Real Estate
Coverage exception in title insurance policies catches lenders’ lawyers off guard
This article by Kathleen Waters, President & CEO of LAWPRO, originally appeared in the December 26, 2014 issue of The Lawyers Weekly published by LexisNexis Canada Inc. In September, LAWPRO received an unwelcome surprise – the first in a series of claims based on an exception to coverage in residential lender title insurance policies. That… Read More »
Categories: Real EstateAvoiding ‘Inadequate Investigation’ Claims in Real Estate
Back in 1998, “inadequate discovery of fact or inadequate investigation” was the fifth most common cause of a claim when we looked at the top five reasons a claim was made against a lawyer. Since then the claims cause of “inadequate investigation” has climbed steadily upwards to the number one spot: By 2014, this category… Read More »
Categories: Real EstateLawyers Weekly article on claims exposure for real estate lawyers due to coverage exceptions in certain title insurance policies
The December 26, 2014, issue of Lawyers Weekly has an article on a claims exposure that arises due to coverage exceptions in certain title insurance policies. Real estate lawyers need to be aware of this claims exposure and how to avoid it. LAWPRO has seen 7 claims with combined losses approaching $2 million, including one… Read More »
Categories: Real EstateResolutions to avoid real estate claims
I will ensure I meet with my clients in person at least once: In most real estate practices the staff handle many aspects of the client’s matter. However, ultimate responsibility still lies with the supervising lawyer. Take the time to meet with the client in person to review the transaction and understand the client instructions,… Read More »
Categories: Real EstateFraud coverage: Some title insurance policies may not protect your lender client – and may leave you in the cross-hairs
Fraudulent real estate transactions arising out of identity theft continue to be a concern as many real estate lawyers fall victim to unscrupulous imposter clients. Identity fraud has become increasingly difficult to detect as the quality of false identification and other documents improves. Further, fraudsters enlist the assistance of others to play the role of… Read More »
Categories: Real Estate, The TitlePLUS Program & Title InsuranceTitle insurance policies are like a box of chocolates – No two policies are the same
“The lawyer should be knowledgeable about title insurance and discuss with the client the advantages, conditions, and limitations of the various options and coverages generally available to the client through title insurance,” states Rule 2.02(10) of the Rules of Professional Conduct. This obligation was brought home in a recent malpractice case where the lawyer did… Read More »
Categories: Real Estate, The TitlePLUS Program & Title InsuranceWarning re: Claims exposure where private mortgage advance goes to third party
[The following is the text of a LAWPRO alert sent October 7, 2014. This post mirrors the alert, but includes samples of the new exemption clauses we have seen in claims files.] LAWPRO has become aware of a new exception to coverage in certain title insurance policies which could expose real estate practitioners to claims… Read More »
Categories: Fraud Prevention, Real Estate, The TitlePLUS Program & Title InsuranceWhen waiving a search comes back to haunt you
How a client perceives a lawyer’s role in a transaction often depends on the client’s experience. At one end of the spectrum, a new homebuyer may believe that the lawyer will not only navigate the process, but will also personally shield the client from all risks. At the other extreme, a sophisticated businessperson may urge… Read More »
Categories: Real Estate