Electronic Registration. In the event that the electronic registration system (hereinafter referred to as the “Teraview Electronic Registration System” or “TERS”) is operative in the applicable Land Titles Office in which the Property is registered, then at the option of the Vendor’s solicitor, the following provisions shall prevail, namely: (a) The Purchaser shall be obliged to retain a lawyer in good standing with the Law Society of Upper Canada to represent the Purchaser in connection with the completion of the transaction, and shall authorize such lawyer to enter into an escrow closing agreement with the Vendor’s solicitor on the latter’s standard form (hereinafter referred to as the “Document Registration Agreement”), establishing the procedures and timing for completing this transaction; (b) The delivery and exchange of documents, monies and keys to the Property and the release thereof to the Vendor and the Purchaser, as the case may be: (i) in the event of electronic registration of documents, the Purchaser shall pay to the Vendor on the Closing Date the sum of $200.00 plus HST to reimburse the Vendor for the cost incurred with respect to electronic registration; (ii) shall not occur contemporaneously with the registration of the Transfer/Deed (and other registerable documentation); and (iii) shall be governed by the Document Registration Agreement, pursuant to which the solicitor receiving the documents, keys and/or certified funds will be required to hold same in escrow, and will not be entitled to release same except in strict accordance with the provisions of the Document Registration Agreement. (c) If the Purchaser’s lawyer is unwilling or unable to complete this transaction via TERS, in accordance with the provisions contemplated under the Document Registration Agreement, then said lawyer (or the authorized agent thereof) shall be obliged to personally attend at the office of the Vendor’s solicitor, at such time on the scheduled closing date as may be directed by the Vendor’s solicitor or as mutually agreed upon, in order to complete this transaction via TERS utilizing the computer facilities in the Vendor’s solicitor’s office, upon payment of a fee as determined by the Vendor's solicitor, acting reasonably. (d) The Purchaser expressly acknowledges and agrees that he or she will not be entitled to receive the Transfer/Deed to the Property until the balance of funds due on closing, in accordance with the statement of adjustments, are either remitted by certified cheque via personal delivery or by electronic funds transfer to the vendor’s solicitor (or in such other manner as the latter may direct) prior to the release of the Transfer/Deed for registration. (e) Each of the parties hereto agrees that the delivery of any executed documents not intended for registration on title to the Property shall be delivered to the other party no later than the Closing Date unless alternate arrangements are agreed to between the solicitors. (f) Notwithstanding anything contained in this agreement to the contrary, it is expressly understood and agreed by the parties hereto that an effective tender shall be deemed to have been validly made by the Vendor upon the Purchaser when the Vendor’s solicitor has: (i) delivered photocopies of all closing documents, keys and/or photocopies of any funds to the Purchaser’s solicitor, it being understood that the Vendor making the keys available at its site/sales office shall be deemed to be delivered to the Purchaser’s solicitors for the purposes hereof; (ii) advised the Purchaser’s solicitor, either verbally or in writing, that the Vendor is ready, willing and able to complete the transaction in accordance with the terms and provisions of this Agreement; and (iii) has completed all steps required by TERS in order to complete this transaction that can be performed or undertaken by the Vendor’s solicitor without the cooperation or participation of the Purchaser’s solicitor. without the necessity of personally attending upon the Purchaser or the Purchaser’s solicitor with the aforementioned documents, keys and/or funds, and without any requirement to have an independent witness evidencing the foregoing.
Appears in 12 contracts
Samples: Purchase and Sale Agreement, Purchase and Sale Agreement, Purchase and Sale Agreement
Electronic Registration. In the event that the electronic registration system (hereinafter referred to as the “Teraview Electronic Registration System” or “TERS”) is operative in the applicable Land Titles Office in which the Property is registered, then at the option of the Vendor’s solicitor, the following provisions shall prevail, namely:
(a) The Purchaser shall be obliged to retain a lawyer in good standing with the Law Society of Upper Canada to represent the Purchaser in connection with the completion of the transaction, and shall authorize such lawyer to enter into an escrow closing agreement with the Vendor’s solicitor on the latter’s standard form (hereinafter referred to as the “Document Registration Agreement”), establishing the procedures and timing for completing this transaction;
(b) The delivery and exchange of documents, monies and keys to the Property and the release thereof to the Vendor and the Purchaser, as the case may be:
(i) in the event of electronic registration of documents, the Purchaser shall pay to the Vendor on the Closing Date the sum of $200.00 plus HST to reimburse the Vendor for the cost incurred with respect to electronic registration;
(ii) shall not occur contemporaneously with the registration of the Transfer/Deed (and other registerable documentation); andand WEB COPY
(iii) shall be governed by the Document Registration Agreement, pursuant to which the solicitor receiving the documents, keys and/or certified funds will be required to hold same in escrow, and will not be entitled to release same except in strict accordance with the provisions of the Document Registration Agreement.
(c) If the Purchaser’s lawyer is unwilling or unable to complete this transaction via TERS, in accordance with the provisions contemplated under the Document Registration Agreement, then said lawyer (or the authorized agent thereof) shall be obliged to personally attend at the office of the Vendor’s solicitor, at such time on the scheduled closing date as may be directed by the Vendor’s solicitor or as mutually agreed upon, in order to complete this transaction via TERS utilizing the computer facilities in the Vendor’s solicitor’s office, upon payment of a fee as determined by the Vendor's solicitor, acting reasonably.
(d) The Purchaser expressly acknowledges and agrees that he or she will not be entitled to receive the Transfer/Deed to the Property until the balance of funds due on closing, in accordance with the statement of adjustments, are either remitted by certified cheque via personal delivery or by electronic funds transfer to the vendor’s solicitor (or in such other manner as the latter may direct) prior to the release of the Transfer/Deed for registration.
(e) Each of the parties hereto agrees that the delivery of any executed documents not intended for registration on title to the Property shall be delivered to the other party no later than the Closing Date unless alternate arrangements are agreed to between the solicitors.
(f) Notwithstanding anything contained in this agreement to the contrary, it is expressly understood and agreed by the parties hereto that an effective tender shall be deemed to have been validly made by the Vendor upon the Purchaser when the Vendor’s solicitor has:
(i) delivered photocopies of all closing documents, keys and/or photocopies of any funds to the Purchaser’s solicitor, it being understood that the Vendor making the keys available at its site/sales office shall be deemed to be delivered to the Purchaser’s solicitors for the purposes hereof;
(ii) advised the Purchaser’s solicitor, either verbally or in writing, that the Vendor is ready, willing and able to complete the transaction in accordance with the terms and provisions of this Agreement; and
(iii) has completed all steps required by TERS in order to complete this transaction that can be performed or undertaken by the Vendor’s solicitor without the cooperation or participation of the Purchaser’s solicitor. without the necessity of personally attending upon the Purchaser or the Purchaser’s solicitor with the aforementioned documents, keys and/or funds, and without any requirement to have an independent witness evidencing the foregoing.
Appears in 5 contracts
Samples: Purchase and Sale Agreement, Purchase and Sale Agreement, Purchase and Sale Agreement
Electronic Registration. In the event that the electronic registration system (hereinafter referred to as the “Teraview Electronic Registration System” or “TERS”) is operative in the applicable Land Titles Office in which the Property is registered, then at the option of the Vendor’s solicitor, the following provisions shall prevail, namely:
(a) The Purchaser shall be obliged to retain a lawyer in good standing with the Law Society of Upper Canada Ontario to represent the Purchaser in connection with the completion of the transaction, and shall authorize such lawyer to enter into an escrow closing agreement with the Vendor’s solicitor on the latter’s standard form (hereinafter referred to as the “Document Registration Agreement”), establishing the procedures and timing for completing this transaction;
(b) The delivery and exchange of documents, monies and keys to the Property and the release thereof to the Vendor and the Purchaser, as the case may be:
(i) in the event of electronic registration of documents, the Purchaser shall pay to the Vendor on the Closing Date the sum of $200.00 plus HST to reimburse the Vendor for the cost incurred with respect to electronic registration;
(ii) shall not occur contemporaneously with the registration of the Transfer/Deed (and other registerable documentation); and
(iii) shall be governed by the Document Registration Agreement, pursuant to which the solicitor receiving the documents, keys and/or certified funds will be required to hold same in escrow, and will not be entitled to release same except in strict accordance with the provisions of the Document Registration Agreement.
(c) If the Purchaser’s lawyer is unwilling or unable to complete this transaction via TERS, in accordance with the provisions contemplated under the Document Registration Agreement, then said lawyer (or the authorized agent thereof) shall be obliged to personally attend at the office of the Vendor’s solicitor, at such time on the scheduled closing date as may be directed by the Vendor’s solicitor or as mutually agreed upon, in order to complete this transaction via TERS utilizing the computer facilities in the Vendor’s solicitor’s office, upon payment of a fee as determined by the Vendor's solicitor, acting reasonably.
(d) The Purchaser expressly acknowledges and agrees that he or she will not be entitled to receive the Transfer/Deed to the Property until the balance of funds due on closing, in accordance with the statement of adjustments, are either remitted by certified cheque via personal delivery or by electronic funds transfer drawn or otherwise made from the Purchaser’s solicitor’s trust account with a Schedule “1” Canadian Chartered bank to the vendorVendor’s solicitor (or in such other manner as the latter may direct) prior to the release of the Transfer/Deed for registration.
(e) Each of the parties hereto agrees that the delivery of any executed documents not intended for registration on title to the Property shall be delivered to the other party no later than the Closing Date unless alternate arrangements are agreed to between the solicitors.
(f) Notwithstanding anything contained in this agreement to the contrary, it is expressly understood and agreed by the parties hereto that an effective tender shall be deemed to have been validly made by the Vendor upon the Purchaser when the Vendor’s solicitor has:
(i) delivered photocopies of all closing documents, keys and/or photocopies of any funds to the Purchaser’s solicitor, it being understood that the Vendor making the keys available at its site/sales office shall be deemed to be delivered to the Purchaser’s solicitors for the purposes hereof;
(ii) advised the Purchaser’s solicitor, either verbally or in writing, that the Vendor is ready, willing and able to complete the transaction in accordance with the terms and provisions of this Agreement; and
(iii) has completed all steps required by TERS in order to complete this transaction that can be performed or undertaken by the Vendor’s solicitor without the cooperation or participation of the Purchaser’s solicitor. without the necessity of personally attending upon the Purchaser or the Purchaser’s solicitor with the aforementioned documents, keys and/or funds, and without any requirement to have an independent witness evidencing the foregoing.
Appears in 4 contracts
Samples: Purchase and Sale Agreement, Purchase and Sale Agreement, Purchase and Sale Agreement
Electronic Registration. In the event that If the electronic registration system (hereinafter referred to as the “Teraview "Electronic Registration System” " or “TERS”"ERS") is operative in the applicable Land Titles Registry Office in which the Property is registered, then at the option of the Vendor’s solicitor, the following provisions shall prevail, namely:
(a) The the Purchaser shall be obliged to retain a lawyer in good standing with the Law Society of Upper Canada Ontario to represent the Purchaser in connection with the completion of the transaction, and shall authorize such lawyer to enter into an escrow closing agreement with the Vendor’s solicitor on the latter’s standard form (hereinafter referred to as the “"Escrow Document Registration Agreement”"), establishing the procedures and timing for completing this transaction;. The Purchaser shall reimburse the Vendor as an adjustment on closing for any additional legal costs that the Vendor may incur to complete this transaction under ERS of $250, plus Applicable Taxes.
