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Burke-Robertson LLP
441 MacLaren Street
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Ottawa, ON K2P 2H3

Phone: 613-706-0020
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After the Agreement of Purchase and Sale

Lawyer's Review of the Agreement

We introduced the topic of Purchase and Sale Agreements in our last post. If you have already gone ahead and negotiated an Agreement of Purchase and Sale with the assistance of your real estate agent to purchase a property, it is important to show the Agreement to your lawyer as soon as possible. It is very important to review the Agreement with your lawyer prior to the Title Search Date (often paragraph 8 of the Agreement of Purchase and Sale).

Title Search

The Title Search Date is the date by which the lawyer should complete the searches on the Property (if you are buying the property) with the Land Registry Office and with the municipality. Having done the searches your lawyer can then requisition any items that need to be removed or fixed prior to closing. This is done by way of a Requisition Letter that is sent from the Buyer's lawyer to the Seller's lawyer requesting that specific items be dealt with prior to the closing date. These items may include the removal of mortgages, lines of credit or security interests. If the lawyer has completed municipal searches it may also include the request for confirmation of compliance with zoning bylaws or the removal of work orders. It will all depend on what the lawyer finds while doing the appropriate and requested searches. 

Buyer Protection

This helps to better protect you as the Buyer as it gives your lawyer the opportunity to request that things be removed or dealt with prior to closing and assists your lawyer in enforcing that these items are completed prior to the closing date. If the requisition letter is not sent on or before the Title Search Date is may complicate matters. Help to better protect yourself and to ensure a smooth purchase transaction by reviewing your Agreement of Purchase and Sale with your lawyer.

*Please note this is just one step in a real estate transaction. Should you have any questions please feel free to contact any of the lawyers in our office, particularly those who practice real estate.

This information has been condensed. Please contact a lawyer in order to obtain further information. I would be happy to answer any questions you may have.


Remember:
Everyone's situation and experiences are unique. The blogs posted on this site are informational. They are not intended to be taken as legal advice for any particular situation. It is always a good idea to seek professional legal advice before making any decisions related to your particular case.

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