Mod 3 Flashcards
What types of searches are typical on a commercial lease file?
-corporate search
-land titles search
-court house search
What is the purpose of a corporate search?
to ensure both parties are entering into a contract with the correct legal identity (i.e. a sole proprietorship operating as a sole proprietorship)
Where are corporate searches conducted?
CORES
Where are land titles searches conducted?
SPIN
What is the purpose of a land titles search?
to confirm ownership, no encumbrances, liens, interests
What is the purpose of a court house search?
to check if there are any lawsuits against the landlord or tenant that may affect their ownership or ability to pay rent
How would you conduct a court house search?
complete the Search Request (Civil) Form and sent it to the courthouse
What does Overholding mean?
The period of time a tenant stays in a leased space beyond the time specified in the lease with permission of the landlord
What is a legal assistant’s role while a contract is being agreed upon?
-making revisions to the lease doc
-sending the latest draft to the other lawyer
-arranging for client to review the latest version of the lease
After a lease contract has been agreed upon and signed, what is the next step?
registering the lease through the Alberta Land Titles Office
What are the two ways a lease is registered against a title?
-registration of the lease at the LTO
-registration of a caveat
What docs are required to register a lease at the LTO?
-copy of the lease
-Doc Registration Request Form
What is the point of registering a lease vs. a caveat?
-the lease itself is registered at the LTO and is used for lease terms of 3 years or more
-a caveat is registered against title, and is used for terms less than 3 years or more than 3 years
What docs are required to prepare a caveat?
-precedent version of caveat
-lease
-title search for the property
What are the two docs prepared to report on a commercial lease file?
-Statement of Account
-Reporting Letter