(b) The the delivery and exchange of documents, documents and monies and keys to for the Property and the release thereof to the Vendor and the Purchaser, as the case may be:
(i) in the event of electronic registration of documents, the Purchaser shall pay to the Vendor on the Closing Date the sum of $200.00 plus HST to reimburse the Vendor for the cost incurred with respect to electronic registration;
(ii) shall not occur contemporaneously with the registration of the Transfertransfer/Deed deed (and other registerable documentation); and
(iiiii) shall be governed by the Escrow Document Registration Agreement, pursuant to which the solicitor receiving the documents, keys documents and/or certified funds will be required to hold same in escrow, and will not be entitled to release same except in strict accordance with the provisions of the Escrow Document Registration Agreement.;
(c) If if the Purchaser’s lawyer is unwilling or unable to complete this transaction via TERSERS, in accordance with the provisions contemplated under the Escrow Document Registration Agreement, then said lawyer (or the authorized agent thereof) shall be obliged to personally attend at the office of the Vendor’s solicitor, solicitor at such the time on the scheduled closing date Closing Date as may be directed by the Vendor’s solicitor or as mutually agreed upon, in order to complete this transaction via TERS ERS utilizing the computer facilities in the Vendor’s solicitor’s office, upon payment of a fee as determined by the Vendor's solicitor, acting reasonably.;
(d) The the Purchaser expressly acknowledges and agrees that he or she will not be entitled to receive the Transfer/Deed transfer to the Property for registration until the balance of funds due on closing, in accordance with the statement of adjustments, are either remitted by certified cheque via personal delivery or if agreed to by the Vendor’s solicitor, by electronic funds transfer to the vendorVendor’s solicitor (or in such other manner as the latter may direct) prior to the release of the Transfer/Deed transfer for registration.;
(e) Each each of the parties hereto agrees that the delivery of any executed documents not intended for registration on title to the Property shall be delivered to the other party no later than hereto on or before the Closing Date unless alternate arrangements are agreed to between the solicitors.Date; and
(f) Notwithstanding notwithstanding anything contained in this agreement Agreement to the contrary, it is expressly understood and agreed by the parties hereto that an effective tender shall be deemed to have been validly made by the Vendor upon the Purchaser when the Vendor’s solicitor has:
(i) delivered photocopies of all closing documents, keys documents and/or photocopies of any funds to the Purchaser’s solicitor, it being understood that solicitor in accordance with the Vendor making provisions of the keys available at its site/sales office shall be deemed to be delivered to the Purchaser’s solicitors for the purposes hereofEscrow Document Registration Agreement;
(ii) advised the Purchaser’s solicitor, either verbally or in writing, that the Vendor is ready, willing and able to complete the transaction in accordance with the terms and provisions of this Agreement; and
(iii) has completed all steps required by TERS ERS in order to complete this transaction that can be performed or undertaken by the Vendor’s solicitor without the cooperation or participation of the Purchaser’s solicitor. , and
(iv) without the necessity of personally attending upon the Purchaser or the Purchaser’s solicitor with the aforementioned documents, keys documents and/or funds, and without any requirement to have an independent witness evidencing the foregoing.
Appears in 4 contracts
Samples: Purchase and Sale Agreement, Purchase and Sale Agreement, Purchase and Sale Agreement
Electronic Registration. (a) In the event that the Teraview electronic registration system (hereinafter referred to as the “Teraview Electronic Registration System” or “"TERS”) is operative in the applicable Land Titles Registry Office in which the Property is registered, then at the option of the Vendor’s solicitor, the following provisions shall prevail, namely:
(ai) The Purchaser shall be obliged to retain a lawyer in good standing with the Law Society of Upper Canada no later than thirty (30) days prior to the Closing and shall inform the Vendor with respect to same to represent the Purchaser in connection with the completion of the transaction, and shall authorize such lawyer to enter into an escrow closing agreement with the Vendor’s solicitor on the latter’s standard form (hereinafter referred to as the “Escrow Document Registration Agreement”), establishing the procedures and timing for completing this transaction;; The Purchaser shall pay on Closing to the Vendor’s solicitors the additional legal fees that the Vendor incurs for completing this transaction under TERS. Should the Purchaser fail to retain a solicitor and maintain such retainer until successful completion herein or fail to inform the Vendor of the solicitor’s identity as hereinbefore required, such omission shall be an anticipatory breach of this transaction entitling the Vendor to pursue all of its rights and remedies with respect to same.
(bii) The the delivery and exchange of documents, documents and monies and keys to for the Property and the release thereof to the Vendor and the Purchaser, as the case may be:
(i) in the event of electronic registration of documents, the Purchaser shall pay to the Vendor on the Closing Date the sum of $200.00 plus HST to reimburse the Vendor for the cost incurred with respect to electronic registration;
(iiA) shall not occur contemporaneously with the registration of the Transfertransfer/Deed deed (and other registerable documentation); and
(iiiB) shall be governed by the Escrow Document Registration Agreement, pursuant to which the solicitor receiving the documents, keys documents and/or certified funds will be required to hold same in escrow, and will not be entitled to release same except in strict accordance with the provisions of the Escrow Document Registration Agreement.;
(ciii) If the Purchaser’s lawyer is unwilling or unable to complete this transaction via TERS, in accordance with the provisions contemplated under the Document Registration Agreement, then said lawyer (or the authorized agent thereof) shall be obliged to personally attend at the office of the Vendor’s solicitor, at such time on the scheduled closing date as may be directed by the Vendor’s solicitor or as mutually agreed upon, in order to complete this transaction via TERS utilizing the computer facilities in the Vendor’s solicitor’s office, upon payment of a fee as determined by the Vendor's solicitor, acting reasonably.
(d) The Purchaser expressly acknowledges and agrees that he or she will not be entitled to receive the Transfertransfer/Deed deed to the Property for registration until the balance of funds due on closingClosing, in accordance with the statement Statement of adjustmentsAdjustments, are either remitted by certified cheque via personal delivery or if agreed to by the Vendor’s solicitor, by electronic funds transfer to the vendorVendor’s solicitor (or in such other manner as the latter may direct) prior to the release of the Transfertransfer/Deed deed for registration.;
(eiv) Each each of the parties hereto agrees that the delivery of any executed documents not intended for registration on title to the Property shall be delivered to the other party no later than hereto on or before the Closing Date unless alternate arrangements are agreed to between the solicitors.Closing; and
(fv) Notwithstanding notwithstanding anything contained in this agreement Agreement to the contrary, it is expressly understood and agreed by the parties hereto that an effective tender shall be deemed to have been validly made by the Vendor upon the Purchaser when the Vendor’s solicitor has:
(iA) delivered photocopies of all closing documents, keys documents and/or photocopies of any funds to the Purchaser’s solicitor, it being understood that solicitor in accordance with the Vendor making provisions of the keys available at its site/sales office shall be deemed to be delivered to the Purchaser’s solicitors for the purposes hereofEscrow Document Registration Agreement;
(iiB) advised the Purchaser’s solicitor, either verbally or in writing, that the Vendor is ready, willing and able to complete the transaction in accordance with the terms and provisions of this Agreement; and
(iiiC) has completed all steps required by TERS in order to complete this transaction that can be performed or undertaken by the Vendor’s solicitor without the cooperation or participation of the Purchaser’s solicitor. ; without the necessity of personally attending upon the Purchaser or the Purchaser’s solicitor with the aforementioned documents, keys documents and/or funds, and without any requirement to have an independent witness evidencing the foregoing. The Vendor shall have a one-time unilateral right, at its sole, absolute, subjective and arbitrary discretion, to extend the Firm Closing Date or Delayed Closing Date (as set out in the Tarion Addendum), as the case may be, for one (1) Business Day to avoid the necessity of tender where a Purchaser is not ready to Close on the Firm Closing Date or Delayed Closing Date, as the case may be.
Appears in 3 contracts
Samples: Purchase and Sale Agreement, Purchase and Sale Agreement, Purchase and Sale Agreement
Electronic Registration. In The closing of the event transaction will be completed by electronic registration pursuant to Part III of the Land Registration Reform Act, R.S.O. 1990, Chapter L4 and the Electronic Registration Act, R.S.O./S.O. 1991, Chapter 44, and any amendments thereto, the Vendor and Purchaser acknowledge and agree that the electronic registration system exchange of closing funds, non-registerable documents and other items (hereinafter referred the “Requisite Deliveries”) and the release thereof to the Vendor and Purchaser will (a) not occur at the same time as the “Teraview Electronic Registration System” or “TERS”registration of the Transfer/Deed (and any other documents intended to be registered in connection with the completion of this transaction) and (b) be subject to conditions whereby the lawyer(s) of the Vendor and the Purchaser receiving any of the Requisite Deliveries will be required to hold same in trust and not release same except in accordance with the terms of a document registration agreement between the same lawyers. The Vendor and Purchaser irrevocably instruct the said lawyers to be bound by the document registration agreement which is operative recommended from time to time by the Law Society of Upper Canada. Unless otherwise agreed to by the lawyers, such exchange of the Requisite Deliveries will occur in the applicable Land Titles Office in which the Property is registered, then at the option or such other location agreeable to both lawyers. The following terms and conditions shall form part of the Vendor’s solicitor, the following provisions shall prevail, namelythis Agreement:
(a) The Purchaser shall be obliged to retain a lawyer solicitor in good standing with the Law Society of Upper Canada to represent the Purchaser in connection with the completion of the transaction, and shall authorize such lawyer respect to enter into an escrow closing agreement with the Vendor’s solicitor on the latter’s standard form (hereinafter referred to as the “Document Registration this Agreement”), establishing the procedures and timing for completing this transaction;
(b) The delivery and exchange of documents, monies and keys to the Property and the release thereof to the Vendor and the Purchaser, as the case may be:
(i) in the event of electronic registration of documents, the Purchaser shall pay direct his/her solicitor to execute an agreement as reasonably required by the Vendor on Vendor’s Solicitor (the Closing Date “Solicitor Agreement”) establishing the sum procedure for completion of $200.00 plus HST to reimburse the Vendor for the cost incurred with respect to electronic registrationthis Agreement;
(iic) shall The Purchaser and Vendor acknowledge that the delivery of documents and/or money may not occur contemporaneously with the registration of the Transfer/Deed (of Land and other registerable documentation); andmay be delivered in escrow pursuant to the Solicitor’s Agreement;
(iii) shall be governed by the Document Registration Agreement, pursuant to which the solicitor receiving the documents, keys and/or certified funds will be required to hold same in escrow, and will not be entitled to release same except in strict accordance with the provisions of the Document Registration Agreement.
(cd) If the Agreement cannot be completed in escrow pursuant to the Solicitor’s Agreement, the Purchaser’s lawyer is unwilling or unable to complete this transaction via TERS, in accordance with the provisions contemplated under the Document Registration Agreement, then said lawyer (or the authorized agent thereof) solicitor shall be obliged to personally attend at the office offices of the Vendor’s solicitor, solicitor at such time on the scheduled closing date as may be directed by the Vendor’s solicitor or as mutually agreed upon, in order upon to complete this transaction via TERS utilizing the computer facilities in the Vendor’s solicitor’s office, upon payment of a fee as determined by the Vendor's solicitor, acting reasonably.
(d) The Purchaser expressly acknowledges and agrees that he or she will not be entitled to receive the Transfer/Deed to the Property until the balance of funds due on closing, in accordance with the statement of adjustments, are either remitted by certified cheque via personal delivery or by electronic funds transfer to the vendor’s solicitor (or in such other manner as the latter may direct) prior to the release of the Transfer/Deed for registration.Agreement; and
(e) Each of the parties hereto agrees that the delivery of any executed documents not intended for registration on title to the Property Tender shall be delivered to the other party no later than the Closing Date unless alternate arrangements are agreed to between the solicitors.
