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5 Cards in this Set
- Front
- Back
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What is the purpose of the Western Law Societies Conveyancing Protocol? 4 |
1. to allow for the release of Mortgage proceeds and other purchase funds on Closing, for the mutual benefit of Buyers, Sellers and Lenders;
2. to encourage the continued exercise of due diligence by Buyers in matters of survey and zoning;
3. to enable lawyers to satisfy the unique security requirements of Lenders without the expense of obtaining a Real Property Report unless there is a known defect; and
4. to provide a short form Solicitor’s Opinion to Lenders.
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What provinces does it apply to |
AB BC Manitoba Saskachewan |
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What are the duties of the seller’s lawyer when using the Protocol?
Before closing 6 On closing 1 After closing |
1. Conduct a title search 2. Analyze all Registrations against “exceptions from title” provision of agreement 3. Settle the Terms of Discharge for all Non-Permitted Registrations 4. other investigation 5. Prepare closing docs 6. Review all docs
On closing: exchange of docs and funds
Post closing Disburse the sale proceed Report to client
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What are the duties of the buyer’s lawyer when using the Protocol?
Before closing On closing After closing |
Before closing. 1. Conduct a title search 2. Analyze all Registrations against “exceptions from title” provision of agreement 3. other investigation 5. Prepare closing docs 6. Review all docs
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When to apply |
The Protocol applies to real estate transactions involving existing single family residential property having 4 or fewer units, including existing condominiums. It does not apply to multi-family dwellings or commercial property transactions. It does not apply to construction mortgages. Where a purchase transaction does not involve mortgage financing, the Protocol Closing procedure may still be used. In such circumstances, those Protocol provisions relating to the Buyer’s mortgage or the requirements of the Lender may simply be disregarded. Also, the Protocol procedure may be used on mortgage refinancings, in which case, only those provisions relating to the mortgage or the Lender’s requirements apply. The intention of the Protocol is to streamline conveyancing practice to facilitate the full release of funds on the closing date. The Protocol prescribes the conditions precedent to the issuance of a Solicitor’s Opinion to the Lender. The Protocol does not change the contractual obligations of the Buyer and Seller under the real estate purchase contract. |
