The panel & # 39; The avoidance of liability: what every property lawyer needs to know & # 39; gave real estate experts a chance to share some of their concerns and strategies to make transactions run smoothly.
Panel member Raymond Leclair, vice president of public affairs at LawPRO, noted that property issues accounted for 34 percent of total claims between 2007 and 2017, with $ 238 million in expenses. The nature of the claims consisted of not following customer instructions, inadequate investigation of problems with property and errors in the legislation, he said.
"The good news is that most of the claims we have received in real estate have been closed in the last ten years without any costs," he said. "That's good to know, it means that the lawyers were not negligent or that there were no costs that the client could recover from the lawyer."
But Leclair added that fraud cases were still a problem in the real estate market and that lawyers must recognize the red flags that occur, such as the inability of a customer to produce documentation or the fact that they prefer cash. He also stressed the need to be aware of bad check fraud and phishing attempts to obtain financial information.
"You just have to be on your guard," he said.
Panelist Jeffrey Lem, director of titles at the province of Ontario , spoke about some of the problems that arise with the access and submit documentation to TeraView, the online country database of the province. He noted that the database had been digital for a long time and that he had many more errors than when it was entirely based on paper.
"Paper is easier to catch typos, because the screen fools us a lot" he said. "You get many more mistakes in the digital world – usually lawyers will do it themselves, one click and then it bounces."
Doug Bourassa of Chaitons LLP talked about the need to be careful in dealing with second and subsequent mortgages and strategies when dealing with undervalued lenders
"Most borrowers mistakenly believe that their liability ends with the property Good, "he said. "I can not tell you how often I hear that discussion."
Other panelists were Reuben Roseblatt from Minden Gross LLP and Zahra Ziaie Moayyed from Ziaie PC. Tannis Waugh of Tannis A. Waugh Professional Corporation served as moderator.
LexisNexis Canada, publisher of The Lawyer & # 39; s Daily sponsored the event.