TitlePLUS Times - Vol 5, no.4, November 2002

Products & Services

TitlePLUS Times
Vol 5. no. 4
November 2002

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Articles

TitlePLUS on the Web

We are now in the testing phase of Web-delivery for TitlePLUS policies. Selected policies are currently being processed using a combination of RealtiPLUSŽ and a Web database engine. We expect to transfer our RealtiPLUS users to this new delivery system in the near future. What this means for you? You use Internet Explorer to access the Internet in order to complete TitlePLUS policies, and issuance can be done 24/7. Watch for future updates!

Revised "Working with a Lawyer when you Buy a Home" brochure
This publication has a new look. It has been resized to fit in a #10 envelope, making it even easier for you to provide your clients with the valuable information contained in this brochure. The wording of the brochure has not substantially changed, although the enclosed chart has been updated. As well as being able to distribute the brochure in hard copy, you can link to it from your Web site. It is posted at www.oba.org/en/pdf/lawyer1.pdf.

Grow Houses
A "grow house" is a residential property that was formerly used to grow marijuana and is now being sold to good faith purchasers. The hazards of such houses include, but are not limited to, deterioration of the structure due to moisture and heat, illegal hydro connections, and substantial hydro arrears. In other words, a home used as a "grow house" may have serious structural deficiencies and be a potential fire hazard. These houses can exist in any residential area, presenting a normal face to the community.

There are new clauses for agreements of purchase and sale about certain illegal activities, such as "grow houses", that are being provided to agents by their associations. For specific wording of clauses, please contact TitlePLUS.

If you have a deal where you believe the house was a "grow house," please contact a TitlePLUS Underwriter.

Money Laundering Rules Apply to Lawyers
On June 29, 2000, the federal government passed the Proceeds of Crime (Money Laundering) Act, which was subsequently renamed Proceeds of Crime (Money Laundering) and Terrorist Financing Act (the "Act"). This legislation was implemented to detect, deter and prevent money laundering and terrorist financing activities.

Ontario lawyers are now exempt from Part 1 of the Act - the obligations to record and report suspicious and large cash transactions, and to implement a compliance regime. Consent court orders to this effect have been obtained in all provinces. This exemption will remain in place while the B.C. challenge proceeds through the courts.

Lawyers are not exempt, however, from the cross-border reporting obligations contained in Part 2, which will come into force January 6, 2003. In their draft form, these regulations require persons to report the importation or exportation of amounts over $10,000 of currency and monetary instruments in bearer form, whether carried across the border, or imported or exported by mail, courier or by any other means. There is no requirement to report bank drafts or cheques or other negotiable instruments made payable to a named person and which have not been endorsed. Only the actual importer or exporter must report. Lawyers must report if they import or export the specified monetary instruments on behalf of clients. Lawyers are not required to report wired funds.

For more details and to subscribe for the practicePRO money laundering email news service see www.practicepro.ca.

The TSSA would like your input
The Technical Standards and Safety Authority (TSSA) is a risk-based, prevention-oriented organization that provides a variety of safety services in Ontario. Their Fuels Safety Program provides fuel-related safety services associated with the safe transportation, storage, handling and use of hydrocarbon fuels, and administers public safety laws governing fuels under Ontario's Technical Standards and Safety Act, 2000.

The TSSA receives many calls from real estate lawyers seeking information on the interpretation of the Acts, Regulations and Codes as they relate to fuel oil. As a result, they are considering developing a voluntary, non-certification training program in fuel oil. TSSA is presently trying to assess the need for developing training in this area. If you are interested, please contact them by phone at 1-800-877-682-8772 or by e-mail www.tssa.org.

Tips from TitlePLUS

TitlePLUS Phone System
Here is a quick reminder of the options available when you call the main LAWPRO call centre phone number. Press 2 to go to TitlePLUS. You will then have 3 options: Press 1 for referrals to TitlePLUS lawyers; press 2 for status inquiries on dial-in/fax-in policies and in-progress applications; press 3 for all other inquiries.

Treat Royal Trust the same as Royal Bank
Royal Trust (operating under the names "The Royal Trust Company" and "Royal Trust Corporation of Canada") are to be treated the same as Royal Bank for all applications. This includes the obligation to make an "insure over" request for any non-approved exceptions.

Applications and insure over requests submitted after closing
Unfortunately, we are receiving an increasing number of applications for TitlePLUS policies and insure over requests after the transaction has closed. The approval of applications and insure over requests submitted after closing is entirely at the discretion of TitlePLUS and may be refused.

Please ensure that your applications are submitted before closing, so that we can pre-approve them, either automatically or by our manual review system. If you anticipate that an insure over may be required, please contact us before closing to determine whether the request will be granted.

When possible, please submit your applications and insure over requests as far as possible in advance of the closing date, allowing time for us to work with you to resolve any problems.

TitlePLUS Times updates real estate professionals about TitlePLUS developments and related changes in conveyancing in Ontario. Comments and suggestions are welcome and should be forwarded to:

TitlePLUS
One Dundas Street West
Suite 2200, P.O. Box 75
Toronto, ON M5G 1Z3
Tel: 1-800-410-1013 or (416) 598-5899
Fax: 1-800-286-7639 or (416) 599-8341
E-mail: TitlePLUS@LAWPRO.ca
www.TitlePLUS.ca
www.LawyerMortgage.com
titleplus.lawyerdonedeal.com/

The material presented does not establish, report or create the standard of care for lawyers. The material is not a complete analysis of any of the legal topics covered and readers should conduct their own appropriate legal research.
Ž TitlePLUS and RealtiPLUS are registered trademarks of Lawyers' Professional Indemnity Company.

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