|
||
|
|
|
|
For Real Estate Professionals
What is the TitlePLUS Program? TitlePLUS is a Canadian title insurance product, offering insurance coverage for both title-related aspects of a transaction and the legal services provided by a lawyer in the transaction. It is an efficient tool that improves the protection home buyers receive when they purchase or refinance a home. TitlePLUS offers a comprehensive title insurance policy, by protecting buyers and lenders for title-related problems that could affect ownership or the marketability of the property, and legal services provided by the lawyer closing the purchase. The policy automatically insures buyers and lenders, for the same cost.1 TitlePLUS provides purchasers with the reassurance that their legal interest in the property is protected by insurance for as long as they, or their heirs, own the property. The policy provides protection for the actual financial losses the purchaser or lender may suffer from title defects or the negligence of the lawyer handling the transaction. With TitlePLUS, purchasers continue to benefit from the advice and expertise of an independent lawyer who will conduct the required searches and inquiries and provide advice and guidance on many issues involved in home buying or refinancing. TitlePLUS insures condominiums, new and resale homes, cottages, rural properties, residential rental properties (up to 4 units), and farms. TitlePLUS is also available for mortgage-only transactions.2 With TitlePLUS coverage in place, closings happen on time, without last-minute complications that could delay or scuttle the purchase. TitlePLUS coverage is all the security a lender might need to advance mortgage funds if there's a concern over a title-related issue. A TitlePLUS policy can insure over a minor encroachment or setback deficiency. It often eliminates the need for an up-to-date survey as it usually covers many of the issues that a survey reveals - saving your clients time and money. TitlePLUS ensures all home buyers have access to independent legal advice from lawyers whose commitment is to your clients - not to the title insurer. With TitlePLUS, there's no risk of "falling through the cracks" because title review and document preparation is out-sourced. TitlePLUS lawyers guide the transaction through all steps in the closing process themselves, ensuring your client's purchase receives the detailed attention it deserves. TitlePLUS provides broad title and legal services coverage - and is a Canadian title insurer that insures ALL aspects of the services that a lawyer provides in the transaction, not just the title and off-title search issues. TitlePLUS insures home buyers directly. If there is a problem with title or the services provided by the lawyer, the home buyer makes a claim directly. If the claim is covered under the TitlePLUS policy, the insurer either pays to rectify the problem or compensates the home buyer up to the full amount of the insurance policy. The insurer usually also pays the legal costs of defending the title if the matter ends up in court. This direct access to a solution is one of the key differences between TitlePLUS and the previous way of closing, in which lawyers provided an opinion on title. Without TitlePLUS, home buyers might have to negotiate with the lawyer if a title-related problem crops up, or even sue to be compensated. With TitlePLUS, access to a solution is only a phone call away.
1 Please refer to the policy for full details, including actual terms and conditions.
|
|||||||||||||||||||||||||||||||
| | |
 | |
| Home | LAWPRO Home | Site Map | Contact Us | Privacy | Fine Print | Feedback | |
| © 2010 Lawyers' Professional Indemnity Company (LAWPRO) | |
