Title Insurance + RPRs: What The Heck Does Title Insurance Do?
Title Insurance is showing up more and more. Some lenders require Title Insurance, and many sellers want to provide Title Insurance in lieu of an RPR and compliance.
But what is title insurance, and what does it actually do?
Title insurance is a policy of insurance with a one-time-only buyer's premium of about $250. Homeowners have title insurance coverage for as long as they own the property.
The major things that title insurance does are:
  • Protect against unknown title registrations
  • Protect against fraud
  • Provide coverage against intervening registrations that might show up in the current 8-12 week Land Titles registration time
  • Provide coverage against enforced permit issues or enforced encroachment issues
Title Insurance is a useful supplement, but not a substitute, for an RPR and Compliance.

About Northeast Edmonton


Northeast Edmonton will always be one of Edmonton's most affordable neighborhoods, catering to families with young children. McConachie, Cy Becker, and Crystallina Nera are three of the nicest family neighborhoods in the area.

Excellent transit, location and parks.

Northeast Edmonton is well-served by public transportation, with Eaux-Claires Transit Centre, which links to Northgate Transit Centre, providing access to all regions of the city. Northeast Edmonton is indeed a popular choice for war veterans, because it is only just few minutes' drive from CFB Edmonton, one of Canada's largest military facilities (Canadian Forces Base Edmonton).

Because of the numerous lakes and open spaces found within its neighborhoods, Northeast Edmonton is often referred to as the "Lake District." Anthony Henday Drive, Manning Freeway, and 97 Street are just a few of the many convenient transportation alternatives accessible.


Conquering the Fear of Paying too Much for a Home

You’ve heard of “buyer’s regret”. It refers to purchasing a pricey item, like a fancy sweater or a new car, and then regretting it the next day because you think you paid too much.

Fear of buyer’s regret can actually dissuade people from making a purchase, even when the price is right and they really want the product!

In the real estate world, buyers can sometimes hesitate to make an offer on a home for the same reason. They worry about paying too much, so they take a pass on the property. That’s unfortunate because they may miss out on a great home at a good price!

How do you conquer this fear?

The first step is to get your finances in order. Determine how much your current property will likely sell for on today’s market. Also, talk to a lender or mortgage advisor to find out how much of a mortgage you can get. This will give you a fairly good idea of what you can comfortably afford.

Don’t forget to factor in monthly expenses when determining affordability. If you’re looking to move to a larger home, or one that’s in a highly desirable neighbourhood, your mortgage payments may be higher. Other expenses, like utilities, might increase too.

Remember, a new home is as much a lifestyle investment as it is a traditional financial one. You’re making an investment in your – and your family’s – happiness. That might even make it worth spending a bit more. And, once you’ve reviewed your finances and anticipated your expenses, you may discover you can do just that!

So, take all these factors into account and determine a price range within which you can comfortably shop. That will make it easier to make an offer on that perfect property with confidence, and with no fears of regret.


Sometimes the issue isn't winning the 'foreclosure competition'

Sometimes the issue isn't winning the 'foreclosure competition', it's closing once the Court approves your buyer's offer.
In a recent foreclosure, my client fought hard, outbid three other buyers, and won the bid. The Court approved my client's unconditional offer on February 2 for a March 8 closing, leaving about 5 weeks to close. Buyers were pre-approved, the lender was chosen, we just wanted to close this deal! 
What Happened
The Court's February 2 approval turned into a Court Order, which was sent for filing at the courthouse. 
The filed Order was required to make the deal unconditional. Because of COVID and the ultra-slow down at the courthouse, it took until March 4 for the Order to be filed. Only then did the listing Realtor send out the official conveyancing instructions. And, most importantly, only on Thursday, March 4, was the mortgage broker able to tell the lender that the deal was unconditional and to start finalizing the mortgage approval process. So there we are - the purchase is unconditional and ready to go on Thursday, March 4, for a Monday, March 8 closing, 1-2 days to close. 
I immediately asked the foreclosing lawyer for an extension. I wanted three weeks; he wanted to give me seven days.
Our mortgage broker did a great job and got us mortgage instructions before the seven-day extension was up. I then negotiated a further extension with the foreclosure lawyer, and the deal closed 10 days later.
Lessons Learned
  • Foreclosure properties are in demand and often sell at market prices.
  • If your client's foreclosure bid 'wins' and they are getting a bank mortgage, the lender needs what lenders need for every deal, a final, unconditional real estate purchase contract (offer to purchase). For a foreclosure purchase, that final, unconditional offer to purchase is the signed, filed, Court Order approving your deal. 
  • Buyers need to understand that most lenders won't even start processing a mortgage application until there is that final, unconditional offer to purchase. As a Realtor assisting a buyer, you have to work very closely with your buyer's mortgage broker. Make sure you know what the likely lender requires. It may mean an appraisal upfront, and it's crucial to have a backup plan. Either a private mortgage or cash purchase needs to be discussed with your mortgage broker in case the Courts/lawyer do not allow any extension. We had a backup plan; however, it was an expensive one. 
  • COVID affects everything, including everything to do with any court process, and that includes foreclosures. As a Realtor working through the foreclosure process, do your best to make your client, the Court and the foreclosure lawyer aware of timing. Your client might have made an unconditional offer, but they need time if closing depends on financing. 
  • Make sure the Court and the foreclosure lawyer know that your buyer needs two weeks to close AFTER receipt of the signed, filed, Court Order approving your client's purchase. Try to ask for a clause such as "This purchase will close 10 business days after buyer's receipt of filed Court Order." either in your offer or verbally if you are part of the Court application.

Make a “Great Things” List

What’s great about your home? Is it the spacious foyer and generous main floor closet space? Is it the beautiful washroom? Is it the playground that is only a short walking distance away?

Although some properties may look similar at first glance, every home is unique – with features and characteristics that make it special. If you’re considering putting your home on the market, make a list of all the great things about your property that potential buyers will want to know.

Start by thinking about the most desirable features of your home. Write down what you really love about the house and the surrounding area.

Next, think about what comments friends and other visitors to your home have made. Have you ever heard anyone say something like, “I really love your kitchen!” or, “This is such a quiet street”? Those are indications that potential buyers will like those features and characteristics too.

Once you have your list, let’s talk. Together, we’ll review all the great things about your home and area, and decide how to market them effectively.

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