To keep everyone in real estate up to date regarding land titles being down… this is the memo from the law society.
During the service interruptions to Land Titles, real estate practitioners may wish to consider the following options to facilitate the closing of real estate transactions:
1. Amend purchase contract – If practical and pursuant to the agreement of the parties to the transaction, amend the closing date in the real estate purchase contract;
2. Pay late interest – Amend trust conditions to close the transaction the “traditional way” by submitting documents for registration and holding the cash difference in trust pending registration. Once registration is completed (or a current title search can be obtained to comply with Protocol) purchase funds can be released including late interest to the Seller’s lawyer; or
3. Obtain title insurance – Obtain a policy of title insurance in compliance with the conditions of the insurer regarding the currency of the title search. If not contemplated in the original trust conditions, ensure that trust conditions are amended between the parties to allow this option.
The Western Law Societies Conveyancing Protocol will be available as soon as Land Titles is restored and a current search can be obtained.