TitlePLUS offers consumers superior protection and savings through title insurance for residential home purchases and mortgage-only transactions
TORONTO, Nov. 27, 2003 – TitlePLUS – the full-service title insurance product that thousands of consumers are using to insure their interests when they buy a home or on refinance/mortgage-only transactions – is now available in British Columbia.
The B.C. launch this fall means that TitlePLUS is now available in all provinces of Canada except Quebec.
To obtain TitlePLUS coverage for their purchase or when they secure a mortgage, B.C. consumers will work with the lawyer handling the transaction to apply for TitlePLUS coverage.
B.C. lawyers in turn can easily access TitlePLUS coverage for their clients’ transactions in one of two ways:
- By contacting the TitlePLUS hotline at 1-800-410-1013 to request a TitlePLUS policy; OR
- By completing and faxing an application form which they can access from the TitlePLUS Web site (www.titleplus.ca) or from TitlePLUS directly.
TitlePLUS completes all of the necessary paperwork and provides the lawyer with a draft TitlePLUS policy and other materials to review with the client.
TitlePLUS offers comprehensive title PLUS legal services protection
TitlePLUS offers consumers and lenders alike some of the most comprehensive title-related protection available on the market today. Its policy automatically insures both buyers and lenders for title-related problems that could affect the ownership or marketability of the property in the future, as well as for the legal services provided by the lawyer closing the transaction.
Moreover, TitlePLUS insures against many of the risks that normally would be beyond the scope of the lawyer’s opinion – issues such as fraud, forgery, survey errors, the absence of an up-to-date survey and errors made by governments.
If a problem with title surfaces after the deal has closed, or if it is discovered that the lawyer made an error or omission, TitlePLUS either:
- pays to rectify the problem (for example, moving a garage off a neighbour’s property line) or,
- compensates the appropriate parties for up to the full value of the title insurance policy.
The insurer also will pay the legal costs of defending the title.
TitlePLUS eliminates delays and facilitates complicated closings TitlePLUS will often provide survey coverage without an up-to-date survey, thus saving the purchaser money and time. It will also provide insurance against known minor issues (such as a minor setback deficiency) – which often hold up closings because lenders are wary of advancing funds until these issues have been resolved. With TitlePLUS, the closing can proceed on time, and TitlePLUS assumes the risk associated with rectifying the issue in the future.
Coverage for different types of transactions
TitlePLUS is available for new and used homes, condominiums, cottages, rural properties and residential rental properties of up to four units, and covers both purchase and mortgage-only/refinance transactions.
Since it was launched in Ontario in 1997, TitlePLUS has become an integral part of the conveyancing services offered by real estate lawyers in that province. The British Columbia launch is part of a national rollout that makes TitlePLUS products accessible to lawyers and their clients in all provinces except Quebec. TitlePLUS was developed by Lawyers’ Professional Indemnity Company (LAWPRO(R)), a wholly Canadian-owned insurance company providing title insurance in the Canadian market. LAWPRO currently underwrites the professional liability insurance program for all members of the Ontario and Newfoundland bars, in addition to providing TitlePLUS in most jurisdictions across the country.
(R) Registered trademark of Lawyers’ Professional Indemnity Company (LAWPRO).