ID Verification & Remote Signing - Important Update
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At Chicago Title, we see ourselves as a second set of eyes for you to avoid issues, in particular in the area of fraud and forgery. We also, during these difficult times, want to ensure we are providing you with all of the information and assistance you need to continue to run your practice.
We have had a number of questions from you around the new rules being implemented by law societies around remote signing. Check with your Law Society, The Society of Notaries Public of BC, the Chambre des notaires du Québec for rules and regulations on verifying ID, the remote execution of documents and the use of technology such as video-conferencing.
The Federation of Law Societies of Canada has issued a document to guide the legal professionals, and you will find useful information on pages 11 & 12 about Verifying Identity - Click here to open the document.
Given these changes and the uncertainty around the ability to access the Land Titles/ Registry offices, we know that you must be highly concerned about fraud and gap issues. To that end, we again want to assure you that:
- Our gap coverage will protect the insureds from loss in the event there is an intervening registration between the time the closing documents are executed by all parties and their registration at the Land Titles/Registry Offices.
- We are offering our ID Verification service any time that you are uncertain about any parties to your transaction (we have a number of lawyers discussing doing this on all transactions during the crisis). There will be some deals where we will insist on this verification happening before we can provide title insurance. Just to be clear, we do not require this on all remote signing deals, only those where the Lender is private and the clients are unknown to the lawyer/notary representing them or cash purchase transactions. Therefore, when completing your applications for title insurance make a note in the order form only when the transaction is
- a private lender deal where the borrower’s lawyer or notary doesn’t know them and has never acted for them;
- a cash purchase where the vendor’s lawyer doesn’t know the vendor and has never acted for them.
All of this is done to keep you and your clients safe and assured that they are getting what they bargained for in their transactions. During these trying times, we continue to be fully open for business. To the extent you are having any worries about how to proceed or how we might be able to help you close your deals, call us. We are here to help!
PS: Thank you for all of your kind words already on how we are assisting you! Together we can do it!
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Ontario/Western Canada
Ontario/Ouest Canadien
Head Office
Siège social
1.888.868.4853
residentialtitle@ctic.ca
commercialtitle@ctic.ca
chicagotitle.ca
Quebec/Atlantic Canada
Québec/Atlantique
Quebec Office
Bureau du Québec
1.877.849.3113
souscription@ctic.ca
infoatlantic@ctic.ca
ctic.ca
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