Information Regarding Payment of the Real Estate Transaction Levy

Effective January 1, 2010, the Law Society approved an amendment to the Real Estate Transaction Levy Surcharge Endorsement. The amendment applies to title insured transactions completed on or after January 1, 2010.

The title insurers will indemnify and save harmless the lawyer from and against any claims arising under the title insurance policy(ies), except for the lawyer’s gross negligence or wilful misconduct. For all title insured transactions completed on or after January 1, 2010 and provided that an insured under the title insurance policy(ies) has not alleged that the title insurer has acted in bad faith, the title insurer’s obligation to indemnify and save harmless the lawyer is limited to the limit of coverage available under the title insurance policy(ies).

The Law Society is pleased to announce that the title insurers listed below have provided a Release and Indemnity Agreement in favour of Ontario lawyers and law firms, in a form satisfactory to the Law Society:

• Arch Title (a division of Arch Insurance Canada Ltd.)
• Chicago Title Insurance Company Canada
• First American Title Insurance Company
• First Canadian Title
• Lawyers Title Insurance Corporation
• Stewart Title Guaranty Company
• TitlePLUS (Lawyers' Professional Indemnity Company)
• Travelers Guarantee Company of Canada

Please also note that the Release and Indemnity Agreements with the above title insurers will be renewed every year on January 1st of that year, for a one-year irrevocable term. Should a Release and Indemnity Agreement be terminated, the Law Society will notify licensees.