FCT Invests in OneClose Inc., Driving Value, Efficiency and Innovation across New Build Condominium Transactions
OAKVILLE, ON, January 6, 2021 – FCT, the leading national service provider in real estate technology and title insurance, today announced it has invested in OneClose Inc., a technology company that provides a breakthrough financial conveyancing solution, solving the problem of interim occupancy interest for new build condominiums. This investment aligns with FCT’s mission to drive innovation across the real estate transaction.
OneClose’s interim occupancy payment solution removes the need to pay interest on the unpaid balance of the purchase price by allowing new build condominium buyers to obtain mortgage financing between the occupancy date provided by the builder and the date the condominium registers. The solution saves consumers time and money, while providing them with peace of mind, which is especially important in today’s uncertain climate.
“At FCT, we’re invested in driving innovation for all stakeholders involved in real estate transactions,” said Michael LeBlanc, CEO, FCT. “We are proud to invest in OneClose and the solution they have built, as we share a commitment to streamlining the transaction closing process for all real estate professionals. We look forward to providing lawyers and their clients with the protection they need from the moment of ownership.”
This partnership furthers FCT’s longstanding reputation for industry leadership, which is rooted in pioneering title insurance in Canada in 1991. As the exclusive title insurance provider for this Ontario-based solution, FCT provides new build condominium buyers with a much-needed safety net of title insurance through their lawyer at the time of mortgage financing. At the same time, FCT’s title insurance policies reduce risk for OneClose’s network of trusted lenders at the time of purchase.
“Since the beginning, we have remained committed to driving value for our customers by working with the most trusted innovators in the real estate industry. FCT is the perfect addition to our team of experts,” said Kevin Murphy, CEO, OneClose Inc. “Through innovative thinking and leading-edge technology, we’ve established a solution that removes the historic pain points of interim occupancy when purchasing a new build condominium. We are proud to be supported by FCT and its longstanding reputation as an industry-leading provider of innovative real estate solutions.”
Founded in 1991, the FCT group of companies is based in Oakville, Ontario, and has over 900 employees across the country. The group provides industry-leading title insurance, default solutions and other real-estate-related products and services to approximately 450 lenders, 43,000 legal professionals and 5,000 recovery professionals, as well as real estate agents, mortgage brokers and builders, nationwide.
The Great Place to Work® Institute has named FCT one of Canada’s Top 50 Best Workplaces for six consecutive years (2015-2020) and certified FCT as a Great Place to Work. In 2020, the company was also recognized on the 2020 list of Best Workplaces™ for Inclusion, list of Best Workplaces™ for Women, list of Best Workplaces™ for Mental Wellness and list Best Workplaces™ in Ontario. FCT’s parent company, First American Financial Corporation, was named to the Fortune 100 Best Companies to Work For® list for the fifth consecutive year in 2020.
For more information on FCT, please visit the company website at www.fct.ca.
About OneClose Inc.
Founded in 2016, and based in Oakville, Ontario, OneClose Inc. is a purpose-based and value-driven organization comprised of industry leaders from the real estate financing and technology sectors. Through its innovative and elegant financial technology solution, OneClose Inc. enables purchasers to obtain, and lenders to securely advance, mortgages at time of interim occupancy, thereby providing consumers with peace of mind and saving them time and money. Through innovation and technology, OneClose is committed to solving problems, removing historic pain points and creating value for stakeholders within the real estate sector.
For more information on OneClose Inc., please visit the company website at www.oneclose.ca.