Chapter 32-33: Transfers and Charges

Teraview/E-Reg System

Used for title searches and registration documents.

Check for executions against individuals/corporations in the Sherrif’s office.

Creating Transfers

Typically prepared by the Vendor’s lawyer for the Transferee’s lawyer.

Enter names as Surname, First-name middle-name; missing comma = assumed corporation.

Requires Transferee birthdates.

Transfers Overview

Title passes via a "Transfer" (interchangeable with "Deed").

Official term as per the Land Registration Reform Act is "Transfer".

Key Entries on a Transfer

Enter Property Identification Number (PIN).

Consideration includes chattel costs as specified in the Agreement of Purchase and Sale.

Family Law Act statements needed for all property transfers.

Power of Attorney statements to protect registered owner.

Planning Act statements considered for adjacent properties.

Form 5.0.1 related to non-resident transferees.

Charges/Mortgages

Named "Charge" in the Land Registration Reform Act; interchangeable with "mortgage".

Secures loans against real property.

Default can lead to forced property sale by the lender.

Types of Charges

New Charges: Purchaser borrows to buy property.

Assumed Charges: Purchaser takes over Vendor’s existing mortgage.

Vendor Take Back (VTB): Vendor becomes the mortgage holder temporarily.

Multiple Mortgages

Multiple charges can exist.

Paid according to priority, not in sequence.

Repayment Methods

Monthly payments to lending institution.

Terms define duration and repayment conditions.

Amortized Payments

Monthly blended payments of principal and interest.

Payments calculated over extended periods for affordability.

Principal Plus Interest Payments

Fixed principal amount paid quarterly.

Decreasing interest amounts over time.

Document Preparation

Documents typically prepared for a bank mortgage by the client.

Consequences of Non-Payment

Power of Sale: Chargee sells property without court.

Possession: Chargee becomes landlord if default occurs.

Foreclosure: Chargee becomes registered owner after litigation.

Judicial Sale: Sale due to unpaid judgment, often by auction.

Terminology

Vendor = Transferor

Purchaser = Transferee

Chargee = Lender

Consideration = Purchase price

Standard Charge Terms form part of a mortgage.