If the seller agrees that the seller’s agent does not need to be present, the seller’s agent should obtain the full name and address of the inspector as well as information on whether the inspector is bonded. The listing should indicate that the area in question is common property and that the seller has a sublease to a specific parking stall/storage locker. In such cases, both the Real Estate Development Marketing Act and the Securities Act apply. This is a suspensive condition meaning that if the sale of a property is subject to the sale of another one, it simply means that if that event does not take place the transaction lapses and therefore no cancellation of such a transaction is necessary. For details, see Documents to Request and Their Significance. The possibility exists that changes may be made in a strata corporation’s bylaws between the date of acceptance of an offer and the completion date, particularly following annual general meetings or extraordinary meetings. Therefore, if information on the warranty insurance is not provided to a subsequent buyer, it does not mean that a claim cannot be made on the policy. Subject to the Seller approving the Buyer’s credit report on or before (date). Some owners may not even realize that they are using their parking stall/storage locker as a result of the permission granted by the Strata Council. Existing systems that require repairs and/or replacement must be brought into compliance with the Sewerage System Regulation, with limited exceptions. Licensees should advise consumers that the Real Estate Development Marketing Act does not apply and that the disclosure requirement and rescission rights contained in the Real Estate Development Marketing Act also do not apply. A convenient way to otherwise set out charges in the contract is to attach a current title search printout to the agreement and use the following clause: The Buyer acknowledges and accepts that on Completion the Buyer will receive title containing, in addition to any encumbrance referred to in Clause 9 (TITLE) of this contract, any non-financial charge set out in the copy of the title search results that is attached to and forms part of this contract. It is important to ensure that the time period is precisely defined (e.g., 72 hours). Further, licensees should have a discussion with their clients with respect to this policy and, where a client requests that the deposit is to be placed in an interest bearing trust account, the following clause should be added to the Contract of Purchase and Sale. This ultimately sets the stage for a smooth completion without surprises. A due-on-sale clause helps protect the lender, or the ultimate mortgage holder, from the risk that the mortgage may be transferred to the new owner of a … If necessary, a clause such as the following should be included in the Contract of Purchase and Sale. Once an onsite system is installed, upgraded or repaired, it is the homeowner’s responsibility to ensure that the maintenance plan is followed. the assignor has the right to assign and the assignee has the right to receive a valid assignment by referring to the original contract; a proper assignment is drafted and validly executed (BCREA has created two forms entitled ‘‘Assignment of Contract of Purchase and Sale — New Development’’ and ‘‘Assignment of Contract of Purchase and Sale — Non-Development’’, both available on Webforms); the assignor is aware of their obligation to provide the seller with notice in writing of the assignment (unless the clause in the Assignment Option Clause has been used); the identities of the parties are clear and verified (e.g., proper photo identification, passport, etc., especially when the assignment involves parties with whom the seller may not be familiar); licensees acting for assignors should be particularly careful to establish the identity of the assignor.
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