TitlePLUS Times - Vol 6, no.1, January 2003

Products & Services

TitlePLUS Times
Vol 6. no. 1
January 2003

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Articles

Important Reminder for Deals over $1 million

Please note that TitlePLUS applications for deals where the purchase price is over one million dollars must be submitted to us in a timely fashion. The price will trigger an Insure Over and you must contact us as soon as possible as you will need sufficient time to undertake the extra searches that may be required for these deals. When issues relating to such properties materialize on the day of closing, we may not be able to approve the application for TitlePLUS.

NewHomeProgram.LawyerDoneDeal is not available for deals over $1 million
Any deal where the purchase price is over $1 million must be completed through the regular TitlePLUS application process.

Deposit Protection Doubles for New Home Buyers
The Ontario New Home Warranty Program (ONWHP) has announced that effective February 1, 2003, the deposits home buyers put down to purchase new homes in Ontario will be protected up to $40,000. New home buyers are currently compensated for up to $20,000 for loss of a deposit under a purchase agreement or loss of installment payments under a construction contract. This will apply only to Agreements of Purchase and Sale signed on or after February 1, 2003. Deposit coverage will remain at $20,000 for condominium units.

Proceeds of Crime Legislation
Further to the discussion in the previous release of TitlePLUS Times, the issue of reporting cross-border transactions of $10,000 or more on behalf of clients is in a state of flux. Pending the outcome of discussions between the Federation of Law Societies and the Attorney General, please monitor the Law Society Web site (www.lsuc.on.ca) or the Federation of Law Societies Web site (www.flsc.ca) if you are involved in any such transactions.

Tips from TitlePLUS

Part Lot Control Exemption By-Laws
Where the property to be insured is a part lot or block, and there is a part lot control exemption by-law on title, it is not sufficient only to note the registration of the by-law. The by-law itself should be obtained and reviewed. We have encountered instances where the applicable part lot control exemption by-law expired prior to the conveyance of the property by the builder, making the conveyance invalid under Subsection 50(5) of the Planning Act, R.S.O. 1990, chapter p.13. We have also seen situations where the by-law does not include the property being purchased, or the appropriate municipal officers have not signed the by-law.

This concern applies equally to new and resale homes. Sometimes a property changes hands several times before the problem is discovered.

TitlePLUS Help is on the Web
The TitlePLUS Reference Guide and the TitlePLUS Help Guide for RealtiPLUS are both available on our Web site at www.titleplus.ca. Many of your questions may be answered with a quick search in the appropriate guide. There is also new Schedule "A" wording in Appendix III(c) of the Reference Guide available on the site. You can cut and paste the wording into your applications, where necessary.

RealtiPLUS version 4.0/4.01
Version 4.0 is now available for downloading on the CAKEsoft Web site at www.cakesoft.com. This is a mandatory upgrade for RealtiPLUS users. One of the most important features of this update is the new TitlePLUS Web interface. Once you run the update, you will be connecting automatically to the TitlePLUS Web server for your TitlePLUS submissions.

Reminder re: Conservation Authority Searches
When the property you are dealing with is not a whole of a lot and risk factors exist (for example, there are watercourses, ravines or other environmentally significant features on or in the vicinity of the property), a conservation authority search should be conducted to determine if any conservation authority restrictions and/or work orders affect the property.

If the lawyer indicates that there are no concerns regarding these issues revealed by the client and/or the lawyer's personal knowledge of the property, it will not be necessary to conduct letter inquiries in respect of these matters.

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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