A new, state-of-the-art service available to Ontario home buyers from their real estate lawyer that provides home buyers with unparalleled protection and peace of mind AND saves time, worry and money.

Combines two elements:

• comprehensive insurance coverage for the risks associated with home buying - risks such as zoning issues, work orders, government errors, lack of up-to-date survey - AND for legal services provided by lawyer,
• electronic process that streamlines and standardizes legal services provided by TitlePLUS lawyers.

What does TitlePLUS insurance cover?
TitlePLUS automatically insures both the home buyer and the lender in a transaction for the title-related risks and the legal services provided by the lawyer.

Title-related risks that are insured include:

• defects in title such as conflicting ownership or interests in the land; liens, mortgages or other encumbrances that affect title; and the unmarketability of title;
• compliance risks such as work orders, major encroachments or non-compliance with restrictive covenants;
• access-related problems such as lack of legal access to the land because of rights-of-way or easements, and other rights and defects such as rights in the land because of tenancies.

TitlePLUS' legal service coverage insures the home buyer and lender against errors or omissions the lawyer could make such as failing to register a document or remove an encumbrance, or improperly adjusting for items on closing.

How does TitlePLUS work?
Home buyers ask their lawyer to use TitlePLUS for their real estate transaction.

The lawyer uses TitlePLUS software to monitor required searches, inquiries and other legal work associated with issuing TitlePLUS insurance policy and files required data on-line with LPIC, the title insurer.

Once the TitlePLUS insurance policy is approved, LPIC issues the policy electronically to the lawyer's office where the policy is printed and a copy is provided to the home buyer by the lawyer.

TitlePLUS policy provides insurance coverage for as long as the home buyer and his/her heirs own the property.

Who pays for TitlePLUS and how much does it cost?
The home buyer, who is the individual insured under the policy, pays for the TitlePLUS policy.

Cost of premiums often are offset by savings in disbursements that result from the lawyer having to conduct fewer searches and inquiries.

The TitlePLUS premium varies with the purchase price of the property. TitlePLUS premium for the average $200,000 property is $250.

TitlePLUS Fact Sheet....

What advantages does TitlePLUS offer home buyers?

• It improves protection and service when they buy a home

Only TitlePLUS automatically covers both home buyers and their
lending institution under the same policy.

Only TitlePLUS covers both title-related risks and the legal
services provided by a lawyer.

TitlePLUS covers many of the risks normally beyond the scope of
a lawyer's opinion - issues such as fraud, forgery, survey errors,
errors made by municipalities and utilities in providing information
to the lawyer.

Overall, TitlePLUS provides home buyers with more comprehensive protection than any other competitive product or service on the market today.

• It insures home buyers directly

TitlePLUS allows home buyers who have a problem with title to make a claim directly with LPIC, which then investigates the claim and, if appropriate, either pays to rectify the problem (such as relocating a fence or garage) or compensates the home buyer for the actual financial loss suffered up to the policy limit. LPIC also will pay the costs of legally defending the title.

Traditionally, home buyers who had a title-related problem would seek compensation from their lawyer's malpractice insurer, a process that often involved suing the lawyer. TitlePLUS eliminates this possibility, saving consumers worry and money.

• It makes closings efficient and worry - free

Because TitlePLUS provides insurance coverage against issues that often complicate closings - such as lack of an up-to-date survey or minor setback problems - it provides home buyers with the peace of mind that comes from knowing their closing will proceed on time.

• It improves legal services

Only TitlePLUS standardizes legal services by requiring lawyers to follow a defined regime of searches, inquiries and procedures, thus ensuring home buyers receive the same standard of service from all real estate lawyers and potentially saving them money. TitlePLUS also reduces the time a lawyer must spend on redundant paperwork, allowing him or her more time to provide home buyers with personal service and advice.

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