Agreement of Purchase and Sale
This is what the "closing date" is called in the Agreement of Purchase and Sale.
What is the "completion date"?
Either of these two people typically complete the title search in a real estate transaction.
What are the buyer's clerk and/or the buyer's lawyer?
The requisition letter is written from the perspective of (signed by) this person.
Who is the buyer's lawyer?
This is the main purpose of the Transfer.
What is to transfer ownership of the property from the sellers to the buyers?
This is the name of the not for profit corporation established by the Ontario New Home Warranties Plan Act to administer and regulate new home purchases.
What is the Tarion Warranty Corporation (or Tarion)?
This is the "nickname" for Paragraph 10 in the APS, which gives the buyer the right to walk away from the transaction if several preconditions are met.
What is the Annulment Clause"?
This kind of search is done to ensure that the current owners do not have any outstanding debts from court decisions that could have attached to the property as liens.
What is an execution search?
These types of requisitions must be requisitioned BEFORE the requisition date.
What are ORDINARY requisitions on Title?
This document instructs the buyer(s) and their lawyer to send payment for the property on closing to the seller’s lawyer, in trust, “or as they may direct”.
What is the "Direction Regarding Funds"?
This is the tax that is often rebated through government programs designed to ease the cost of purchasing a new home.
What is HST? (HST rebate)
These should be included in Paragraph 5 of the APS if they are going to be excluded from the transaction.
What are fixtures?
This is what a buyer's lawyer (or their clerk) does quickly on Teraview, on closing day, to make sure no new instruments have been registered on title.
What is a subsearch?
These requisitions deal with matters related to the documentation that the seller is required to deliver on closing.
What are requisitions on matters of conveyance?
This document is signed by the buyers, and sent to the seller's lawyer relatively early in the transaction.
What is the Direction Re: Title?
These are the three elements that make a condo a condo.
What are:
1) The condo unit (owned individually in fee simple)
2) The common elements (collectively owned)
3) The condo corporation (to administer the common elements and common expenses, etc.)?
These are the 4 things required for a buyer to rely on paragraph 10 of the APS to walk away from the transaction with their deposit.
What are:
1) Requisitions were submitted on time
2) Requisitions dealt with title defects
3) Vendor is unwilling / unable to remove the defect
and
4) Purchaser will not waive the requisition?
This kind of search is not required in resale transactions, but must be done for new home purchases.
What is a Tarion search?
These are the four things that requisitions are generally drawn from.
What are:
1) The title search
2) Off title searches
3) The survey
4) The Agreement of Purchase and Sale?
With this document, the buyer promises to pay additional money after closing in the event that any items on the statement of adjustments were incorrectly adjusted in the buyer’s favour.
What is the buyer's undertaking to readjust?
This is a part of a condominium that only a specific condo unit owner can use, but is nonetheless collectively owned by all condo unit owners. One example includes a balcony off of a condo unit's bedroom.
What is an exclusive use common element?
This is the paragraph of the APS where the requisition date is found.
What is the "Title Search" paragraph?
or
What is Paragraph 8?
This is one of the two major exceptions to the government's guarantee of the accuracy of title in Ontario's Land Titles system.
What are Crown Claims? (or escheat/crown patent)
OR
What are Planning Act violations?
These are typically the first two words of the requisition letter.
What is "without prejudice"?
These two documents, prepared for the seller's signature, are often combined into the same document.
What are the Warranties and Bill of Sale?
These are the five main things that a condo corporation is responsible for.
What are:
1) Maintenance of the property
2) Repairs to the common elements
3) Insurance coverage of the property
4) Administration of common expenses (next slide)
and
5) Administration of the reserve fund?