Extended Gap Coverage during delays or closure at land titles/registry offices caused by COVID-19
To minimize the impact to your business during these uncertain times, FCT is pleased to offer you Extended Gap Coverage for your commercial and residential transactions at no additional cost.
In the event that there is a disruption to provincial land titles/registry offices, simply follow these three steps to ensure you take advantage of FCT’s Extended Gap Coverage:
- Complete all closing documents and have same executed by all parties;
- Ensure your title search and execution/judgment search is dated within 30 days of the closing date; and
- Order an FCT title insurance policy to protect against intervening registrations for both the lender and property owner.
You may unconditionally advance mortgage funds and close your transaction even though the closing documents will not be registered that day.
FCT’s title insurance policy will provide protection for loss in the event that there is an intervening registration between the time the title search was conducted and the time at which closing documents are registered at the land titles/registry office.
Close with confidence
In the event of other unforeseen issues related to the COVID-19 outbreak (e.g. inability to execute documents, municipalities not replying to off-title inquiries, etc.), please contact our underwriting team – we will work with you to help get your deals closed.
We continue to monitor the situation closely and to review coverages that will benefit you and your clients through these uncertain times.
For more information about Extended Gap Coverage, please call 1.866.804.3122.
For Extended Gap Coverage inquiries in Quebec, please call 1.866.744.8962.
Go back: Covid-19 FAQ