Real Estate - Module 7

Front 1

It is therefore necessary to conduct searches of various registries to ensure that ______.

Back 1

the Buyers obtain clear title and that the Sellers do not have to wait to receive their funds.

Front 2

There are a number of searches that can be completed. These include .

Back 2

the municipal tax, land titles, corporate registry, and personal property searches

Front 3

Each municipality has a department that will provide the relevant information. In Calgary, _____ provides software access to the City’s tax information. Each legal assistant in a law firm will likely be able to access CITYonline directly, or the firm will have a system through its accounting and administration department by which that information can be obtained.

Back 3

CITYonline

Front 4

A search obtained from the municipality gives information as to: 5

Back 4

-The current property assessment and levy;

-Whether the taxes are in arrears;

-Whether the taxes are being paid through the tax installment payment program; and

-Whether there are any local improvement levies.

- legal description

Front 5

The Buyer will be responsible for ______ once he or she buys the property.

Back 5

any tax arrears and penalties as well as the unpaid portion of any local improvement levy

Front 6

A local improvement levy is a

Back 6

special charge on property for particular improvements to that property or area.

Front 7

If there is a local improvement levy on the property, care should be taken to examine the Real Estate Purchase Contract to determine whether the Sellers are obligated to ______ or whether the Buyers will be _________.

Back 7

pay out the local improvement levy

assuming the annual payments on the local improvement levy

Front 8

The City Tax Search also provides the ______ that the legal assistant will use to search the _____.

Back 8

legal description of the property

title of the property at the Land Titles Office

Front 9

The Tax Search is different from a Tax Certificate. A search provides ______, but _______ and cannot, in law, _____. A Certificate is ______. If a Certificate is in error, and someone relying upon the Certificate suffers damages because of the error, then the person or authority who created the Certificate can be liable for those damages.

Back 9

information

that info is not guaranteed by the City

be relied upon

proof of the information contained therein and can be relied upon

Front 10

The cost of a City Tax Certificate is about _____. In most cases, unless the Buyers or Mortgagee specifically require a tax certificate, a ______.

Back 10

double the cost of a search

search is sufficient

Front 11

Land title office search

Lawyers for both the Sellers and the Buyers will also search the _____through ______, which is _______.

Back 11

current title to the property

Alberta SPIN host

software that accesses the Government’s property registries

Front 12

Both lawyers will review the ________. Generally, the Sellers' lawyer will obtain ______ (e.g., ______). The Buyers' lawyer will search _______ (e.g., _____.)

Back 12

current state of title and those encumbrances that affect their respective clients.

searches of those encumbrances that the Sellers will be discharging

the Sellers' own mortgage

copies of those encumbrances that the Buyers will be assuming

utility rights of way, restrictive covenants, etc

Front 13

Corporate Registry search

If either the Seller or the Buyer is a corporation, then that corporation’s lawyer will _____ through ____. This search will disclose __________. Land Titles Office will not accept registration of any documentation where ________.

Back 13

obtain a search of the Corporate Registry

Alberta Online

the exact corporate name, the names of the Directors and shareholders, and whether the corporation is in good standing with Corporate Registry.

either the Seller or Buyer is a corporation if it is not in good standing with Corporate Registry.

Front 14

The City Tax Search also provides the ______ that the legal assistant will use to search the _____.

Back 14

legal description of the property

title of the property at the Land Titles Office

Front 15

The Tax Search is different from a Tax Certificate. A search provides ______, but _______ and cannot, in law, _____. A Certificate is ______. If a Certificate is in error, and someone relying upon the Certificate suffers damages because of the error, then the person or authority who created the Certificate can be liable for those damages.

Back 15

information

that info is not guaranteed by the City

be relied upon

proof of the information contained therein and can be relied upon

Front 16

The cost of a City Tax Certificate is about _____. In most cases, unless the Buyers or Mortgagee specifically require a tax certificate, a ______.

Back 16

double the cost of a search

search is sufficient

Front 17

Land title office search

Lawyers for both the Sellers and the Buyers will also search the _____through ______, which is _______.

Back 17

current title to the property

Alberta SPIN host

software that accesses the Government’s property registries

Front 18

Both lawyers will review the ________. Generally, the Sellers' lawyer will obtain ______ (e.g., ______). The Buyers' lawyer will search _______ (e.g., _____.)

Back 18

current state of title and those encumbrances that affect their respective clients.

searches of those encumbrances that the Sellers will be discharging

the Sellers' own mortgage

copies of those encumbrances that the Buyers will be assuming

utility rights of way, restrictive covenants, etc

Front 19

Corporate Registry search

If either the Seller or the Buyer is a corporation, then that corporation’s lawyer will _____ through ____. This search will disclose __________. Land Titles Office will not accept registration of any documentation where ________.

Back 19

obtain a search of the Corporate Registry

Alberta Online

the exact corporate name, the names of the Directors and shareholders, and whether the corporation is in good standing with Corporate Registry.

either the Seller or Buyer is a corporation if it is not in good standing with Corporate Registry.

Front 20

a Mortgagee taking a mortgage from a corporation may require that the corporation’s lawyer obtain from ______ a ______, which again ______.

Back 20

Certificate of Status

certifies that the corporation is in good standing

Front 21

The Real Estate Purchase Contract currently in use obligates the Sellers to obtain a ______and ______. The Real Property Report is prepared by an _____and forwarded to the ______for a ______, which certifies that the ________.

Back 21

a Real Property Report and forward it to the Buyers before the closing of the transaction.

Alberta Land Surveyor

Planning and Building Department of the municipality

Compliance Certificate

location of the buildings complies with the existing municipal bylaws

Front 22

For larger commercial transactions where there may be some specific chattels involved, the lawyers for each party may search _____ to determine ________. This is seldom done in a ______ and is common only for commercial transactions, such as the sale and purchase of a ______, or the purchase of _____.

Back 22

Personal Property Registry

whether there are any Security Agreements registered against the relevant party or a specific chattel

residential real estate transaction

business or apartment building

land for the purpose of development

Front 23

If the Real Property Report discloses that the location of the buildings does not comply with the bylaws or that there is an encroachment on municipal property or a neighbour’s property, then a ________. This matter was discussed in detail in Module 4.

Back 23

Relaxation Order or Encroachment Agreement may have to be obtained

Front 24

the Buyers' lawyer will also obtain a copy of the ______ and review the Condominium Plan with the Buyers to ensure that the unit the Buyers are buying is in fact the unit that was examined by the Buyers when they attended at the property. The Condominium Plan will also disclose _____.

Back 24

Condominium Plan

ensure that the unit the Buyers are buying is in fact the unit that was examined by the Buyers when they attended at the property. The Condominium Plan will also disclose whether there is a separate title to the parking stall.

whether there is a separate title to the parking stall

Front 25

The lawyer for the Buyers will obtain a Condominium ______, also called a _____, which can be obtained through ____. The CAD Sheet discloses ______.

Back 25

Additional Plan Sheet

CAD Sheet or Master File

Alberta Online

any legal action against the Condominium Corporation, any changes in the bylaws, and any changes in the Board of Directors of the Condominium Corporation

Front 26

Garage sale exception

Back 26

In the purchase of a house for occupation by the Buyer, the Personal Property Security Act provides an exemption for consumer goods worth less than $1,000.00. In the ordinary purchase, where a fridge and stove are commonly included, the Buyer will take them free and clear of any security interest provided they are worth less than $1,000.00 each and the Buyer is unaware of the security. This is sometimes called the Garage Sale Exception.