(f) Notwithstanding anything contained in this agreement to the contrary, it is expressly understood and agreed by the parties hereto that an effective tender shall be deemed to have been validly made by the Vendor upon when the Purchaser when “Completeness Signatory” for the Transfer/Deed of Land has been electronically “signed” by the Vendor’s solicitor has:
(i) delivered photocopies of all closing documents, keys and/or photocopies of any funds to the Purchaser’s solicitor, it being understood that the Vendor making the keys available at its site/sales office and same shall be deemed to be delivered to the Purchaser’s solicitors for the purposes hereof;
(ii) advised the Purchaser’s solicitor, either verbally or in writing, satisfactory evidence that the Vendor is ready, willing and able to complete the transaction in accordance with the terms and provisions of this Agreement; and
(iii) has completed all steps required by TERS in order to complete this transaction that can be performed or undertaken by the Vendor’s solicitor without the cooperation or participation of the Purchaser’s solicitor. without the necessity of personally attending upon the Purchaser or the Purchaser’s solicitor with the aforementioned documents, keys and/or funds, and without any requirement to have an independent witness evidencing the foregoingsale.
Appears in 3 contracts
Samples: Purchase and Sale Agreement, Purchase and Sale Agreement, Purchase and Sale Agreement
Electronic Registration. In the event that the electronic registration system (hereinafter referred to as the “Teraview Electronic Registration System” or “TERS”) is operative in the applicable Land Titles Office in which the Property is registered, then at the option of the Vendor’s 's solicitor, the following provisions shall prevail, namely:
(a) The Purchaser shall be obliged to retain a lawyer in good standing with the Law Society of Upper Canada Ontario to represent the Purchaser in connection with the completion of the transaction, and shall authorize such lawyer to enter into an escrow closing agreement with the Vendor’s 's solicitor on the latter’s 's standard form (hereinafter referred to as the “Document Registration Agreement”), establishing the procedures and timing for completing this transaction;
(b) The delivery and exchange of documents, monies and keys to the Property and the release thereof to the Vendor and the Purchaser, as the case may be:
(i) in the event of electronic registration of documents, the Purchaser shall pay to the Vendor on the Closing Date the sum of $200.00 plus HST applicable taxes, to reimburse the Vendor for the cost incurred with respect to electronic registration;
(ii) shall not occur contemporaneously with the registration of the Transfer/Deed (and other registerable documentation); and
(iii) shall be governed by the Document Registration Agreement, pursuant to which the solicitor receiving the documents, keys and/or certified funds will be required to hold same in escrow, and will not be entitled to release same except in strict accordance with the provisions of the Document Registration Agreement.
(c) If the Purchaser’s 's lawyer is unwilling or unable to complete this transaction via TERS, in accordance with the provisions contemplated under the Document Registration Agreement, then said lawyer (or the authorized agent thereof) shall be obliged to personally attend at the office of the Vendor’s 's solicitor, at such time on the scheduled closing date as may be directed by the Vendor’s 's solicitor or as mutually agreed upon, in order to complete this transaction via TERS utilizing the computer facilities in the Vendor’s 's solicitor’s 's office, upon payment of a fee as determined by the Vendor's solicitor, acting reasonably.
(d) The Purchaser expressly acknowledges and agrees that he or she will not be entitled to receive the Transfer/Deed to the Property until the balance of funds due on closing, in accordance with the statement of adjustments, are either remitted by certified cheque via personal delivery or by electronic funds transfer drawn or otherwise made from the Purchaser's solicitor's trust account with a Schedule “1” Canadian Chartered bank to the vendor’s Vendor's solicitor (or in such other manner as the latter may direct) prior to the release of the Transfer/Deed for registration.. WEB COPY
(e) Each of the parties hereto agrees that the delivery of any executed documents not intended for registration on title to the Property shall be delivered to the other party no later than the Closing Date unless alternate arrangements are agreed to between the solicitors.
(f) Notwithstanding anything contained in this agreement to the contrary, it is expressly understood and agreed by the parties hereto that an effective tender shall be deemed to have been validly made by the Vendor upon the Purchaser when the Vendor’s 's solicitor has:
(i) delivered photocopies of all closing documents, keys and/or photocopies of any funds to the Purchaser’s 's solicitor, it being understood that the Vendor making the keys available at its site/sales office shall be deemed to be delivered to the Purchaser’s 's solicitors for the purposes hereof;
(ii) advised the Purchaser’s 's solicitor, either verbally or in writing, that the Vendor is ready, willing and able to complete the transaction in accordance with the terms and provisions of this Agreement; and
(iii) has completed all steps required by TERS in order to complete this transaction that can be performed or undertaken by the Vendor’s 's solicitor without the cooperation or participation of the Purchaser’s 's solicitor. without the necessity of personally attending upon the Purchaser or the Purchaser’s 's solicitor with the aforementioned documents, keys and/or funds, and without any requirement to have an independent witness evidencing the foregoing.
Appears in 2 contracts
Samples: Purchase and Sale Agreement, Purchase and Sale Agreement
Electronic Registration. In the event that the electronic registration system (hereinafter referred to as the “Teraview Electronic Registration System” or “TERS”) is operative in the applicable Land Titles Office in which the Property is registered, then at the option of the Vendor’s solicitor, the following provisions shall prevail, namely:
(a) The Purchaser shall be obliged to retain a lawyer in good standing with the Law Society of Upper Canada to represent the Purchaser in connection with the completion of the transaction, and shall authorize such lawyer to enter into an escrow closing agreement with the Vendor’s solicitor on the latter’s standard form (hereinafter referred to as the “Document Registration Agreement”), establishing the procedures and timing for completing this transaction;
(b) The delivery and exchange of documents, monies and keys to the Property and the release thereof to the Vendor and the Purchaser, as the case may be:
(i) in the event of electronic registration of documents, the Purchaser shall pay to the Vendor on the Closing Date the sum of $200.00 plus HST to reimburse the Vendor for the cost incurred with respect to electronic registration;
(ii) shall not occur contemporaneously with the registration of the Transfer/Deed (and other registerable documentation); and
(iii) shall be governed by the Document Registration Agreement, pursuant to which the solicitor receiving the documents, keys and/or certified funds will be required to hold same in escrow, and will not be entitled to release same except in strict accordance with the provisions of the Document Registration Agreement.
(c) If the Purchaser’s lawyer is unwilling or unable to complete this transaction via TERS, in accordance with the provisions contemplated under the Document Registration Agreement, then said lawyer (or the authorized agent thereof) shall be obliged to personally attend at the office of the Vendor’s solicitor, at such time on the scheduled closing date as may be directed by the Vendor’s solicitor or as mutually agreed upon, in order to complete this transaction via TERS utilizing the computer facilities in the Vendor’s solicitor’s office, upon payment of a fee as determined by the Vendor's solicitor, acting reasonably.
(d) The Purchaser expressly acknowledges and agrees that he or she will not be entitled to receive the Transfer/Deed to the Property until the balance of funds due on closing, in accordance with the statement of adjustments, are either remitted by certified cheque via personal delivery or by electronic funds transfer to the vendor’s solicitor (or in such other manner as the latter may direct) prior to the release of the Transfer/Deed for registration.
(e) Each of the parties hereto agrees that the delivery of any executed documents not intended for registration on title to the Property shall be delivered to the other party no later than the Closing Date unless alternate arrangements are agreed to between the solicitors.
(f) Notwithstanding anything contained in this agreement to the contrary, it is expressly understood and agreed by the parties hereto that an effective tender shall be deemed to have been validly made by the Vendor upon the Purchaser when the Vendor’s solicitor has:
(i) delivered photocopies of all closing documents, keys and/or photocopies of any funds to the Purchaser’s solicitor, it being understood that the Vendor making the keys available at its site/sales office shall be deemed to be delivered to the Purchaser’s solicitors for the purposes hereof;; WEB COPY
(ii) advised the Purchaser’s solicitor, either verbally or in writing, that the Vendor is ready, willing and able to complete the transaction in accordance with the terms and provisions of this Agreement; and
(iii) has completed all steps required by TERS in order to complete this transaction that can be performed or undertaken by the Vendor’s solicitor without the cooperation or participation of the Purchaser’s solicitor. without the necessity of personally attending upon the Purchaser or the Purchaser’s solicitor with the aforementioned documents, keys and/or funds, and without any requirement to have an independent witness evidencing the foregoing.
Appears in 2 contracts
Samples: Purchase and Sale Agreement, Purchase and Sale Agreement
Electronic Registration. a) In the event that the electronic registration system (hereinafter referred to as the “Teraview Electronic Registration System” or “TERSERS”) is operative in the applicable Land Titles Registry Office in which the Property is registered, then at the option of the Vendor’s solicitor, the following provisions shall prevail, namely:
(ab) The the Purchaser shall be obliged to retain a lawyer in good standing with the Law Society of Upper Canada to represent the Purchaser in connection with the completion of the transaction, and shall authorize such lawyer to enter into an escrow closing agreement with the Vendor’s solicitor on the latter’s standard form (hereinafter referred to as the “Escrow Document Registration Agreement”), establishing the procedures and timing for completing this transaction;
(bc) The the delivery and exchange of documents, documents and monies and keys to for the Property and the release thereof to the Vendor and the Purchaser, as the case may be:
(i) in the event of electronic registration of documents, the Purchaser shall pay to the Vendor on the Closing Date the sum of $200.00 plus HST to reimburse the Vendor for the cost incurred with respect to electronic registration;
(ii) shall not occur contemporaneously with the registration of the Transfertransfer/Deed deed (and other registerable documentation); and
(iiiii) shall be governed by the Escrow Document Registration Agreement, pursuant to which the solicitor receiving the documents, keys documents and/or certified funds will be required to hold same in escrow, and will not be entitled to release same except in strict accordance with the provisions of the Escrow Document Registration Agreement.;
(cd) If if the Purchaser’s lawyer is unwilling or unable to complete this transaction via TERSERS, in accordance with the provisions contemplated cont emplated under the Escrow Document Registration Agreement, then said lawyer (or the authorized agent thereof) shall be obliged to personally attend at the office of the Vendor’s solicitor, solicitor at such time on of the scheduled closing date Closing Date as may be directed by the Vendor’s solicitor or as mutually agreed upon, in order to complete this transaction via TERS ERS utilizing the computer facilities in the Vendor’s solicitor’s office, upon payment of a fee as determined by ;
e) the Vendor's solicitor, acting reasonably.
(d) The Purchaser expressly acknowledges and agrees that he or she will not be entitled to receive the Transfertransfer/Deed deed to the Property for registration until the balance of funds due on closing, in accordance with the statement of adjustments, are either remitted by certified cheque via personal delivery or if agreed to by the Vendor’s solicitor, by electronic funds transfer to the vendorVendor’s solicitor (or in such other manner as the latter may direct) prior to the release of the Transfertransfer/Deed deed for registration.;
(ef) Each each of the parties hereto agrees that the delivery of any executed documents not intended for registration on title to the Property shall be delivered to the other party no later than hereto on or before the Closing Date unless alternate arrangements are agreed to between the solicitors.Date; and
(fg) Notwithstanding notwithstanding anything contained in this agreement Agreement to the contrary, it is expressly understood and agreed by the parties hereto that an effective tender shall be deemed to have been validly made by the Vendor upon the Purchaser when the Vendor’s solicitor has:
(i) delivered photocopies of all closing documents, keys documents and/or photocopies of any funds to the Purchaser’s solicitor, it being understood that solicitor in accordance with the Vendor making provisions of the keys available at its site/sales office shall be deemed to be delivered to the Purchaser’s solicitors for the purposes hereofEscrow Document Registration Agreement;
(ii) advised the Purchaser’s solicitor, either verbally or in writing, that the Vendor is ready, willing and able to complete the transaction in accordance with the terms and provisions of this Agreement; and
(iii) has completed all steps required by TERS ERS in order to complete this transaction that can be performed or undertaken by the Vendor’s solicitor without the cooperation or participation of the Purchaser’s solicitor. , and specifically when the “completeness signatory” for the tra nsfer/deed has been electronically “signed” by the Vendor’s solicitor; without the necessity of personally attending upon the Purchaser or the Purchaser’s solicitor with the aforementioned documents, keys documents and/or funds, and without any requirement to have an independent witness evidencing the foregoing.
