Mod 5 Flashcards
What types of searches are conducted for a commercial real estate sale?
-Title Search
-Plan Search
-Corporate Search
-Court House
-Municipality
-Environmental
What is the purpose of conducting a Title Search?
-confirm owner
-determine third party encumbrances
What is the purpose of a Plan Search?
-confirm property being sold is located in the spot known by the parties
What is the purpose of a Municipality Search?
-confirm annual tax levy
-confirm any tax arrears and penalties
-confirm use of property
What is the purpose of an Environmental Search?
-confirm no issues with air, water or hazardous substances on property
What info/docs are needed to prepare a Transfer of Land?
-transfer of land precedent
-Commercial Real Estate Purchase Contract
-Title Search
-Name of individual(s) signing on behalf of the corp (if appropriate)
-desc for title from the purchaser’s lawyer
What is the purpose of an Assignment of Contract?
transfers rights and obligations in third party contracts from the seller to the purchaser
What is an Order and Direction to Pay?
the purchaser formally gives their lawyer permission to handle and spend their money
What is the portion of the Transfer of Land that confirms who the purchaser is and the value of the property, and is signed by the purchaser?
Affidavit Re Value of Land
What doc verifies the purchaser has a GST number and doesn’t need to pay GST to the seller?
GST Warranty and Indemnity
What doc tells the purchaser that the contract between the seller and their tenants is in good standing?
Tenant Estoppel Certficate
What doc transfers all rights and obligations of the seller to the purchaser with regard to any leases with tenants on the property?
Assignment of Leases and Tenancies
