Real state questions

1. Explain each of the below questions

a)What are the sources of Requisitions.?

b)What requisition is made if there are outstanding executions against any person inthe chain of title.?

c)Pedro is buying a property in Tecumseth Toronto, he is deciding between obtaining.Title Insuranceand relying on Lawyer's title opinion. Explain to him the difference.?

2. Explain each of the below questions

a. Why would you obtain a municipal tax certificate?

b. Ivanka is buying a house and your law firm is acting for her. She has instructedyour firm to obtain title insurance on her behalf. Would you have to write to theutility companies and, if so for what purpose?

c. How is buyer protected against potential title problems in a transaction where titleinsurance is not purchased

d. What type of losses are covered under a title insurance policy?

3. Explain each of the below questions

a. What is requisition date, and why is it important?

b. What must you do if the seller is a corporation?

c. What is tender in a real estate transaction and what is the significance?

d. What is UFFI and what does the agreement of purchase and sale say about it, andwhy?