TitlePLUS Times - Vol 7, no.3, September 2004

Products & Services

TitlePLUS Times
Vol 7. no. 3
September 2004

Download PDF file.

Articles

The Bank of Nova Scotia will accept TitlePLUS Policies Nationally
We are happy to announce that we have verbal approval from The Bank of Nova Scotia that they will now accept our policies on a national level.

Watch for the addition of The Bank of Nova Scotia to our list of national lenders, available at titleplus.ca.

TitlePLUS Mortgage-Only Policies where Lawyer acting for Lender Only
The instructions for TitlePLUS mortgage-only policies¹ now contain additional instructions for transactions where you act for the mortgage lender and another lawyer acts for the borrower(s). In this situation, you, as the lawyer for the mortgage lender, should make the TitlePLUS policy application.

As the lawyer for the mortgage lender, you need to obtain all of the following from the other side prior to advancing funds:

The duly-sworn TitlePLUS Statutory Declaration, which you generate after you obtain pre-approval for the TitlePLUS mortgage-only application. If the borrower cannot swear the Declaration "as is" because any adverse information emerges, details must be inserted under "Other Defects/ Encumbrances" in the mortgage-only application (as an exception to coverage or an "insure over" request). If you make an "insure over" request, this must be approved by TitlePLUS staff before you advance funds;

Written confirmation from the lawyer for the borrower(s) that he/she reviewed the Statutory Declaration and mortgage documents with the borrower(s) before they were signed;

A copy of photo identification for the borrower(s) or written confirmation from the lawyer for the borrower(s) that the borrower(s) are personally known to him/her; and

Written confirmation from the lawyer for the borrower(s) that he/she arranged for independent legal advice for the borrower(s) or guarantor(s), if required according to the TitlePLUS mortgage-only instructions.

If one of the above items cannot be obtained, please contact the TitlePLUS Underwriting Group before proceeding with the application.

Please note that mortgage transactions where the borrower(s) do not have legal representation are not eligible for TitlePLUS coverage.

Photo Identification
Please obtain photo ID for all purchase and mortgage transactions, unless the clients are personally known to the lawyer making the TitlePLUS application. This is in accordance with the Law Society's Notice to the Profession dated July 23, 2004, warning real estate practitioners against fraud. This Notice may be viewed at www.lsuc.on.ca. Copies of the photo ID provided should be kept in your file.

For clarity, please note that the requirement for photo ID applies to purchases without a mortgage (often referred to as "cash deals"), as well as to purchases with mortgage(s) and mortgage-only deals.

Some clients may not be able to produce photo ID for legitimate reasons. If you encounter this situation, please call the TitlePLUS Department at 416-598-5899 or 1-800-410-1013 and speak with a TitlePLUS Underwriter.

For further information on fraud and how to protect yourself and your clients against it, see LAWPRO's Special Report on Fraud in the June, 2004 LAWPRO magazine, or view it on-line at www.lawpro.ca.

TitlePLUS News from LAWPRO

TitlePLUS Continues to Grow
We are pleased to welcome Nicky Kokolangianakis to the TitlePLUS team as an Analyst. Nicky articled at LAWPRO and was called to the Bar in July, 2004.

TitlePLUS Seminars 2004
The TitlePLUS Seminars were a great success!

We hosted well-attended seminars in Toronto, London, Sudbury and Ottawa, and received positive feedback from seminar attendees. We really enjoyed coming to your communities.

If you were not able to attend one of the seminars, go to the "What's New" section at titleplus.ca to view the presentations.

We look forward to seeing you in 2005 - watch for announcements about our plans!

Tips for TitlePLUS Users

Helpful Hints for Purchase Applications
If you are requesting a Purchase application on titleplus.lawyerdonedeal.com, select the municipality for the property address by clicking on "…" and selecting the name of the municipality from the list. If the municipality for your transaction is not on the list, please advise TitlePLUS Customer Service, so that it can be added.

If your transaction has a mortgage, select the lender by clicking on "…" and clicking on the lender name on the list. This will allow all necessary lender-related endorsements to attach to the policy.

Important Fraud-Fighting Program for Real Estate Lawyers and Staff
The Law Society of Upper Canada is offering "Fighting Real Estate Fraud - Why it's Important to Real Estate Lawyers" from 9:00 a.m. to 1:00 p.m. on October 19, 2004. The program will occur in person at Osgoode Hall (130 Queen Street West, Toronto), by ILN at locations across the province, or by webcast to your computer desktop.

All real estate lawyers and their staff members are encouraged to attend. For more information or to register for this important program, please go to http://ecom.lsuc.on.ca/index.html?/html/cle/ 2004/CLE04-0101001.html.

Real Estate Specialist Certification Program
For the first time, the Law Society of Upper Canada is offering Specialist Certification in Real Estate Law. If you have practiced for seven or more years with a substantial involvement in Real Estate Law, you should consider applying for Specialist Certification. More information is available at http://www.lsuc.on.ca/services/ services_specialist_intro_en.jsp.

TitlePLUS Times updates real estate professionals about TitlePLUS developments and related changes in conveyancing. 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
titleplus.lawyerdonedeal.com

¹ The TitlePLUS Mortgage-Only Instruction Sheet can be found on the Documents drop-down menu at titleplus.lawyerdonedeal.com.

bullet Back to TitlePLUS Times



	Home \| LAWPRO Home \| Site Map \| Contact Us \| Privacy \| Fine Print \| Feedback
© 2010 Lawyers' Professional Indemnity Company (LAWPRO)