TitlePLUS(R) title insurance launched in Yukon, Nunavut and Northwest Territories
|March 8, 2006|
TORONTO, - Lawyers in all three northern jurisdictions can now better protect their homebuyer clients' investment in a home: TitlePLUS title insurance - which is already being used by thousands of real estate lawyers from coast to coast -- will be rolled out across Yukon, Nunavut and Northwest Territories this month.
TitlePLUS title insurance provides comprehensive protection for consumers who are buying property, refinancing a mortgage or borrowing money secured against a residential home or condominium. For a one-time, single premium, TitlePLUS insurance covers both the homebuyer and the lender (if there is a mortgagee in the transaction) 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. TitlePLUS coverage also protects 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 insurance either:
Source: Lawyers' Professional Indemnity Company (LAWPRO)