Will Title Insurance cover a hidden defect?

How could insurance cover a Hidden [latent] defect?

By its very nature, it is something hidden.

Not so fast .....

the case revolves around Paul and Stefanie Macdonald who bought a home in the city that they believed had been poorly renovated by its previous owner. When they attempted to undertake renovations of their own, they found that load-bearing walls had been taken out without building permits – making the second floor unsafe for use. This prompted the city of Toronto to issue a work order to support the unsafe floors with the Macdonalds paying out $75,000. They made a claim to Chicago Title on their insurance policy to cover these costs because the policy was said to provide coverage if the title was unmarketable. However, the claim was denied as the company stated that it was not covered under the policy.
This, in turn, prompted court action beginning in 2014, with the judge ruling that the municipal work order resulted from a hidden defect that was not covered under the policy. It stated that the work order did not affect “ownership of the land” as it was not registered on the property title – even though work orders are never registered against the title.
http://www.insurancebusiness.ca/ca/news/breaking-news/huge-title-insurance-case-reaches-conclusion-217419.aspx

 It was last year that the decision was reversed with the insurer ordered to pay more than $50,000 in costs with the ruling suggesting the hidden defect made the title unmarketable. Now an appeal by the insurer has been dismissed and the ruling upheld.

So  what's the conclusion?

The situation will be taken under advisement and studied by the Industry.   I am sure if you are in the situation to sue; you now have case law in your favour.

Do you check the insurance claims history of a house before you buy? 
You can actually    With a Home Verified Report
http://eleganthomesinwesttoronto.blogspot.ca/2013/07/did-you-buy-house-with-flood-damage.html

#AskPylyp   Work with an experienced agent.

Call me   Let's talk 

You should know the facts to Change your life in 2016

What prices should we watch this year?   Everything is going to be more expensive!

We faced financial extinction in 2008 and bounced back. The average Toronto detached home approaches $622k. Sales continue unabated averaging 10% per year in financial gains per year since '95 breaking 100K units in the GTA. 

The key seems to be consistency.

This could be coming to an end.

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Oil Prices have been falling, much to our delight at the gas pumps but now we realise that OIL and Gas related employment accounts for 25% of our economy. Increased expenses for everything we eat, as we suffer with exchange rate that is an eleven year low.

Brick-and-mortar stores still have value in the form of sales and brand experience, but if they’re not building a strong online presence in tandem, they’ll quickly find themselves out of the running.

Canadian Consumers are increasingly shopping online.

Mortgage Finance rules have changed requiring Larger downpayments and stricter lending guidelines. Those Millennials fortunate enought to have found a decent paying dependable job will some trouble qualifying for new mortgages; Those with contract work will find it a struggle. 

With so much weakness in the domestic economic picture,  uncertainty over oil prices and negativity in Canadian markets, year-end seems a good time for homeowners to focus on eliminating debt and consider finally working towards being debt free.

We All still see Canada as a safe haven for investment and immigration. People will continue to arrive and 95% want the Canadian dream of Home ownership. 


It all simply comes down to consumer confidance... 


I dont have an APP    Just call me  
Let me help you with my best pricing tools

David Pylyp
Sales Representative
Accredited Senior Agent
Toronto Canada 

RE/MAX Realty Specialists Inc., Brokerage
Mississauga, ON

Was there ever a competing offer? Or did they just imply...

google-site-verification: google8f30ea4b25e0f0b2.html There is no greater feeling of dread then when you are making an offer on a property and the Listing Agents says "THERE ARE COMPETING OFFERS"

Real Estate Regulations - Increasing Transparency in Multiple Offer Transactions

Ministry:	Ministry of Consumer Services
Regulation Number(s):	Ontario Regulation 567/05 General Ontario Regulation 580/05 Code of Ethics
Bill or Act:	Real Estate and Business Brokers Act, 2002
Summary of Proposal:	The ministry is seeking input on proposals that strengthen the transparency of real estate bidding practices The Stronger Protection for Ontario Consumers Act, 2013 strengthens the integrity of real estate bidding practices and increases the transparency in multiple offer situations by: - Requiring real estate salespersons and brokers acting on behalf of a buyer to only present written offers - Prohibiting real estate professionals from indicating they have an offer, unless they have that offer in writing - Requiring brokers acting for the seller to retain copies of all written offers received or other prescribed documents - Permitting anyone making a written offer on a property to ask RECO's Registrar to report the number of written offers on that property. We want your opinions on two key areas: 1)What information should be included "other prescribed documents"? 2)How long should real estate professionals be required to retain unsuccessful offers or the other prescribed documents?
Further Information:	Real Estate Regulations    (Download Adobe Reader)  Real Estate and Business Brokers Act, 2002
Proposal Number:	14-MCS009

If it turn out that there are no other offers; you have the right take yours back.
Here's how.

This Offer is being submitted on the basis that it is part of a Multiple Offer. If the Seller receives no other offer by 10:00 p.m. today, the Seller will notify the Buyer or the Buyer's Agent, and the Buyer will have one hour from such notification to revise or revoke their offer. If the Seller accepts the Buyer's offer, the Seller's agent will provide the name, address and contact numbers for the Brokerage and the agent that submitted the competing offer.

If they shop your offer,meaning that you sent your offer in, and they held it for a day, all while procuring different offers to compete; then dismissed you out of hand, YOU also have remedy.  SIMPLY PUT

The have your offer for a day, Then tell you they have accepted another. 

Not happy with this? They shopped your bid. You were in a bidding war and you didn't know it.They did not disclose. If your clients want the property, RECO can't get it for them. Consider suing the vendors. Their agent's actions are binding upon them. Sue, apply for a Certificate of Pending Litigation, register that against title and you'll soon see some changes in attitudes.

Let's be better informed out there.  A Registered Offer means that the offer is signed and ready to be presented with a reasonable time frame available.

Would you like to talk about buying or Selling? 

Call me at 647 218 2414 or email 

Are you having the Jerry Maquire Experience?

If you are not building a solid trusting almost family relationship, that your REALTOR has your best interest at heart over the long term of your property ownership, you need to interview different experienced people who will professionally handle your situation.




David Pylyp serves the west Toronto, Etobicoke and Mississauga communities. You can reach David @ 647 218 2414 or through his office at 905 272 3434. RE/MAX Realty Specialists Inc., Brokerage.