Appears in 2 contracts
Samples: Purchase and Sale Agreement, Purchase and Sale Agreement
Electronic Registration. In The Vendor and the event Purchaser acknowledge that the electronic registration system (hereinafter referred to as the “Teraview Electronic Registration System” or “TERS”) is operative in the applicable Land Titles Office in which land registry office where the Property is registeredLands are located and, then at the option of the Vendor’s solicitoraccordingly, the following provisions shall prevail, namely:
(a) The Purchaser the Vendor’s solicitors and the Purchaser’s solicitors shall each be obliged to retain a lawyer be authorized TERS users and in good standing with the Law Society of Upper Canada to represent the Purchaser in connection with the completion of the transactionCanada, and shall authorize such lawyer they are hereby authorized by the parties hereto to enter into an escrow closing a document registration agreement with in the Vendor’s solicitor form adopted by the Joint LSUC-CBAO Committee on the latter’s standard form Electronic Registration of Title Documents on March 29, 2004 or any successor version thereto (hereinafter referred to as the “Document Registration Agreement” or “DRA”), establishing together with the additional requirement that the registering solicitor shall also be obliged to provide the non- registering solicitor with a copy of the registration report printed by TERS upon the registration of the electronic documents, as evidence of the registration thereof, within one Business Day following the Closing Date. It is understood and agreed that the DRA shall outline or establish the procedures and timing for completing the transactions contemplated by this transactionAgreement electronically, and shall be executed by both the Vendor’s solicitors and the Purchaser’s solicitors and exchanged by courier or facsimile transmission between such solicitors (such that each solicitor has a photocopy or faxed copy of the DRA duly executed by both solicitors) by no later than one Business Day before the Closing Date;
(b) The the delivery and exchange of documentsthe closing documents and the balance of the Purchase Price, monies and keys to the Property and the release thereof to the Vendor and the Purchaser, as the case may be:
(i) in the event of electronic registration of documents, the Purchaser shall pay to the Vendor on the Closing Date the sum of $200.00 plus HST to reimburse the Vendor for the cost incurred with respect to electronic registration;
(ii) shall not occur contemporaneously with the registration of the Transfertransfer/Deed (deed for the Lands and other registerable documentation)closing documents, if any, to be registered electronically; and
(iiiii) shall be governed by the Document Registration AgreementDRA, pursuant to which the solicitor receiving the any closing documents, keys and/or certified funds or the balance of the Purchase Price, will be required to hold the same in escrow, and will not be entitled to release the same except in strict accordance with the provisions of the Document Registration Agreement.DRA;
(c) If the Purchaser’s lawyer is unwilling or unable to complete this transaction via TERS, in accordance with the provisions contemplated under the Document Registration Agreement, then said lawyer (or the authorized agent thereof) shall be obliged to personally attend at the office of the Vendor’s solicitor, at such time on the scheduled closing date as may be directed by the Vendor’s solicitor or as mutually agreed upon, in order to complete this transaction via TERS utilizing the computer facilities in the Vendor’s solicitor’s office, upon payment of a fee as determined by the Vendor's solicitor, acting reasonably.
(d) The Purchaser expressly acknowledges and agrees that he or she will not be entitled to receive the Transfer/Deed to the Property until the balance of funds due on closing, in accordance with the statement of adjustments, are either remitted by certified cheque via personal delivery or by electronic funds transfer to the vendor’s solicitor (or in such other manner as the latter may direct) prior to the release of the Transfer/Deed for registration.
(e) Each each of the parties hereto agrees that the delivery of any executed of the closing documents not intended for registration on or required to be registered against title to the Property shall Lands shall, unless the parties otherwise agree, be delivered by way of delivery of originally signed copies thereof on the Closing Date to the other party no later than the Closing Date unless alternate arrangements are agreed to between the solicitors.or its solicitor; and
(fd) Notwithstanding notwithstanding anything contained in this agreement Agreement or in the DRA to the contrary, it is expressly understood and agreed by the parties hereto that an effective tender shall be deemed to have been validly made by either party (in this Section called the Vendor “Tendering Party”) upon the Purchaser other party (in this Section called the “Receiving Party”) when the Vendor’s solicitor for the Tendering Party has:
(i) delivered photocopies all applicable closing documents and/or the balance of all closing documents, keys and/or photocopies of any funds the Purchase Price to the PurchaserReceiving Party’s solicitor, it being understood that solicitor in accordance with the Vendor making provisions of this Agreement and the keys available at its site/sales office shall be deemed to be delivered to the Purchaser’s solicitors for the purposes hereofDRA;
(ii) advised the Purchaser’s solicitor, either verbally or solicitor for the Receiving Party in writing, writing that the Vendor Tendering Party is ready, willing and able to complete the transaction transactions contemplated by this Agreement in accordance with the terms and provisions of this Agreement; and
(iii) has completed all steps required by TERS in order to complete the transactions contemplated by this transaction Agreement that can be performed or undertaken by the VendorTendering Party’s solicitor without the cooperation co-operation or participation of the PurchaserReceiving Party’s solicitor. , and specifically when the Tendering Party’s solicitor has electronically “signed” the transfer/deed(s) and any other closing document, if any, to be registered electronically for completeness and granted “access” to the Receiving Party’s solicitor (but without the necessity of personally attending upon the Purchaser or the PurchaserTendering Party’s solicitor with releasing the aforementioned documents, keys and/or funds, and without any requirement to have an independent witness evidencing same for registration by the foregoingReceiving Party’s solicitor).
Appears in 2 contracts
Samples: Purchase and Sale Agreement, Purchase and Sale Agreement
Electronic Registration. In the event that the electronic registration system (hereinafter referred to as the “Teraview Electronic Registration System” or “TERS”) is operative in the applicable Land Titles Office in which the Property is registered, then at the option of the Vendor’s solicitor, the following provisions shall prevail, namely:
(a) The Purchaser shall be obliged to retain a lawyer in good standing with the Law Society of Upper Canada to represent the Purchaser in connection with the completion of the transaction, and shall authorize such lawyer to enter into an escrow closing agreement with the Vendor’s solicitor on the latter’s standard form (hereinafter referred to as the “Document Registration Agreement”), establishing the procedures and timing for completing this transaction;
(b) The delivery and exchange of documents, monies and keys to the Property and the release thereof to the Vendor and the Purchaser, as the case may be:
(i) in the event of electronic registration of documents, the Purchaser shall pay to the Vendor on the Closing Date the sum of $200.00 plus HST to reimburse the Vendor for the cost incurred with respect to electronic registration;; WEB COPY
(ii) shall not occur contemporaneously with the registration of the Transfer/Deed (and other registerable documentation); and
(iii) shall be governed by the Document Registration Agreement, pursuant to which the solicitor receiving the documents, keys and/or certified funds will be required to hold same in escrow, and will not be entitled to release same except in strict accordance with the provisions of the Document Registration Agreement.
(c) If the Purchaser’s lawyer is unwilling or unable to complete this transaction via TERS, in accordance with the provisions contemplated under the Document Registration Agreement, then said lawyer (or the authorized agent thereof) shall be obliged to personally attend at the office of the Vendor’s solicitor, at such time on the scheduled closing date as may be directed by the Vendor’s solicitor or as mutually agreed upon, in order to complete this transaction via TERS utilizing the computer facilities in the Vendor’s solicitor’s office, upon payment of a fee as determined by the Vendor's solicitor, acting reasonably.
(d) The Purchaser expressly acknowledges and agrees that he or she will not be entitled to receive the Transfer/Deed to the Property until the balance of funds due on closing, in accordance with the statement of adjustments, are either remitted by certified cheque via personal delivery or by electronic funds transfer to the vendor’s solicitor (or in such other manner as the latter may direct) prior to the release of the Transfer/Deed for registration.
(e) Each of the parties hereto agrees that the delivery of any executed documents not intended for registration on title to the Property shall be delivered to the other party no later than the Closing Date unless alternate arrangements are agreed to between the solicitors.
(f) Notwithstanding anything contained in this agreement to the contrary, it is expressly understood and agreed by the parties hereto that an effective tender shall be deemed to have been validly made by the Vendor upon the Purchaser when the Vendor’s solicitor has:
(i) delivered photocopies of all closing documents, keys and/or photocopies of any funds to the Purchaser’s solicitor, it being understood that the Vendor making the keys available at its site/sales office shall be deemed to be delivered to the Purchaser’s solicitors for the purposes hereof;
(ii) advised the Purchaser’s solicitor, either verbally or in writing, that the Vendor is ready, willing and able to complete the transaction in accordance with the terms and provisions of this Agreement; and
(iii) has completed all steps required by TERS in order to complete this transaction that can be performed or undertaken by the Vendor’s solicitor without the cooperation or participation of the Purchaser’s solicitor. without the necessity of personally attending upon the Purchaser or the Purchaser’s solicitor with the aforementioned documents, keys and/or funds, and without any requirement to have an independent witness evidencing the foregoing.
Appears in 2 contracts
Samples: Purchase and Sale Agreement, Purchase and Sale Agreement
Electronic Registration. In the event that If the electronic registration system (hereinafter referred to as the “Teraview " Electronic Registration System” System " or “TERS”"ERS ") is operative in the applicable Land Titles Registry Office in which the Property is registered, then at the option of the Vendor’s solicitor, the following provisions shall prevail, namely:
(a) The a. the Purchaser shall be obliged to retain a lawyer in good standing with the Law Society of Upper Canada to represent the Purchaser in connection with the completion of the transaction, and shall authorize such lawyer to enter into an escrow closing agreement with the Vendor’s 's solicitor on the latter’s 's standard form (hereinafter referred to as the “" Escrow Document Registration Agreement”Agreement "), establishing the procedures and timing for completing this transaction;. The Purchaser shall reimburse the Vendor as an adjustment on closing for any additional legal costs that the Vendor may incur to complete this transaction under ERS of $250.00, plus Applicable Taxes.
