You should be title insuring every deal—here’s why:
Apr 27th, 2023 | By FCT
To your clients, title insurance means peace of mind and lifelong protection. What does it mean to you?
Title insurance can protect more than just your clients’ property. Making title insurance a part of every deal can protect your bottom line, because any deal could be the one that needs it.
A single mistake is all it takes
Did you know that real estate is the riskiest area of law to practice?1 It accounts for more errors and omissions (E&O) claims than even litigation. It’s not errors of law that are causing these claims—all it takes is a single improperly communicated document on one transaction to cost you thousands.
But it doesn’t have to. When you sign up for E&O Extra at no cost to you, every deal you title insure with FCT is automatically protected. It covers the increase in your premiums as well as the deductible from making a claim against your mandatory E&O insurance.
Your clients’ risk is your risk
Title insurance provides peace of mind for both you and your clients. You can’t know which of your clients will suffer a loss from a title issue or fraud, but some of them inevitably will. When they do, your decision to recommend title insurance will have made the difference between them being made whole and them needing to find other ways to recover their loss.
Your clients’ title insurance manages your risk as much as theirs. The clients who never have an issue will enjoy their homes in security, and the ones who need to make a claim will have you to thank for preventing their losses.
A more efficient deal means more of them for you
Closing deals is an issue of scale—the more efficient your process, the more deals you’re able to take on. Title insurance from FCT makes closing easier because we can take on some of the steps. When you title insure every deal, they run more smoothly and can let you take on greater volume.
In markets with delayed title registration, the ability to transfer funds and help owners take possession can make the difference between closing smoothly and not closing at all. For example, Alberta’s registration gap is currently sitting at over three months and climbing. Conveyancing Protocol can help get deals closed, but it doesn’t apply to every property and isn’t designed to offer long-term protection. Only title insurance can keep your deals on track while protecting you and your clients in the future.
If you title insure every deal, you can close more smoothly, handle volume more efficiently and head off issues before they happen. It protects you, protects the transaction and protects the client. Get peace of mind for you and your clients: make title insurance from FCT a part of your closing process on every deal.
1 according to LAWPRO’s annual report
Insurance by FCT Insurance Company Ltd. Services by First Canadian Title Company Limited. The services company does not provide insurance products. This material is intended to provide general information only. For specific coverage and exclusions, refer to the applicable policy. Copies are available upon request. Some products/services may vary by province. Prices and products/services offered are subject to change without notice.
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