LGST 112 Chapter Notes - Chapter 2: Real Estate Broker, Permanent Residency In Canada, Title Search
1 Feb 2015
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Date that cash is exchanged for clear title. Transaction date that document to transfer title gets registered and money must be paid. Date purchaser becomes responsible for all financial obligations of the property. Date purchaser gets physical possession of the property. Make sure they are correctly spelled: description. Use this when preparing lto documents: purchase price. If new property pay gst: deposit. Check contract to see whether amount includes gst. Amount purchaser has paid to "guarantee" the contract. Help in trust with the real estate agent. Used to pay commission owed once transaction has gone through. Commission percentage of purchase price charged by real estate agent for listing and finding buyer: subjects/conditions precedent o. Conditions that must be fulfilled before contract is binding Buyer cannot get the money from bank until property has been transferred. Seller may have mortgage that they cannot pay off without buyer"s payment. Buyer"s lawyer promise to obtain mortgage funds and pay once title is register.