(b) The b. the delivery and exchange of documents, documents and monies and keys to for the Property and the release thereof to the Vendor and the Purchaser, as the case may be:
(i) in the event of electronic registration of documents, the Purchaser shall pay to the Vendor on the Closing Date the sum of $200.00 plus HST to reimburse the Vendor for the cost incurred with respect to electronic registration;
(ii) i. shall not occur contemporaneously with the registration of the Transfertransfer/Deed deed (and other registerable documentation); and
(iii) ii. shall be governed by the Escrow Document Registration Agreement, pursuant to which the solicitor receiving the documents, keys documents and/or certified funds will be required to hold same in escrow, and will not be entitled to release same except in strict accordance with the provisions of the Escrow Document Registration Agreement.;
(c) If c. if the Purchaser’s 's lawyer is unwilling or unable to complete this transaction via TERSERS, in accordance with the provisions contemplated under the Escrow Document Registration Agreement, then said lawyer (or the authorized agent thereof) shall be obliged to personally attend at the office of the Vendor’s solicitor, 's solicitor at such the time on the scheduled closing date Closing Date as may be directed by the Vendor’s 's solicitor or as mutually agreed upon, in order to complete this transaction via TERS ERS utilizing the computer facilities in the Vendor’s solicitor’s office, upon payment of a fee as determined by the Vendor's solicitor, acting reasonably.'s office;
(d) The d. the Purchaser expressly acknowledges and agrees that he or she will not be entitled to receive the Transfer/Deed transfer to the Property for registration until the balance of funds due on closing, in accordance with the statement of adjustments, are either remitted by certified cheque via personal delivery or if agreed to by the Vendor's solicitor, by electronic funds transfer to the vendor’s Vendor's solicitor (or in such other manner as the latter may direct) prior to the release of the Transfer/Deed transfer for registration.;
(e) Each e. each of the parties hereto agrees that the delivery of any executed documents not intended for registration on title to the Property shall be delivered to the other party no later than hereto on or before the Closing Date unless alternate arrangements are agreed to between the solicitors.Date; and
(f) Notwithstanding f. notwithstanding anything contained in this agreement Agreement to the contrary, it is expressly understood and agreed by the parties hereto that an effective tender shall be deemed to have been validly made by the Vendor upon the Purchaser when the Vendor’s 's solicitor has:
(i) i. delivered photocopies of all closing documents, keys documents and/or photocopies of any funds to the Purchaser’s solicitor, it being understood that 's solicitor in accordance with the Vendor making provisions of the keys available at its site/sales office shall be deemed to be delivered to the Purchaser’s solicitors for the purposes hereofEscrow Document Registration Agreement;
(ii) . advised the Purchaser’s 's solicitor, either verbally or in writing, that the Vendor is ready, willing and able to complete the transaction in accordance with the terms and provisions of this Agreement; and
(iii) . has completed all steps required by TERS ERS in order to complete this transaction that can be performed or undertaken by the Vendor’s 's solicitor without the cooperation or participation of the Purchaser’s 's solicitor, and iv. without the necessity of personally attending upon the Purchaser or the Purchaser’s 's solicitor with the aforementioned documents, keys documents and/or funds, and without any requirement to have an independent witness evidencing the foregoing.
Appears in 2 contracts
Samples: Purchase and Sale Agreement, Purchase and Sale Agreement
Electronic Registration. a) In the event that the electronic registration system (hereinafter referred to as the “Teraview Electronic Registration System” or “TERSERS”) is operative in the applicable Land Titles Registry Office in which the Property is registered, then at the option of the Vendor’s solicitor, the following provisions shall prevail, namely:
(ab) The the Purchaser shall be obliged to retain a lawyer in good standing with the Law Society of Upper Canada to represent the Purchaser in connection with the completion of the transaction, and shall authorize such lawyer to enter into an escrow closing agreement with the Vendor’s solicitor on the latter’s standard form (hereinafter referred to as the “Escrow Document Registration Agreement”), establishing the procedures and timing for completing this transaction;
(bc) The the delivery and exchange of documents, documents and monies and keys to for the Property and the release thereof to the Vendor and the Purchaser, as the case may be:
(i) in the event of electronic registration of documents, the Purchaser shall pay to the Vendor on the Closing Date the sum of $200.00 plus HST to reimburse the Vendor for the cost incurred with respect to electronic registration;
(ii) shall not occur contemporaneously with the registration of the Transfertransfer/Deed deed (and other registerable documentation); and
(iiiii) shall be governed by the Escrow Document Registration Agreement, pursuant to which the solicitor receiving the documents, keys documents and/or certified funds will be required to hold same in escrow, and will not be entitled to release same except in strict accordance with the provisions of the Escrow Document Registration Agreement.;
(cd) If if the Purchaser’s lawyer is unwilling or unable to complete this transaction via TERSERS, in accordance with the provisions contemplated cont emplated under the Escrow Document Registration Agreement, then said lawyer (or the authorized agent thereof) shall be obliged to personally attend at the office of the Vendor’s solicitor, solicitor at such time on of the scheduled closing date Closing Date as may be directed by the Vendor’s solicitor or as mutually agreed upon, in order to complete this transaction via TERS ERS utilizing the computer facilities in the Vendor’s solicitor’s office, upon payment of a fee as determined by ;
e) the Vendor's solicitor, acting reasonably.
(d) The Purchaser expressly acknowledges and agrees that he or she will not be entitled to receive the Transfertransfer/Deed deed to the Property for registration until the balance of funds due on closing, in accordance with the statement of adjustments, are either remitted by certified cheque via personal delivery or if agreed to by the Vendor’s solicitor, by electronic funds transfer to the vendorVendor’s solicitor (or in such other manner as the latter may direct) prior to the release of the Transfertransfer/Deed deed for registration.; Schedule X as of May 15, 2020 – New E-signature Clause
(ef) Each each of the parties hereto agrees that the delivery of any executed documents not intended for registration on title to the Property shall be delivered to the other party no later than hereto on or before the Closing Date unless alternate arrangements are agreed to between the solicitors.Date; and
(fg) Notwithstanding notwithstanding anything contained in this agreement Agreement to the contrary, it is expressly understood and agreed by the parties hereto that an effective tender shall be deemed to have been validly made by the Vendor upon the Purchaser when the Vendor’s solicitor has:
(i) delivered photocopies of all closing documents, keys documents and/or photocopies of any funds to the Purchaser’s solicitor, it being understood that solicitor in accordance with the Vendor making provisions of the keys available at its site/sales office shall be deemed to be delivered to the Purchaser’s solicitors for the purposes hereofEscrow Document Registration Agreement;
(ii) advised the Purchaser’s solicitor, either verbally or in writing, that the Vendor is ready, willing and able to complete the transaction in accordance with the terms and provisions of this Agreement; and
(iii) has completed all steps required by TERS ERS in order to complete this transaction that can be performed or undertaken by the Vendor’s solicitor without the cooperation or participation of the Purchaser’s solicitor. , and specifically when the “completeness signatory” for the tra nsfer/deed has been electronically “signed” by the Vendor’s solicitor; without the necessity of personally attending upon the Purchaser or the Purchaser’s solicitor with the aforementioned documents, keys documents and/or funds, and without any requirement to have an independent witness evidencing the foregoing.
Appears in 2 contracts
Samples: Purchase and Sale Agreement, Purchase and Sale Agreement
Electronic Registration. In the event that the electronic registration system (hereinafter referred to as the “Teraview Electronic Registration System” or System (“TERS”) is operative in the applicable Land Titles Office in which the Property is registeredRegistry Office, then at the option of the Vendor’s solicitorSolicitors, in their sole and unfettered discretion, the following provisions in regard to Closing shall prevail, namely:
(a1) The the Purchaser shall be obliged to retain a lawyer in good standing with and authorize the Law Society of Upper Canada to represent the Purchaser in connection with the completion of the transaction, and shall authorize such lawyer Purchaser’s Solicitors to enter into an escrow closing agreement (the “Escrow Agreement”) with the Vendor’s solicitor Solicitors on the latter’s standard form (hereinafter referred to as which may in the “Vendor’s Solicitor’s sole and unfettered discretion contain some or all of the provisions of the Document Registration Agreement”)Agreement prepared by the Law Society of Ontario and adopted by the Joint LSO-CBAO Committee on Electronic Registration of Title Documents, as may be amended from time to time, establishing the procedures and timing for completing this transaction, such Escrow Agreement to be returned to the Vendor’s Solicitors, as executed by the Purchaser’s Solicitors, at least 7 days prior to the Closing Date;
(b2) The the delivery and exchange of documents, documents and monies and keys to the Property and the release thereof to the Vendor and the Purchaser, as the case may be:
(i) in the event of electronic registration of documents, the Purchaser shall pay to the Vendor on the Closing Date the sum of $200.00 plus HST to reimburse the Vendor for the cost incurred with respect to electronic registration;
(iia) shall not occur contemporaneously with the registration of the Transfertransfer/Deed deed (and other registerable documentation); and;
(iiib) shall be governed by the Document Registration Escrow Agreement, pursuant to which the solicitor solicitors receiving the documents, keys and/or documents and certified funds will be required to hold same in escrow, and will not be entitled to release same except in strict accordance with the provisions of the Document Registration Escrow Agreement.;
(c) If may, in the case of documents to be delivered by the Vendor, occur electronically, through the use of one or more Internet websites, pursuant to Section 9.1 of this Schedule; and
(d) may at the option of the Vendor, in the case of funds to be delivered by the Purchaser, occur electronically, through any electronic funds transfer system designated by the Vendor or the Vendor’s Solicitors, and in such case:
(i) the Purchaser and or the Purchaser’s lawyer is unwilling Solicitors shall execute such documents as the Vendor or the Vendor’s Solicitors may require in connection therewith; and
(ii) the Purchaser’s Solicitors shall be registered with such provider and at the request of the Vendor’s Solicitors shall provide evidence of such registration to the Vendor’s Solicitors at least ten (10) days prior to Closing;
(3) if the Purchaser’s Solicitors are unable to complete this transaction via TERS, in accordance with the provisions contemplated under of the Document Registration Escrow Agreement, then said lawyer the Purchaser’s Solicitors (or the authorized agent thereof) shall be obliged to personally attend at the office of the Vendor’s solicitorSolicitors, at such time on the scheduled closing date as may be directed by the Vendor’s solicitor Solicitors or as mutually agreed upon, in order to complete this transaction via TERS utilizing the computer facilities in the Vendor’s solicitor’s Solicitors’ office, upon payment at the cost of a fee as determined by the Vendor's solicitor, acting reasonably.Purchaser’s Solicitors;
(d4) The the Purchaser expressly acknowledges and agrees that he or she the Purchaser will not be entitled to receive the Transfertransfer/Deed deed to the Property Purchased Home for registration or the keys, until the balance of funds due on closingClosing, in accordance with the statement of adjustments, and all other amounts required to be paid by the Purchaser hereunder are either remitted by certified cheque or bank draft via personal delivery or by electronic funds transfer to the vendorVendor’s solicitor Solicitors (or in such other manner as the latter Vendor’s Solicitors may direct) prior to the release of the Transfertransfer/Deed deed for registration.;
(e5) Each of the parties hereto Purchaser agrees that the delivery of any executed documents not intended for registration on title to the Property shall Purchased Home may be delivered to the other party no later than Purchaser or the Closing Date unless alternate arrangements are agreed to between Purchaser’s Solicitors by facsimile transmission (or by a similar system reproducing the solicitors.original or by electronic transmission of electronically signed documents through the Internet as described in this Purchase Agreement), provided that all documents so transmitted have been duly and properly executed by the appropriate parties/signatories thereto which may be by electronic signature; and
(f6) Notwithstanding notwithstanding anything contained in this agreement Purchase Agreement to the contrary, in the event that Closing is to take place in accordance with the provisions of this Section 9.5, it is expressly understood and agreed by the parties hereto that an effective tender shall be deemed to have been validly made by the Vendor upon the Purchaser when the Vendor’s solicitor hasSolicitors have:
(ia) delivered photocopies of all closing documents, keys documents and/or photocopies of any funds to the Purchaser’s solicitorSolicitors in accordance with the provisions of the Escrow Agreement including, it being understood that if elected by the Vendor making Vendor, by the keys available at its site/sales office shall be deemed to be delivered to the Purchaser’s solicitors for the purposes hereofmethod described in Section 9.1(4) of this Schedule;
(iib) advised the Purchaser’s solicitorSolicitors, either verbally or in writing, that the Vendor is ready, willing and able to complete the transaction in accordance with the terms and provisions of this Purchase Agreement; and
(iiic) has completed all steps required by TERS in order to complete this transaction that can be performed or undertaken by the Vendor’s solicitor Solicitors without the cooperation or participation of the Purchaser’s solicitor. Solicitors, and which do not first require the Purchaser’s Solicitors to complete information in the transfer/deed; without the necessity of personally attending upon the Purchaser or the Purchaser’s solicitor Solicitors with the aforementioned documents, keys and/or funds, and without any requirement to have an independent witness evidencing the foregoing.
