REAL 4840 Lecture Notes - Lecture 3: Quitclaim Deed, Title Search, Canada Revenue Agency

• School: University of Guelph
• Department: Real Estate and Housing
• Course: REAL 4840
• Professor: J.Moon

Document Summary

Closing a transaction: deal is signed pending on search, requisitions submitted. Requisitions: requirements to go to seller of what is required in order to close. If you find a problem; describe and ask the ideal solution: you may accept something less; but put your best foot forward. Requisition wording is super important: may warn the basis of a court application. Judges hate broiler requisitions: e(cid:454): if the(cid:396)e(cid:859)s a p(cid:396)o(cid:271)le(cid:373), (cid:455)ou ha(cid:448)e to take (cid:272)a(cid:396)e of it, ge(cid:374)e(cid:396)al (cid:862)(cid:272)at(cid:272)h-all(cid:863) (cid:396)e(cid:395)uisitio(cid:374)s, (cid:374)ot (cid:449)o(cid:396)th a(cid:374)(cid:455)thi(cid:374)g. Seller is required to tell them that it is not specific. I(cid:374) the e(cid:448)e(cid:374)t (cid:455)ou su(cid:271)(cid:373)it a (cid:396)e(cid:395)uisitio(cid:374) a(cid:374)d a(cid:396)e(cid:374)(cid:859)t satisfied (cid:449)ith the settle, (cid:455)ou (cid:272)a(cid:374) (cid:396)e(cid:395)uest the (cid:272)ou(cid:396)t (cid:373)ake a (cid:396)uli(cid:374)g to dete(cid:396)(cid:373)i(cid:374)e if the (cid:858)a(cid:374)s(cid:449)e(cid:396)(cid:859) is satisfa(cid:272)to(cid:396)(cid:455) In this case, you need specific so the judge can make a decision. It is rare to have to go to court.