Best Discrimination Attorneys in Etobicoke, ON

Is your client getting prepared to submit an offer and you have been provided with an existing status certificate but the deal will not be closing for another couple of months? Keep in mind that a new status certificate may need to be obtained to satisfy the title insurer’s requirements. nnFor example, if the transaction is title insured with Stewart Title Guaranty Company, a status certificate dated up to 30 days prior to closing is satisfactory. If the status certificate is 31-60 days before closing, an attempt must be made to obtain a verbal confirmation from the condominium corporation. For status certificates dated 61-90 days before closing, a verbal update must be obtained and if the verbal update cannot be obtained, a new status certificate should be requested. For status certificates dated greater than 90 days before closing, a new status certificate is required.**nnUnless there is a clause in the Agreement of Purchase and Sale requiring the seller to provide another more up to date status certificate before closing, the buyer will be required to obtain the status certificate at their own expense.nn*The information in this post is for general informational purposes only. It does not constitute legal advice and does not create a solicitor-client relationship.n**Search requirements applicable to residential properties of 1-6 units per Stewart Title’s current guidelines. Every title insurer has their own search requirements. Exact search requirements should be confirmed with the buyer’s lawyer.