TitlePLUS automatically insures both the home buyer and the lender in a transaction for the title-related risks and the legal services provided by the lawyer. TitlePLUS' legal service coverage insures the home buyer and lender against errors or omissions the lawyer could make such as failing to register a document or remove an encumbrance, or improperly adjusting for items on closing.
Home buyers ask their lawyer to use TitlePLUS for their real estate transaction.
The lawyer uses TitlePLUS software to monitor required searches, inquiries and other legal work associated with issuing TitlePLUS insurance policy and files required data on-line with LPIC, the title insurer. Once the TitlePLUS insurance policy is approved, LPIC issues the policy electronically to the lawyer's office where the policy is printed and a copy is provided to the home buyer by the lawyer. The home buyer, who is the individual insured under the policy, pays for the TitlePLUS policy. Cost of premiums often are offset by savings in disbursements that result from the lawyer having to conduct fewer searches and inquiries. The TitlePLUS premium varies with the purchase price of the property.