . . . [more]