LEGL-150 Lecture Notes - Lecture 2: Canada Revenue Agency, Day Care, Rubber Stamp
22 Feb 2017
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Always check the title and for outstanding taxes. You never see tax info on the title. Tax certificate = ideal, most often used: proof of the standing of the tax for adjustment between the seller and the buyer. Legal description/municipal address (translating municipal address to legal land description) Arrears (municipality can begin a tax sale on the property if taxes have not been paid) Adjustments (making taxes fair for the current year) Budget (knowing what your taxes generally will be) Cores - is the corporation in good standing? (alive) Obtain the seller"s personal property search: individual debtor search, business debtor search Anything not attached = unattached good = chattels [ stove, dishwasher] Search to ensure there are no encumbrances registered against the chattels: encumbrance: burden/impediment; hindrance or obstruction in doing something. Not mandatory but most people want it. Only time you update is when there is an amendment (change) Compliance certificate: approved by municipality (rubber stamp)
