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to open the system to consumers. The Competition Tribunal, which could hear the case this fall, could force the associa- tion to change its rules and has the power to levy a fine as high as $10 million. While it is far from certain whether the Competition Bureau can force the CREA to open up the MLS, change continues to buffet the real estate industry. Concerned about a price bubble after a lengthy run- up in real estate prices, Finance Minister Jim Flaherty introduced changes to mort- gage rules intended to reduce speculative buying and aggressive lending. "I presume that the delivery model will change. We don't know how it will change and this will be interesting," says Joel Kadish, a Toronto real estate lawyer. "This will be another adaptation for us," he says, noting real estate lawyers have had to deal with changes such as electronic registration and title insurance. If the Canadian system follows the TitlePlus_CL_Jan_10 12/15/09 10:00 AM Page 1 U.S. model, lawyers will need to do a bet- ter job marketing themselves and relying less on getting business through relation- ships with agents, says Kadish. "What goes along with opening the MLS up is Internet forms and Internet instruc- tions on how to complete forms, so that could make it worse for us." He argues real estate lawyers should be prepared to make the business case for their services should the MLS system open up. "Part of this is marketing. If you are saving five per cent in real estate and that number is dependent on the sale price, wouldn't you rather pay a lawyer a fraction of that to have a properly prepared agreement of purchase and sale? Lawyers typically don't do a good job at that, at group mar- keting." He is not forecasting a mass departure of real estate agents should the system be forced open. "There will be culling at the lower end, but my exceptional agents, I think if anything their business will go up because they offer such value." Built just for you Together we have all the tools The TitlePLUS® your clients from title risks.1 you, through our legal services coverage2 Program works with you to help protect With the right tools we assist , by reducing the inconvenience of dealing with a loss as the result of an error or omission in your real estate transactions. To ensure your clients get the most comprehensive coverage in one policy, take a look at the TitlePLUS Program, your Bar-related® real estate partner! PROTECTION AS GOOD AS IT GETS 1-800-410-1013 1 titleplus.ca Please refer to the policy for full details, including actual terms and conditions. The TitlePLUS policy is underwritten by Lawyers' Professional Indemnity Company (LAWPRO®)/ Assurance LAWPRO®. Assurance LAWPRO is a registered name used in Québec by Lawyers' Professional Indemnity Company. Contact LAWPRO for brokers in Manitoba, Alberta and Québec. 2 Excluding OwnerEXPRESS® policies and Québec policies. ® TitlePLUS, the TitlePLUS logo, OwnerEXPRESS, LAWPRO and Assurance LAWPRO are registered trademarks of Lawyers' Professional Indemnity Company. ® BAR-RELATED Mark is a registered Mark of North American Bar Related Title Insurers used by LAWPRO under License. www. C ANADIAN Law ye rmag.com M AY 2010 25