Brian Madigan LL.B., Broker
BRMadigan@iSourceRealEstate.com

RE/MAX West Realty Inc.,
Brokerage
Independently owned and operated

96 Rexdale Blvd. 
Toronto, Ontario 


Phone: 416-745-2300
Toll Free: 1-888-507-0817

 

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Title Search Clause Compared ~ Residential and Commercial Forms

July 24, 2013 - Updated: July 24, 2013

 

Residential and Commercial Differences in the Title Search Clause

 

You might have thought that the provisions of the standard Form Agreement for Purchase and Sale used in residential and commercial transaction might vary somewhat when it comes to the title search.

 

However, not so, the two forms are virtually identical in all material respects. The residential form makes reference to Buyer, and the commercial form uses the pronoun “his” and “himself”, both referring, of course, to the “buyer”.

 

Have a look at the two clauses:

 

 

Residential Clause

 

8. TITLE SEARCH: Buyer shall be allowed until 6:00 p.m. on the.......................... day of................................., 20......., (Requisition Date) to examine the title to the property at Buyer’s own expense and until the earlier of: (i) thirty days from the later of the Requisition Date or the date on which the conditions in this Agreement are fulfilled or otherwise waived or; (ii) five days prior to completion, to satisfy Buyer that there are no outstanding work orders or deficiency notices affecting the property, and that its present use(.......................................................................................................) may be lawfully continued and that the principal building may be insured against risk of fire. Seller hereby consents to the municipality or other governmental agencies releasing to Buyer details of all outstanding work orders and deficiency notices affecting the property, and Seller agrees to execute and deliver such further authorizations in this regard as Buyer may reasonably require.

 

Commercial Clause

 

8. TITLE SEARCH: Buyer shall be allowed until 6:00 p.m. on the ......................... day of..................................., 20......., (Requisition Date) to examine the title to the property at his own expense and until the earlier of: (i) thirty days from the later of the Requisition Date or the date on which the conditions in this Agreement are fulfilled or otherwise waived or; (ii) five days prior to completion, to satisfy himself that there are no outstanding work orders or deficiency notices

affecting the property, that its present use (............................................................................................................)

may be lawfully continued and that the principal building may be insured against risk of fire. Seller hereby consents to the municipality or other governmental agencies releasing to Buyer details of all outstanding work orders and deficiency notices affecting the property, and Seller agrees to execute and deliver such further authorizations in this regard as Buyer may reasonably require.

 

 

Comment

 

If you are interested in an explanation of the title clause, please check my blog:

 

Title Clause Explained:

 

http://www.isourcerealestate.com/blog/p/title-search-clause-explained-(orea-form-100)

 

 

Brian Madigan LL.B., Broker

www.iSourceRealEstate.com


Tagged with: agreement purchase and sale title search clause 8 title search orea forms 100 500
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Brian Madigan LL.B. Broker

RE/MAX West Realty Inc. Brokerage

Independently owned and operated

96 Rexdale Blvd. , Toronto Ontario,

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