New Requisition Letter Clause in RealtiWeb Ontario
We've added a new Requisition Letter clause for “Vendor Selling Under Power of Sale” to include references to the law statements that are required for the Transfer.
Here's the new clause you can find in RealtiWeb Ontario:
REQUIRED: On or before closing, signature of the e-reg Transfer under Power of Sale for completeness and registration containing the following completed law statements:together with any/all other requisite statements and/or law statements as may be required from time to time order to convey good and marketable title in fee simple to the Purchaser in accordance with the terms and provisions of the Purchase Agreement.
- 3301 - The document is authorized under the charge and the Mortgages Act;
- 3305 - The charge was in default at the time notice of sale was given and continues to be in default and the money has been advanced under the charge;
- 3308 - The sale proceedings and transfer comply with the charge, the Mortgages Act and if applicable the Bankruptcy and Insolvency Act (Canada), the Condominium Act, the Construction Lien Act, and the Farm Debt Mediation Act (Canada);
- 908 - Confirming the transfer to the Purchaser is not subject to any writs together with the law statement in Statement 61 setting out the particulars of all writs of execution to be deleted;
- 902 - Confirming the priority of the of charge over the encumbrances to be deleted and the entry into the related deletions field of the transfer under power of sale of all encumbrances to be deleted under the power of sale;
- The appropriate Family Law Act statements so that title to the Property is not subject to spousal rights;
- 3309 - If the charge which is the subject matter of the power of sale was transferred after notices were sent;