THE latest innovation to hit the real estate industry in Canada is what is known as “Title Insurance.” As the name implies, this of insurance chat protects lenders and pur- chasers from porential prob. lems with the title of a prop- erty. According to Christopher Quiring of Tire Company Limi is a product that has been widely used in the U many years but i ing on now in a big way in Canada. It is a new and unusual product for the real estate industry here, and perhaps the best way to get the concept across is to pre- sent a few rxamples. The first example Building comes with own raincoat - THESE days, potential new home buyers are wary of lay thelr life. saVings in case : they end.yp.in a sopey Ldwelling, sal? They have goad reason to “be cautious. . That’s why the developers of the new Legion Tower are “using a building envelope guar- -anteed to Jast 10 years. * The builders, Bel Tar Holdings, are using an exterior ‘insulation finish system (ELFS) which is designed to prevent ewater_ intrusion and to deal ‘with incidental moisture that may occur, The panelized wall ~ system is built in a controlled environment, then shipped to the “construction site and “secured to the exterior of the “building. ’. Each of these panels is pre- ‘vided with mwo seals: an air seal “and a water seal. The wall s “tem incorporates. vinyl wi Tdows with welded corners, ,exterior insulation and cement board. Consultants and engi- neers are on site to review design and installation. The EIFS system the Legion Tower is using has caught the attention of other contraccors as well. The builders refurbishing the exteri- or of another North Shore building because of leaking, are replacing the afd exterior with the same EIFS system. Anyone interested in fearn- ing more about the system can visit the sales office at the Legion Tower, located at 123 West 15th St. in’ North Vancouver. This 16-storey concrete highrise has also been built te level two adaprabilicy — which means suites can be easily mod- ified ro meet the needs of seniors and people with special needs. Corridors and doorways are wider, thresholds bevelled, electrical switches lower than standard height. Counters and sinks can be lowered if neces- sary, aad the bathroom walls are reinforced for hand rails. -- Deana Lancaster Friday, July 23, 1999 - North Shore News — 47 Tere rrererrerrrrrrrrrrrrr rere rr ee eee Se rs a situation where a tate deal was in jeop- ardy because of concerns about the location of a retaining wall. There was no survey available, so title insurance was purchased to cover both the lender and the purchaser, and the deal went through. Subsequently it was con- firmed thar indeed the retaining wall did encroach onto the back alley. A few years later, the new owner wanted to sell the property -— and the title insurance company paid to move the retaining wall so that it con- A panei used in the Exterior insulation Finish System was put into place turmed with the property line, In the sccond example, a woman in Toronto was buy: ing a row house, and she didn’t have a survey and te Was an older home, she purchased title insurance. Later it was discovered that her bathroom on the second floor infringed on the house next door. She put ina claim and the insurance company paid to have the bathroom renovated so that it con- formed with the tide. They also put her up ia a hotel while the work was going on. What is particularly inter- Legion Tower on 15th Strect in North Vancouver. LOT SIZE: 78° x 138" (over 12,000 sq. ft.) esnng about this case is that even if there had been a sur- vey, it wouldn't have shown the infringement because the survey would only have cov- ered the ground-level “foot- print” of the building. In the third example, shortly before the closing date for the sale ofa subur- ban home, it was discovered that there was an undis- charged mortgage on the title of a property, even though the mortgage had been paid out. As it was not possible to effect the dis- charge of the mortgage by the closing dare, the vendor paid to have o) purchaser covered by title insurance and the deal went through q ese examples illus- trate, title insurance protects the purchaser agd/or mort- gagor against almost any kind of problem with the title of a property. In face, there are three main types of costs that title insurance covers. The first aré costs incurred to remedy title problems, such as the moving of a retainiug wall. The see- ond type includes legal fees : she Not page T1 ee AN : : HEWS photo Miko Wakefield by a crane on the exterior of the When Only The est Will Do! For the discerning buyer seeking a “custom rome" of uncompromising quality. Set on a professianally landscaped Jot with views to Vancouver Island. INTERIOR SIZE: 4660 SQ. FT. Pe ceeescrswereccceseenevese NUMBER GF BEDROOMS: 5 PO eee tee Ooo ev seres dr eannecsoresecereseess NUMBER OF FLOORS: Postcard perfect sunsets, exposed aggregate patios and entertainment size pool & GBQ, deck. Polished granite entry foyer, solid core oak doors throughout, banquet size dining room, separate den, family kitchen with cooking island, four or five bedrooms up. Magnificent master suite. A very special property in a very special coramunity. eomeanesrveese ASKING PRICE: $1,180,000 OPEN HOUSE: Sunday 2 - 4pm USTING AGEN Carolyn Stenson, 926-6233 or 649-2249 Carolyn Stenson SPECIAL FEATURES: Incomparable quality! Re/Max Masters Realty Inc. Generous rocm sizes! Spectacular pool!