Land Title System In Canada

The potential industrial/commercial property being examined as a possible business location is in St Pierre-Jolys, Manitoba (near Winnipeg, Manitoba). It is important to note in which province of Canada the property is located as the system for land ownership and transfer varies by province. For example, in the Atlantic provinces of Canada and parts of Ontario, the registry system is used; and in the western provinces, the territories, and the majority of Ontario, the land titles system is used. In Manitoba, the land titles system is now used in the entire jurisdiction (“Land Registry Offices in Canada”). Therefore, the location of the property is important to determine whether the registry or land titles system is used in processing real estate

Closing involves completing the sale. For the vendor, before closing, it is important to make sure that any statements made regarding the property continue to be accurate. If new information comes forward at any point before closing the deal, the purchaser must be told. In the event this occurs, the parties can try to work out a way to deal with the problem or the purchaser may choose to cancel the contract. When it comes to closing, it should also be noted that it is common for adjustments to be made at the time of closing. If the vendor has already paid the annual property tax, the price will be increased to reflect the fact that the purchaser will enjoy the benefit of that payment for the rest of the year. At this point, the purchaser's lawyer will conduct one last search of various offices to ensure that competing interests have not been filed against the land at the last minute. Subsequently, the vendor's lawyer will provide the purchaser's lawyer with the formal documents needed to convey ownership of the property. Under a land titles system, a document called a transfer is used to transfer ownership whereas under a registry system a deed or a deed of conveyance is used. Since the property is in Manitoba, the land titles system is used and a transfer is filled out. The benefit of the land titles system over the registry system is that the land title system generates certificates that virtually guarantee the validity of the interests that are listed. Once concluded, the purchaser's lawyer will promptly file a transfer to protect the client's rights. If under any circumstances, the seller was being dishonest, and sold the property to another party that filed the transfer first, one would still be protected under the land titles system; the vendor would be responsible for a breach of contract and would be required to pay you