We recently insured a commercial property in a major Canadian City, where the title search revealed that the laneways abutting the property were in the Registry System and the ownership of them could not be determined. The vendor’s lawyer was being requisitioned to fix the issue for closing as although the vendors used the laneways without issue during their period of ownership the purchasers were concerned that they had no legal right to do so. The vendor was not happy with the amount of work and cost that would be required to fix this issue.
Fortunately, the purchaser’s lawyer suggested contacting one of our experienced underwriters for help. The vendor was willing to give a declaration confirming their continued and uninterrupted use of the laneways. In this case, we were able to craft an endorsement that protected the owner from loss suffered as a result of a third party preventing their continued use of the laneway. The deal closed on time and all parties were happy with the coverage provided and the savings for their clients.
The next time you are faced with a title issue; don’t hesitate to reach out to the Chicago Title team for a solution. We are here to help!