Appears in 1 contract
Samples: Purchase Agreement
Electronic Registration. In the event that the electronic registration system (hereinafter referred to as the “Teraview Electronic Registration System” or “TERS”) is operative in the applicable Land Titles Office in which the Property is registered, then at the option of the Vendor’s solicitor, the following provisions shall prevail, namely:
(a) The Purchaser shall be obliged to retain a lawyer in good standing with the Law Society of Upper Canada to represent the Purchaser in connection with the completion of the transaction, and shall authorize such lawyer to enter into an escrow closing agreement with the Vendor’s solicitor on the latter’s standard form (hereinafter referred to as the “Document Registration Agreement”), establishing the procedures and timing for completing this transaction;
(b) The delivery and exchange of documents, monies and keys to the Property and the release thereof to the Vendor and the Purchaser, as the case may be:
(i) in the event of electronic registration of documents, the Purchaser shall pay to the Vendor on the Closing Date the sum of $200.00 plus HST to reimburse the Vendor for the cost incurred with respect to electronic registration;
(ii) shall not occur contemporaneously with the registration of the Transfer/Deed (and other registerable documentation); and
(iii) shall be governed by the Document Registration Agreement, pursuant to which the solicitor receiving the documents, keys and/or certified funds will be required to hold same in escrow, and will not be entitled to release same except in strict accordance with the provisions of the Document Registration Agreement.. WEB COPY
(c) If the Purchaser’s lawyer is unwilling or unable to complete this transaction via TERS, in accordance with the provisions contemplated under the Document Registration Agreement, then said lawyer (or the authorized agent thereof) shall be obliged to personally attend at the office of the Vendor’s solicitor, at such time on the scheduled closing date as may be directed by the Vendor’s solicitor or as mutually agreed upon, in order to complete this transaction via TERS utilizing the computer facilities in the Vendor’s solicitor’s office, upon payment of a fee as determined by the Vendor's solicitor, acting reasonably.
(d) The Purchaser expressly acknowledges and agrees that he or she will not be entitled to receive the Transfer/Deed to the Property until the balance of funds due on closing, in accordance with the statement of adjustments, are either remitted by certified cheque via personal delivery or by electronic funds transfer to the vendor’s solicitor (or in such other manner as the latter may direct) prior to the release of the Transfer/Deed for registration.
(e) Each of the parties hereto agrees that the delivery of any executed documents not intended for registration on title to the Property shall be delivered to the other party no later than the Closing Date unless alternate arrangements are agreed to between the solicitors.
(f) Notwithstanding anything contained in this agreement to the contrary, it is expressly understood and agreed by the parties hereto that an effective tender shall be deemed to have been validly made by the Vendor upon the Purchaser when the Vendor’s solicitor has:
(i) delivered photocopies of all closing documents, keys and/or photocopies of any funds to the Purchaser’s solicitor, it being understood that the Vendor making the keys available at its site/sales office shall be deemed to be delivered to the Purchaser’s solicitors for the purposes hereof;
(ii) advised the Purchaser’s solicitor, either verbally or in writing, that the Vendor is ready, willing and able to complete the transaction in accordance with the terms and provisions of this Agreement; and
(iii) has completed all steps required by TERS in order to complete this transaction that can be performed or undertaken by the Vendor’s solicitor without the cooperation or participation of the Purchaser’s solicitor. without the necessity of personally attending upon the Purchaser or the Purchaser’s solicitor with the aforementioned documents, keys and/or funds, and without any requirement to have an independent witness evidencing the foregoing.
Appears in 1 contract
Samples: Purchase and Sale Agreement
Electronic Registration. In the event that the electronic registration system (hereinafter referred to as the “Teraview Electronic Registration System” or “TERS”) is operative in the applicable Land Titles Office in which the Property is registered, then at the option of the Vendor’s solicitor, the following provisions shall prevail, namely:
(a) The Purchaser shall be obliged to retain a lawyer in good standing with the Law Society of Upper Canada Ontario to represent the Purchaser in connection with the completion of the transaction, and shall authorize such lawyer to enter into an escrow closing agreement with the Vendor’s solicitor on the latter’s standard form (hereinafter referred to as the “Document Registration Agreement”), establishing the procedures and timing for completing this transaction;
(b) The delivery and exchange of documents, monies and keys to the Property and the release thereof to the Vendor and the Purchaser, as the case may be:
(i) in the event of electronic registration of documents, the Purchaser shall pay to the Vendor on the Closing Date the sum of $200.00 plus HST applicable taxes, including HST, to reimburse the Vendor for the cost incurred with respect to electronic registration;
(ii) shall not occur contemporaneously with the registration of the Transfer/Deed (and other registerable documentation); and
(iii) shall be governed by the Document Registration Agreement, pursuant to which the solicitor receiving the documents, keys and/or certified funds will be required to hold same in escrow, and will not be entitled to release same except in strict accordance with the provisions of the Document Registration Agreement.
(c) If the Purchaser’s lawyer is unwilling or unable to complete this transaction via TERS, in accordance with the provisions contemplated under the Document Registration Agreement, then said lawyer (or the authorized agent thereof) shall be obliged to personally attend at the office of the Vendor’s solicitor, at such time on the scheduled closing date as may be directed by the Vendor’s solicitor or as mutually agreed upon, in order to complete this transaction via TERS utilizing the computer facilities in the Vendor’s solicitor’s office, upon payment of a fee as determined by the Vendor's solicitor, acting reasonably.
(d) The Purchaser expressly acknowledges and agrees that he or she will not be entitled to receive the Transfer/Deed to the Property until the balance of funds due on closing, in accordance with the statement of adjustments, are either remitted by certified cheque via personal delivery or by electronic funds transfer drawn or otherwise made from the Purchaser’s solicitor’s trust account with a Schedule “1” Canadian Chartered bank to the vendorVendor’s solicitor (or in such other manner as the latter may direct) prior to the release of the Transfer/Deed for registration.
(e) Each of the parties hereto agrees that the delivery of any executed documents not intended for registration on title to the Property shall be delivered to the other party no later than the Closing Date unless alternate arrangements are agreed to between the solicitors.
(f) Notwithstanding anything contained in this agreement to the contrary, it is expressly understood and agreed by the parties hereto that an effective tender shall be deemed to have been validly made by the Vendor upon the Purchaser when the Vendor’s solicitor has:
(i) delivered photocopies of all closing documents, keys and/or photocopies of any funds to the Purchaser’s solicitor, it being understood that the Vendor making the keys available at its site/sales office shall be deemed to be delivered to the Purchaser’s solicitors for the purposes hereof;
(ii) advised the Purchaser’s solicitor, either verbally or in writing, that the Vendor is ready, willing and able to complete the transaction in accordance with the terms and provisions of this Agreement; and
(iii) has completed all steps required by TERS in order to complete this transaction that can be performed or undertaken by the Vendor’s solicitor without the cooperation or participation of the Purchaser’s solicitor. without the necessity of personally attending upon the Purchaser or the Purchaser’s solicitor with the aforementioned documents, keys and/or funds, and without any requirement to have an independent witness evidencing the foregoing.. WEB COPY
Appears in 1 contract
Samples: Purchase and Sale Agreement
Electronic Registration. In the event that the electronic registration system (hereinafter referred to as the “Teraview Electronic Registration System” or “TERS”) is operative in the applicable Land Titles Office in which Where the Property is registered, then at in an area where electronic registration is mandatory and the option transaction will be completed by electronic registration pursuant to Part III of the Vendor’s solicitorLand Registration Reform Act, R.S.O. 1990, c. L.4, and the Electronic Registration Act, S.O. 1991, c.44, and any amendments thereto, the following provisions shall prevail, namely:
(a) The Seller and Purchaser shall be obliged to retain a lawyer in good standing with acknowledge and agree that the Law Society of Upper Canada to represent the Purchaser in connection with the completion of the transaction, and shall authorize such lawyer to enter into an escrow closing agreement with the Vendor’s solicitor on the latter’s standard form (hereinafter referred to as the “Document Registration Agreement”), establishing the procedures and timing for completing this transaction;
(b) The delivery and exchange of documentsclosing funds, monies non-registrable documents and keys to the Property other closing deliverables provided for herein and the release thereof to the Vendor Seller and Purchaser will: Not occur at the Purchaser, same time as the case may be:
(i) in the event of electronic registration of documents, the Purchaser shall pay to the Vendor on the Closing Date the sum of $200.00 plus HST to reimburse the Vendor for the cost incurred with respect to electronic registration;
(ii) shall not occur contemporaneously with the registration of the Transfer/Deed (and any other registerable documentationdocuments intended to be registered in connection with the completion of this transaction); and
(iiiand Be subject to conditions whereby the lawyer(s) shall be governed by receiving any of the Document Registration Agreement, pursuant to which the solicitor receiving the documents, keys and/or certified funds closing deliverables will be required to hold same in escrow, escrow and will not be entitled to release same except in strict accordance with the provisions of the Document Registration Agreement.
(c) If the Purchaser’s lawyer is unwilling or unable to complete this transaction via TERS, in accordance with the provisions contemplated under the Document Registration Agreement, then said lawyer (or the authorized agent thereof) shall be obliged to personally attend at the office of the Vendor’s solicitor, at such time on the scheduled closing date as may be directed by the Vendor’s solicitor or as mutually agreed upon, in order to complete this transaction via TERS utilizing the computer facilities in the Vendor’s solicitor’s office, upon payment of a fee as determined by the Vendor's solicitor, acting reasonably.
(d) The Purchaser expressly acknowledges and agrees that he or she will not be entitled to receive the Transfer/Deed to the Property until the balance of funds due on closing, in accordance with the statement of adjustments, are either remitted by certified cheque via personal delivery or by electronic funds transfer to the vendor’s solicitor (or in such other manner as the latter may direct) prior to the release of the Transfer/Deed for registration.
(e) Each of the parties hereto agrees that the delivery of any executed documents not intended for registration on title to the Property shall be delivered to the other party no later than the Closing Date unless alternate arrangements are agreed to between the solicitors.
