Last update: March 20, 2018
Media Release archive
TitlePLUS® expands to cover farm properties
Toronto, ON., June 22, 2001: Consumers buying or re-financing farms can now better protect their farm properties: TitlePLUS, the most comprehensive title insurance program in the real estate market today, is now available for purchases and re-financings of farm properties.
TitlePLUS coverage is available for farms valued up to $1 million, whether or not there is any form of commercial activity taking place on the property. Premiums will vary based on the purchase price or mortgage amount, and range from $120* for mortgage-only transactions under $500,000 to $250 for farm purchases between $130,001 and $500,000*. Premiums for properties with a higher value are calculated individually.
TitlePLUS offers more comprehensive protection than any other title insurance product because only TitlePLUS insures both the title and legal services in a transaction. Thus, TitlePLUS policyholders are covered for title-related issues, and for errors or omissions that may be made by the lawyer handling their transaction. As well, TitlePLUS automatically insures both the purchaser and the lender in every transaction, for the same, one-time only premium.
TitlePLUS can help reduce transaction costs because it can, in some cases, replace the need for an up-to-date survey required by the lending institution; TitlePLUS coverage can also reduce the number of searches and inquiries the lawyer handling the transaction must undertake, thus streamlining the process and potentially saving the consumer time and money. A TitlePLUS policy is accepted by virtually all leading financial institutions across Ontario.
TitlePLUS, launched in 1997 by the Lawyers' Professional Indemnity Company (LAWPRO), has been used by more than 1,500 lawyers in all parts of Ontario to streamline real estate transactions and improve the service and protection that buyers and lenders receive when they purchase or finance property.
LAWPRO is a wholly Canadian-owned insurance company that is licenced to provide professional liability insurance and title insurance in numerous jurisdictions across Canada.
*premiums exclude processing fees and applicable taxes
April 30, 2018