When buying or selling a property in Ontario, there are several legal requirements that must be met. One of these requirements is the submission of Requisitions on Title. In this blog, we will explain what Requisitions are, why they are important, and how a real estate lawyer can help you with the process.
What are Requisitions?
Requisitions are a set of questions that are sent by the buyer’s lawyer to the seller’s lawyer. These questions are intended to gather information about the property, such as the status of any outstanding liens, mortgages or other encumbrances on title, any known defects or issues with the property, and other relevant information. The seller is required to provide complete and accurate answers to the Requisitions.
Why are Requisitions important?
Requisitions are an important part of the due diligence process in a real estate transaction. They provide the buyer with information about the property that may not be apparent from a physical inspection or from the documents provided by the seller. By obtaining this information, the buyer can make an informed decision about whether to proceed with the purchase, negotiate the terms of the purchase, or withdraw from the transaction altogether.
Requisitions also protect the buyer from any undisclosed issues with the property that may arise after the transaction has been completed. If the seller fails to disclose relevant information in response to the Requisitions, the buyer may have grounds to take legal action against the seller for misrepresentation or fraud.
How can a real estate lawyer help with Requisitions?
A real estate lawyer can help both buyers and sellers with the Requisitions process. If you are a buyer, your lawyer can draft the Requisitions and review the responses provided by the seller’s lawyer to ensure that all relevant information has been disclosed. If you are a seller, your lawyer can help you prepare accurate and complete responses to the Requisitions to avoid any potential legal issues down the line.
In addition, a real estate lawyer can advise you on the legal implications of the information contained in the Requisitions and help you navigate any issues that may arise as a result.
Contact Us Today
If you are involved in a real estate transaction in Ontario and have questions about Requisitions, contact Falcon Law PC today. Our experienced real estate lawyers can provide you with guidance and representation throughout the transaction process. Contact us at info@falconlawyers.ca or 1-877-892-7778 to schedule a free consultation.