(f) Notwithstanding anything contained in this agreement to the contrary, it is expressly understood and agreed by the parties hereto that an effective tender shall be deemed to have been validly made by the Vendor upon the Purchaser when the Vendor’s solicitor has:
(i) delivered photocopies of all closing documents, keys and/or photocopies of any funds to the Purchaser’s solicitor, it being understood that the Vendor making the keys available at its site/sales office shall be deemed to be delivered to the Purchaser’s solicitors for the purposes hereof;
(ii) advised the Purchaser’s solicitor, either verbally or in writing, that the Vendor is ready, willing and able to complete the transaction in accordance with the terms and of the latest Document Registration Agreement recommended from time to time by the Law Society of Upper Canada. Closing Deliverables Subject to the provisions of this Agreement; and
(iii) has completed all steps required by TERS in order , the Seller covenants that it shall execute or cause to complete this transaction that can be performed executed and shall deliver or undertaken by the Vendor’s solicitor without the cooperation or participation of the Purchaser’s solicitor. without the necessity of personally attending upon cause to be delivered to the Purchaser or the Purchaser’s solicitor on or before the Closing Date, each of the following: Vacant possession of the Property; An executed Transfer/Deed of Land in registrable form duly executed by the Seller in favour of the Purchaser (save for any Land Transfer Tax Affidavit); Direction regarding the payment of funds; Statement of Adjustments, which will be deliverable at least five (5) business days prior to the Closing Date; Undertaking to re-adjust the statement of adjustments, if necessary, upon written demand following closing; and Such other deeds, conveyances and other documents contemplated in this Agreement or as the Purchaser or its solicitors may reasonably require in order to implement the intent of this Agreement. Subject to the provisions of this Agreement, the Purchaser shall execute or cause to be executed and shall deliver or cause to be delivered to the Seller or the Seller’s Solicitor on or before the Closing Date: Certified cheque or bank draft made payable to Sellers solicitor for the balance of the Purchase Price due on the Closing Date; Direction regarding title, if necessary; Undertaking to re-adjust the statement of adjustments, if necessary, upon written demand following closing. HST Declaration and Indemnity, as contemplated in Section 4.3, if applicable; Purchaser’s Indemnification in accordance with Section 6.3 of this Agreement; and Such other resolutions and other documents as the aforementioned documents, keys and/or funds, and without any requirement Seller or its solicitors may reasonably require in order to have an independent witness evidencing implement the foregoingintent of this Agreement.
Appears in 1 contract
Samples: Purchase and Sale Agreement
Electronic Registration. In the event that the electronic registration system (hereinafter referred to as the “Teraview Electronic Registration System” or “TERS”) is operative in the applicable Land Titles Office in which the Property is registered, then at the option of the Vendor’s solicitor, the following provisions shall prevail, namely:
(a) The Purchaser shall be obliged to retain a lawyer in good standing with the Law Society of Upper Canada to represent the Purchaser in connection with the completion of the transaction, and shall authorize such lawyer to enter into an escrow closing agreement with the Vendor’s solicitor on the latter’s standard form (hereinafter referred to as the “Document Registration Agreement”), establishing the procedures and timing for completing this transaction;
(b) The delivery and exchange of documents, monies and keys to the Property and the release thereof to the Vendor and the Purchaser, as the case may be:
(i) in the event of electronic registration of documents, the Purchaser shall pay to the Vendor on the Closing Date the sum of $200.00 plus HST to reimburse the Vendor for the cost incurred with respect to electronic registration;
(ii) shall not occur contemporaneously with the registration of the Transfer/Deed (and other registerable documentation); and
(iii) shall be governed by the Document Registration Agreement, pursuant to which the solicitor receiving the documents, keys and/or certified funds will be required to hold same in escrow, and will not be entitled to release same except in strict accordance with the provisions of the Document Registration Agreement.
(c) If the Purchaser’s lawyer is unwilling or unable to complete this transaction via TERS, in accordance with the provisions contemplated under the Document Registration Agreement, then said lawyer (or the authorized agent thereof) shall be obliged to personally attend at the office of the Vendor’s solicitor, at such time on the scheduled closing date as may be directed by the Vendor’s solicitor or as mutually agreed upon, in order to complete this transaction via TERS utilizing the computer facilities in the Vendor’s solicitor’s office, upon payment of a fee as determined by the Vendor's solicitor, acting reasonably.
(d) The Purchaser expressly acknowledges and agrees that he or she will not be entitled to receive the Transfer/Deed to the Property until the balance of funds due on closing, in accordance with the statement of adjustments, are either remitted by certified cheque via personal delivery or by electronic funds transfer to the vendor’s solicitor (or in such other manner as the latter may direct) prior to the release of the Transfer/Deed for registration.
(e) Each of the parties hereto agrees that the delivery of any executed documents not intended for registration on title to the Property shall be delivered to the other party no later than the Closing Date unless alternate arrangements are agreed to between the solicitors.
(f) Notwithstanding anything contained in this agreement to the contrary, it is expressly understood and agreed by the parties hereto that an effective tender shall be deemed to have been validly made by the Vendor upon the Purchaser when the Vendor’s solicitor has:
(i) delivered photocopies of all closing documents, keys and/or photocopies of any funds to the Purchaser’s solicitor, it being understood that the Vendor making the keys available at its site/sales office shall be deemed to be delivered to the Purchaser’s solicitors for the purposes hereof;
(ii) advised the Purchaser’s solicitor, either verbally or in writing, that the Vendor is ready, willing and able to complete the transaction in accordance with the terms and provisions of this Agreement; andand WEB COPY
(iii) has completed all steps required by TERS in order to complete this transaction that can be performed or undertaken by the Vendor’s solicitor without the cooperation or participation of the Purchaser’s solicitor. without the necessity of personally attending upon the Purchaser or the Purchaser’s solicitor with the aforementioned documents, keys and/or funds, and without any requirement to have an independent witness evidencing the foregoing.
Appears in 1 contract
Samples: Purchase and Sale Agreement
Electronic Registration. In the event that the electronic registration system (hereinafter referred to as the “Teraview Electronic Registration System” or “TERS”) is operative in the applicable Land Titles Office in which Where the Property is registeredin an area where electronic registration is mandatory and the Transaction will be completed by electronic registration pursuant to Part III of the Land Registration Reform Act, then R.S.O. 1990, c. L.4, and the Electronic Registration Act, S.O. 1991, c.44, and any amendments thereto, the Seller and Purchaser acknowledge and agree that the exchange of closing funds, non-registrable documents and other closing deliverables provided for herein and the release thereof to the Seller and Purchaser will: not occur at the option same time as the registration of the Vendor’s solicitor, the following provisions shall prevail, namely:
transfer/deed (a) The Purchaser shall and any other documents intended to be obliged to retain a lawyer in good standing with the Law Society of Upper Canada to represent the Purchaser registered in connection with the completion of this Transaction); and be subject to conditions whereby the transaction, and shall authorize such lawyer to enter into an escrow closing agreement with the Vendor’s solicitor on the latter’s standard form (hereinafter referred to as the “Document Registration Agreement”), establishing the procedures and timing for completing this transaction;
(blawyer(s) The delivery and exchange of documents, monies and keys to the Property and the release thereof to the Vendor and the Purchaser, as the case may be:
(i) in the event of electronic registration of documents, the Purchaser shall pay to the Vendor on the Closing Date the sum of $200.00 plus HST to reimburse the Vendor for the cost incurred with respect to electronic registration;
(ii) shall not occur contemporaneously with the registration receiving any of the Transfer/Deed (and other registerable documentation); and
(iii) shall be governed by the Document Registration Agreement, pursuant to which the solicitor receiving the documents, keys and/or certified funds closing deliverables will be required to hold same in escrow, escrow and will not be entitled to release same except in strict accordance with the provisions of the Document Registration Agreement.
(c) If the Purchaser’s lawyer is unwilling or unable to complete this transaction via TERS, in accordance with the provisions contemplated under the Document Registration Agreement, then said lawyer (or the authorized agent thereof) shall be obliged to personally attend at the office of the Vendor’s solicitor, at such time on the scheduled closing date as may be directed by the Vendor’s solicitor or as mutually agreed upon, in order to complete this transaction via TERS utilizing the computer facilities in the Vendor’s solicitor’s office, upon payment of a fee as determined by the Vendor's solicitor, acting reasonably.
(d) The Purchaser expressly acknowledges and agrees that he or she will not be entitled to receive the Transfer/Deed to the Property until the balance of funds due on closing, in accordance with the statement of adjustments, are either remitted by certified cheque via personal delivery or by electronic funds transfer to the vendor’s solicitor (or in such other manner as the latter may direct) prior to the release of the Transfer/Deed for registration.
(e) Each of the parties hereto agrees that the delivery of any executed documents not intended for registration on title to the Property shall be delivered to the other party no later than the Closing Date unless alternate arrangements are agreed to between the solicitors.
(f) Notwithstanding anything contained in this agreement to the contrary, it is expressly understood and agreed by the parties hereto that an effective tender shall be deemed to have been validly made by the Vendor upon the Purchaser when the Vendor’s solicitor has:
(i) delivered photocopies of all closing documents, keys and/or photocopies of any funds to the Purchaser’s solicitor, it being understood that the Vendor making the keys available at its site/sales office shall be deemed to be delivered to the Purchaser’s solicitors for the purposes hereof;
(ii) advised the Purchaser’s solicitor, either verbally or in writing, that the Vendor is ready, willing and able to complete the transaction in accordance with the terms and of the latest Document Registration Agreement recommended from time to time by the Law Society of Upper Canada. Closing Deliverables Subject to the provisions of this Agreement; and
(iii) has completed all steps required by TERS in order , the Seller covenants that it shall execute or cause to complete this transaction that can be performed executed and shall deliver or undertaken by the Vendor’s solicitor without the cooperation or participation of the Purchaser’s solicitor. without the necessity of personally attending upon cause to be delivered to the Purchaser or the Purchaser’s solicitor on or before the Closing Date, each of the following: Vacant possession of the Property; An executed Transfer/Deed of Land in registrable form duly executed by the Seller in favour of the Purchaser (save for any Land Transfer Tax Affidavit); Direction regarding the payment of funds; Statement of Adjustments, which will be deliverable at least five (5) business days prior to the Closing Date; Undertaking to re-adjust the statement of adjustments, if necessary, upon written demand following closing; and . Subject to the provisions of this Agreement, the Purchaser shall execute or cause to be executed and shall deliver or cause to be delivered to the Seller or the Seller’s Solicitor on or before the Closing Date: Certified cheque or bank draft made payable to Sellers solicitor for the balance of the Purchase Price due on the Closing Date; Direction regarding title, if necessary; Undertaking to re-adjust the statement of adjustments, if necessary, upon written demand following closing. HST Declaration and Indemnity, as contemplated in Section 4.3, if applicable; Purchaser’s Indemnification in accordance with Section 6.3 of this Agreement; Any documentation required by the Seller pursuant to the proposal made to the Seller by the Purchaser dated the 26th day of September, 2018 (the “Proposal”) in response to RFP-HOU-17-18 issued by the Seller on the 5th day of September, 2018 (the “Project Documentation”), including but not limited to an option to purchase agreement in favour of the Seller exercisable within 24 months following the Closing Date granting the Seller the option to repurchase the Property free and clear of all encumbrances for the same Purchase Price in the event that the Purchaser has not complied with the aforementioned documents, keys and/or funds, terms of the Proposal or any of the Project Documentation; and without any requirement Such other resolutions and other documents as the Seller or its solicitors may reasonably require in order to have an independent witness evidencing implement the foregoingintent of this Agreement.
