Chapter 20 – From Contract to Completion: Conveyancing Flashcards
___________ is the form that gets registered in the Saskatchewan Land Titles Registry in order to transfer title to the buyer.
Transfer Authorization
___________ is the buyer’s authorization to the mortgage lender directing that mortgage funds be paid to the buyer’s lawyer.
The Direction for Payment
A ___________ can usually be obtained within hours, whereas a Surveyor’s Real Property Report may take weeks, depending on the availability of the surveyor.
title insurance policy
___________ serves as an assurance of the state of title as at the effective date of the policy.
Title insurance
The ___________ will usually agree to be responsible to discharge all registered interests from the title except those that will remain on title after closing, as stated in the contract.
A) seller’s lawyer
B) mortgagee’s lawyer
C) buyer’s lawyer
A) seller’s lawyer
Annual property taxes are usually apportioned between the parties as of the___________.
closing date
A ___________ is a document prepared by a licensed surveyor that illustrates the boundaries of the property and the location of any buildings in relation to its boundaries.
Surveyor’s Real Property Report
Title insurance policies can provide ___________ which protects the insured parties against intervening registrations between the date of closing and the date of registration.
gap coverage
The ___________ sets out the arrangement between the buyer’s lawyer and the seller’s lawyer on how they will complete the real estate transaction.
trust letter
Sales of land are generally subject to Goods and Services Tax unless the property is exempted under___________.
The Excise Tax Act
