TitlePLUS New Home Program in Ontario

The TitlePLUS New Home Program is available for residential purchase transactions involving specific new freehold and condominium homes in Ontario.¹ To view a list of the developments, click here.

Program Eligibility:

		If you are a web-eligible TitlePLUS subscriber, then you have access to the New Home Program click here to view our complete list of registered developments.
		Otherwise, contact the TitlePLUS Customer Service Centre at 416-598-5899 or 1-800-410-1013 as early as possible before closing to obtain a Subscription Agreement.2

Savings:

		Our New Home Program's easy point-and-click interface will save you and your staff time.
		We arrange the underwriting for the whole project on a centralized basis, which saves your client's money by reducing or eliminating disbursement costs.
		PLUS your client gets the added protection that only a TitlePLUS policy provides.

Due Diligence:
Participants in the New Home Program are not required to search or review title and do not:

Prepare and send requisitions; Prepare, send out, and review responses to clearance letters; and Deal with blanket mortgage discharges.

Participants in the New Home Program do:

Prepare mortgage documents; Obtain a fire insurance binder from the client (where freehold); Review the vendor's closing documents; Prepare their own closing documents; Meet with the client; Search executions against the purchaser and any mortgage guarantors, if applicable; Prepare for closing and confirm the last instrument on title; Notify all utilities of change of ownership, as required; and Send final reports to the purchaser and the lender.

Survey coverage will be provided to both the purchaser and lender under the TitlePLUS policy. For freehold developments you will be provided with a survey by the developer's lawyer to review with your client prior to closing.

Premiums:³

	$200,000 and under	$200,000.01 to $500,000
House	$248.00	$292.00
Condo	$158.00	$176.00

How it Works:

		Log-in to titleplus.lawyerdonedeal.com;
		Click on "Create New Home Program File" and scroll down to choose the development from the list;
		Review the "New Home Program Instruction Sheet";
		Enter the basic information, such as names of purchasers, mortgage details (if any) and executions; you do not have to enter title information because it will be there already;
		Prior to closing, submit the application for pre-approval; the application will be approved instantaneously (subject to underwriter review, where necessary);
		Once the application has been pre-approved, simply print the Acknowledgment and Direction (which must be signed by your client before closing) and the draft TitlePLUS policy; and
		After closing, complete the "Policy Issuance Checklist" and request issuance of the policy.

Quick Facts

	1.	Do you need to confirm Occupancy? No. Once the development is enrolled with the TitlePLUS New Home Program, we have an agreement with the vendor and/or the vendor's solicitor that the closing will not take place until occupancy is granted.
	2.	When do I need to pay for my own up-to-date status certificate for a New Home Program condominium closing? You need to get an up-to-date status certificate after the "turn over" of control of the condominium to the condominium corporation's unit owners. If the "turn over" meeting has not yet happened, the builder's solicitor will provide you with one.
	3.	When do I need an Execution Search? Undertake execution searches against all vendor(s), purchaser(s) and guarantor(s). A new certificate must be obtained for the vendor(s) on the day of closing, and any differences from the previous certificate should be discussed with a TitlePLUS Underwriter before closing. A new certificate needs to be obtained for the purchaser(s) and guarantor(s) on closing where a mortgage is being registered and only where the original execution search on the purchaser(s) and/or guarantor(s) was done more than 14 days prior to closing. To reduce search costs, you may combine names of two spouses on one search (assuming last name is identical), for example: GIVEN NAME: JOHN SHIRLEY SURNAME: BROWN
	4.	Where do I confirm whether the development is enrolled in the TitlePLUS New Home Program? On titleplus.lawyerdonedeal.com, log-in and choose "Create New Home Program File" to view the list of active projects.
	5.	Where do I find the last registered instrument? Once your application is in the "preliminary" stage, click on the twisty "Please Read! Special Closing Instructions." This will give you the particulars of the last registered instrument as well as closing instructions.
	6.	Should I call the TitlePLUS Department when the last registered instrument does not match what is posted on the application website? Yes. Call to advise the TitlePLUS Customer Service Centre of the discrepancy for all documents except the following:      • discharges of mortgages or other encumbrances;      • postponements;      • part-lot control exemption by-laws;      • reference plans;      • parcelization transfers from builder to itself; and      • transfers of part of a lot or block to other purchasers, and mortgages given by these         purchasers. TitlePLUS policies are also available through our Bulk Commercial and Volume Bulk Underwriting Programs: Ask us for details.

¹ Please refer to the policy for full details, including actual terms and conditions.
² Subscription Agreements received immediately before closing may not be processed in time for you to obtain a TitlePLUS policy for your client's transaction.
³ Plus applicable processing fee and taxes; some restrictions may apply; prices are subject to change without notice. Purchase prices greater than $1 million Cdn are not eligible for the New Home Program. Contact us as early as possible to discuss your options. Transactions over $500,000, up to a maximum of $1 million, are an additional $1.00 per $1,000 plus applicable taxes.

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