Module 3

Question 1

What is a building location certificate?

Answer 1

Document that indicates whether the house or any other formations are contained exclusively with the property lines above ground

Question 2

What is a zoning memorandum

Answer 2

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

Question 3

What is title insurance

Answer 3

In insurance policy that protects the purchases from financial loss due the defects in a title to a property

Question 4

What is declaration as to possession

Answer 4

Sworn or affirmed statement given as evidence in a sale or mortgage transaction

Question 5

What is purchaser declaration

Answer 5

Contains info and statements that relates to the purchaser
- based on the venders declaration and addressed to the new mortgage

Question 6

What is venders declaration

Answer 6

Contains info and statements that relates to the purchaser
-addressed to the purchaser

Question 7

What is Order to pay

Answer 7

Gives direction on how funds are to be disbursed

Question 8

What is purchasers order to pay

Answer 8

Directs new mortgagee’ to pay the net mortgage proceeds to the purchasers lawyer

Question 9

What is vendors order to pay

Answer 9

Directs the vendors lawyers to use the net proceeds of sale to pay outstanding encumbrances and accounts, with the balance going to the vendor

Question 10

What is cash required to close

Answer 10

Determines the amount of funds the purchaser must bring in on or before the closing/possession day

Question 11

What is land transfer tax

Answer 11

Paid whenever a transfer of land or interest in land is registered with the lto

Question 12

What is an insurance binder

Answer 12

Short, temporary document that serves as proof of insurance, until full insurance policy is complete

Question 13

What is a transfer

Answer 13

Prepared by the vendors lawyer and provided to the purchasers lawyer on ctpd

Question 14

What is mortgage payout statement

Answer 14

Requested by the vendors lawyer and provided by the vendors mortgage and gives a payoff quote for the mortgage

Question 15

What is a condo

Answer 15

Division of land into units and common elements

Question 16

What act governs the law and rights and responsibilities for condominiums

Answer 16

The condominium act

Question 17

What styles of condos are there

Answer 17

Apartments
Detached houses
Semi detached town house
Commercial space

Question 18

Difference between units and common elements

Answer 18

Condo owners own their unit
Unit owner ship includes a non exclusive percentage interest in common elements

Question 19

What do you file w the lto to create a condo

Answer 19

Fa plan and a declaration

Question 20

Define a “plan” when creating a condo

Answer 20

A document certified by a land surveyor and architect showing boundaries of land

Question 21

Define a “declaration” when creating a condo

Answer 21

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

Question 22

Purpose of condo corporation

Answer 22

Condo corporation controls, manages and oversees the corporations common elements and common assets in accordance with the corporation act

Question 23

How are condos managed

Answer 23

Directors are elected from unit holders, by unit holder, within the condo complex, to sit on a condo board