Module 3 Flashcards
What is a building location certificate?
Document that indicates whether the house or any other formations are contained exclusively with the property lines above ground
What is a zoning memorandum
Certifies that the property complies with zoning regulations for side yards and alignments and the zoning by law for the city
-can be obtained if a new bloc was obtained
What is title insurance
In insurance policy that protects the purchases from financial loss due the defects in a title to a property
What is declaration as to possession
Sworn or affirmed statement given as evidence in a sale or mortgage transaction
What is purchaser declaration
Contains info and statements that relates to the purchaser
- based on the venders declaration and addressed to the new mortgage
What is venders declaration
Contains info and statements that relates to the purchaser
-addressed to the purchaser
What is Order to pay
Gives direction on how funds are to be disbursed
What is purchasers order to pay
Directs new mortgagee’ to pay the net mortgage proceeds to the purchasers lawyer
What is vendors order to pay
Directs the vendors lawyers to use the net proceeds of sale to pay outstanding encumbrances and accounts, with the balance going to the vendor
What is cash required to close
Determines the amount of funds the purchaser must bring in on or before the closing/possession day
What is land transfer tax
Paid whenever a transfer of land or interest in land is registered with the lto
What is an insurance binder
Short, temporary document that serves as proof of insurance, until full insurance policy is complete
What is a transfer
Prepared by the vendors lawyer and provided to the purchasers lawyer on ctpd
What is mortgage payout statement
Requested by the vendors lawyer and provided by the vendors mortgage and gives a payoff quote for the mortgage
What is a condo
Division of land into units and common elements
What act governs the law and rights and responsibilities for condominiums
The condominium act
What styles of condos are there
Apartments
Detached houses
Semi detached town house
Commercial space
Difference between units and common elements
Condo owners own their unit
Unit owner ship includes a non exclusive percentage interest in common elements
What do you file w the lto to create a condo
Fa plan and a declaration
Define a “plan” when creating a condo
A document certified by a land surveyor and architect showing boundaries of land
Define a “declaration” when creating a condo
A detailed written description of the condominium, includes info about units,common elements, how the condominium is operated and the rights and obligations of unit of unit owners
Purpose of condo corporation
Condo corporation controls, manages and oversees the corporations common elements and common assets in accordance with the corporation act
How are condos managed
Directors are elected from unit holders, by unit holder, within the condo complex, to sit on a condo board
