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
Rather, the term is defined as follows:
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.
The following categories of LAWYERS are not eligible for this coverage:
LAWYERS changing area of practice
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.
April 30, 2017