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E&O Insurance >Practice Type >Real Estate Practice Coverage Option

Real Estate Practice Coverage Option

All LAWYERS who intend to practise REAL ESTATE LAW in Ontario, must be ELIGIBLE for, apply for and be granted this coverage option before being able to practise in this area of law.

This coverage option provides necessary insurance protection to ensure that members of the public, and Land Titles Assurance Fund, are protected against the registration of fraudulent instruments under the Land Titles Act.

Definition of REAL ESTATE LAW
REAL ESTATE LAW is a broadly defined term and is not limited to specific types of transactions, such as transfers or charges.

Rather, the term is defined as follows:
REAL ESTATE LAW means the practice of the law of Canada, its provinces and territories, that concerns:

  • the registration of any instrument under the Land Titles Act; and/or
  • the actual or contemplated transfer, charging, insuring, or otherwise affecting, an estate, right or interest in land;

and may include, without limitation, any one or more of the following services by a solicitor: the receipt of instructions, preparation of documents, searches and/or the providing of one or more opinions or certificates with respect to the title, transfer or charge, and/or with respect to the issuance of any title insurance policy.

This coverage is available only to ELIGIBLE LAWYERS. ELIGIBLE means eligible to practise REAL ESTATE LAW in Ontario as permitted by the Law Society of Upper Canada.

The following categories of LAWYERS are not eligible for this coverage:

  • those who are in bankruptcy;
  • those who have been convicted or disciplined in connection with real estate fraud;
  • those under investigation, where the Law Society obtains: an interlocutory suspension order or a restriction on the LAWYER's practice prohibiting the LAWYER from practising real estate; or an undertaking not to practise real estate.

LAWYERS changing area of practice
If you cease to practise REAL ESTATE LAW in Ontario at some point during the policy period, or if you commence the practice of REAL ESTATE LAW part way through the year, you will qualify for a premium adjustment for this option, pro-rated for the period during which you practise (practised) REAL ESTATE LAW, subject to the following criteria:

  • a 30-day minimum premium; and
  • only one premium adjustment per LAWYER for this option for the year (beyond this, the full $100 annual premium would apply).

LAWYERS who commence the practice of REAL ESTATE LAW part way through the year should be sure to provide LAWPRO with a completed Application for Mid-Term Changes Form at least 10 days prior to the date that the requested change is to take effect. As such, the LAWYER may need to engage the services of another Real Estate lawyer to handle any Real Estate transactions in the interim. Please note that requests to add this coverage will not be backdated prior to the date we receive the completed form. The effective date of coverage will be the date this completed form is received by LAWPRO or the requested effective date, whichever is later.

LAWYERS who cease to practise REAL ESTATE LAW part way through the year and prefer not to continue to carry this coverage option, should provide LAWPRO with a completed Application for Mid-Term Changes Form, for any available reduction in premium to be applied, subject to the criteria above and Return of premium provision described on page 14 of the Program Guide.

Coverage sublimit: $250,000 per CLAIM/$1 million in the aggregate per POLICY PERIOD, applicable to CLAIM expenses, indemnity payments and/or costs of repairs together.

Premium: $100 annual premium per insured LAWYER.

FAQs: About the Real Estate Practice Coverage Option
Self-assessment tool for Real Estate Practice Coverage Option

Key DatesMore

January 31, 2018
Real estate and civil litigation transaction levies and forms are due for the quarter ended December 31, 2017.

February 6, 2018
Lump sum payment of 2018 premium by cheque or pre-authorized bank account withdrawal received on or before this date are eligible for a $50 (per lawyer) early payment discount on the 2018 policy premium (see the 2018 Program Guide for details).


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