Appears in 1 contract
Samples: Agreement of Purchase and Sale
Electronic Registration. In the event that If the electronic registration system (hereinafter referred to as the “Teraview "Electronic Registration System” " or “TERS”"ERS") is operative in the applicable Land Titles Registry Office in which the Property is registered, then at the option of the Vendor’s solicitor, the following provisions shall prevail, namely:
(a) The the Purchaser shall be obliged to retain a lawyer in good standing with the Law Society of Upper Canada to represent the Purchaser in connection with the completion of the transaction, and shall authorize such lawyer to enter into an escrow closing agreement with the Vendor’s 's solicitor on the latter’s 's standard form (hereinafter referred to as the “"Escrow Document Registration Agreement”"), establishing the procedures and timing for completing this transaction;. DRAFT
(b) The the delivery and exchange of documents, documents and monies and keys to for the Property and the release thereof to the Vendor and the Purchaser, as the case may be:
(i) in the event of electronic registration of documents, the Purchaser shall pay to the Vendor on the Closing Date the sum of $200.00 plus HST to reimburse the Vendor for the cost incurred with respect to electronic registration;
(ii) shall not occur contemporaneously with the registration of the Transfertransfer/Deed deed (and other registerable documentation); and
(iiiii) shall be governed by the Escrow Document Registration Agreement, pursuant to which the solicitor receiving the documents, keys documents and/or certified funds will be required to hold same in escrow, and will not be entitled to release same except in strict accordance with the provisions of the Escrow Document Registration Agreement.;
(c) If if the Purchaser’s 's lawyer is unwilling or unable to complete this transaction via TERSERS, in accordance with the provisions contemplated under the Escrow Document Registration Agreement, then said lawyer (or the authorized agent thereof) shall be obliged to personally attend at the office of the Vendor’s solicitor, 's solicitor at such the time on the scheduled closing date Closing Date as may be directed by the Vendor’s 's solicitor or as mutually agreed upon, in order to complete this transaction via TERS ERS utilizing the computer facilities in the Vendor’s solicitor’s office, upon payment of a fee as determined by the Vendor's solicitor, acting reasonably.'s office;
(d) The the Purchaser expressly acknowledges and agrees that he or she will not be entitled to receive the Transfer/Deed transfer to the Property for registration until the balance of funds due on closing, in accordance with the statement of adjustments, are either remitted by certified cheque via personal delivery or if agreed to by the Vendor's solicitor, by electronic funds transfer to the vendor’s Vendor's solicitor (or in such other manner as the latter may direct) prior to the release of the Transfer/Deed transfer for registration.;
(e) Each each of the parties hereto agrees that the delivery of any executed documents not intended for registration on title to the Property shall be delivered to the other party no later than hereto on or before the Closing Date unless alternate arrangements are agreed to between the solicitors.Date; and
(f) Notwithstanding notwithstanding anything contained in this agreement Agreement to the contrary, it is expressly understood and agreed by the parties hereto that an effective tender shall be deemed to have been validly made by the Vendor upon the Purchaser when the Vendor’s 's solicitor has:
(i) delivered photocopies of all closing documents, keys documents and/or photocopies of any funds to the Purchaser’s solicitor, it being understood that 's solicitor in accordance with the Vendor making provisions of the keys available at its site/sales office shall be deemed to be delivered to the Purchaser’s solicitors for the purposes hereofEscrow Document Registration Agreement;
(ii) advised the Purchaser’s 's solicitor, either verbally or in writing, that the Vendor is ready, willing and able to complete the transaction in accordance with the terms and provisions of this Agreement; and
(iii) has completed all steps required by TERS ERS in order to complete this transaction that can be performed or undertaken by the Vendor’s 's solicitor without the cooperation or participation of the Purchaser’s 's solicitor. , and
(iv) without the necessity of personally attending upon the Purchaser or the Purchaser’s 's solicitor with the aforementioned documents, keys documents and/or funds, and without any requirement to have an independent witness evidencing the foregoing.
Appears in 1 contract
Samples: Purchase Agreement
Electronic Registration. In the event that the electronic registration system (hereinafter referred to as the “Teraview Electronic Registration System” or “TERS”) is operative in the applicable Land Titles Office in which the Property is registered, then at the option of the Vendor’s solicitor, the following provisions shall prevail, namely:
(a) The Purchaser shall be obliged to retain a lawyer in good standing with the Law Society of Upper Canada to represent the Purchaser in connection with the completion of the transaction, and shall authorize such lawyer to enter into an escrow closing agreement with the Vendor’s solicitor on the latter’s standard form (hereinafter referred to as the “Document Registration Agreement”), establishing the procedures and timing for completing this transaction;
(b) The delivery and exchange of documents, monies and keys to the Property and the release thereof to the Vendor and the Purchaser, as the case may be:
(i) in the event of electronic registration of documents, the Purchaser shall pay to the Vendor on the Closing Date the sum of $200.00 plus HST to reimburse the Vendor for the cost incurred with respect to electronic registration;
(ii) shall not occur contemporaneously with the registration of the Transfer/Deed (and other registerable documentation); and
(iii) shall be governed by the Document Registration Agreement, pursuant to which the solicitor receiving the documents, keys and/or certified funds will be required to hold same in escrow, and will not be entitled to release same except in strict accordance with the provisions of the Document Registration Agreement.
(c) If the Purchaser’s lawyer is unwilling or unable to complete this transaction via TERS, in accordance with the provisions contemplated under the Document Registration Agreement, then said lawyer (or the authorized agent thereof) shall be obliged to personally attend at the office of the Vendor’s solicitor, at such time on the scheduled closing date as may be directed by the Vendor’s solicitor or as mutually agreed upon, in order to complete this transaction via TERS utilizing the computer facilities in the Vendor’s solicitor’s office, upon payment of a fee as determined by the Vendor's solicitor, acting reasonably.. WEB
(d) The Purchaser expressly acknowledges and agrees that he or she will not be entitled to receive the Transfer/Deed to the Property until the balance of funds due on closing, in accordance with the statement of adjustments, are either remitted by certified cheque via personal delivery or by electronic funds transfer to the vendor’s solicitor (or in such other manner as the latter may direct) prior to the release of the Transfer/Deed for registration.
(e) Each of the parties hereto agrees that the delivery of any executed documents not intended for registration on title to the Property shall be delivered to the other party no later than the Closing Date unless alternate arrangements are agreed to between the solicitors.
(f) Notwithstanding anything contained in this agreement to the contrary, it is expressly understood and agreed by the parties hereto that an effective tender shall be deemed to have been validly made by the Vendor upon the Purchaser when the Vendor’s solicitor has:
(i) delivered photocopies of all closing documents, keys and/or photocopies of any funds to the Purchaser’s solicitor, it being understood that the Vendor making the keys available at its site/sales office shall be deemed to be delivered to the Purchaser’s solicitors for the purposes hereof;
(ii) advised the Purchaser’s solicitor, either verbally or in writing, that the Vendor is ready, willing and able to complete the transaction in accordance with the terms and provisions of this Agreement; and
(iii) has completed all steps required by TERS in order to complete this transaction that can be performed or undertaken by the Vendor’s solicitor without the cooperation or participation of the Purchaser’s solicitor. without the necessity of personally attending upon the Purchaser or the Purchaser’s solicitor with the aforementioned documents, keys and/or funds, and without any requirement to have an independent witness evidencing the foregoing.
Appears in 1 contract
Samples: Purchase and Sale Agreement
Electronic Registration. In the event that If the electronic registration system (hereinafter referred to as the “Teraview "Electronic Registration System” " or “TERS”"ERS") is operative in the applicable Land Titles Registry Office in which the Property is registered, then at the option of the Vendor’s solicitor, the following provisions shall prevail, namely:
(a) The the Purchaser shall be obliged to retain a lawyer in good standing with the Law Society of Upper Canada to represent the Purchaser in connection with the completion of the transaction, and shall authorize such lawyer to enter into an escrow closing agreement with the Vendor’s solicitor on the latter’s standard form (hereinafter referred to as the “"Escrow Document Registration Agreement”"), establishing the procedures and timing for completing this transaction;. The Purchaser shall reimburse the Vendor as an adjustment on closing for any additional legal costs that the Vendor may incur to complete this transaction under ERS of $250.00, plus Applicable Taxes.
(b) The the delivery and exchange of documents, documents and monies and keys to for the Property and the release thereof to the Vendor and the Purchaser, as the case may be:
(i) in the event of electronic registration of documents, the Purchaser shall pay to the Vendor on the Closing Date the sum of $200.00 plus HST to reimburse the Vendor for the cost incurred with respect to electronic registration;
(ii) shall not occur contemporaneously with the registration of the Transfertransfer/Deed deed (and other registerable documentation); and
(iiiii) shall be governed by the Escrow Document Registration Agreement, pursuant to which the solicitor receiving the documents, keys documents and/or certified funds will be required to hold same in escrow, and will not be entitled to release same except in strict accordance with the provisions of the Escrow Document Registration Agreement.;
(c) If if the Purchaser’s lawyer is unwilling or unable to complete this transaction via TERSERS, in accordance with the provisions contemplated under the Escrow Document Registration Agreement, then said lawyer (or the authorized agent thereof) shall be obliged to personally attend at the office of the Vendor’s solicitor, solicitor at such the time on the scheduled closing date Closing Date as may be directed by the Vendor’s solicitor or as mutually agreed upon, in order to complete this transaction via TERS ERS utilizing the computer facilities in the Vendor’s solicitor’s office, upon payment of a fee as determined by the Vendor's solicitor, acting reasonably.;
(d) The the Purchaser expressly acknowledges and agrees that he or she will not be entitled to receive the Transfer/Deed transfer to the Property for registration until the balance of funds due on closing, in accordance with the statement of adjustments, are either remitted by certified cheque via personal delivery or if agreed to by the Vendor’s solicitor, by electronic funds transfer to the vendorVendor’s solicitor (or in such other manner as the latter may direct) prior to the release of the Transfer/Deed transfer for registration.;
(e) Each each of the parties hereto agrees that the delivery of any executed documents not intended for registration on title to the Property shall be delivered to the other party no later than hereto on or before the Closing Date unless alternate arrangements are agreed to between the solicitors.Date; and
(f) Notwithstanding notwithstanding anything contained in this agreement Agreement to the contrary, it is expressly understood and agreed by the parties hereto that an effective tender shall be deemed to have been validly made by the Vendor upon the Purchaser when the Vendor’s solicitor has:
(i) delivered photocopies of all closing documents, keys documents and/or photocopies of any funds to the Purchaser’s solicitor, it being understood that solicitor in accordance with the Vendor making provisions of the keys available at its site/sales office shall be deemed to be delivered to the Purchaser’s solicitors for the purposes hereofEscrow Document Registration Agreement;
(ii) advised the Purchaser’s solicitor, either verbally or in writing, that the Vendor is ready, willing and able to complete the transaction in accordance with the terms and provisions of this Agreement; and
(iii) has completed all steps required by TERS ERS in order to complete this transaction that can be performed or undertaken by the Vendor’s solicitor without the cooperation or participation of the Purchaser’s solicitor. , and
(iv) without the necessity of personally attending upon the Purchaser or the Purchaser’s solicitor with the aforementioned documents, keys documents and/or funds, and without any requirement to have an independent witness evidencing the foregoing.
Appears in 1 contract
Samples: Purchase and Sale Agreement
Electronic Registration. In the event that If the electronic registration system (hereinafter referred to as the “Teraview "Electronic Registration System” " or “TERS”"ERS") is operative in the applicable Land Titles Registry Office in which the Property is registered, then at the option of the Vendor’s solicitor, the following provisions shall prevail, namely:
(a) The the Purchaser shall be obliged to retain a lawyer in good standing with the Law Society of Upper Canada to represent the Purchaser in connection with the completion of the transaction, and shall authorize such lawyer to enter into an escrow closing agreement with the Vendor’s solicitor on the latter’s standard form (hereinafter referred to as the “"Escrow Document Registration Agreement”"), establishing the procedures and timing for completing this transaction;. The Purchaser shall reimburse the Vendor as an adjustment on closing for any additional legal costs that the Vendor may incur to complete this transaction under ERS. This said fee is to be WAIVED from the Vendor.
(b) The the delivery and exchange of documents, documents and monies and keys to for the Property and the release thereof to the Vendor and the Purchaser, as the case may be:
(i) in the event of electronic registration of documents, the Purchaser shall pay to the Vendor on the Closing Date the sum of $200.00 plus HST to reimburse the Vendor for the cost incurred with respect to electronic registration;
(ii) shall not occur contemporaneously with the registration of the Transfertransfer/Deed deed (and other registerable documentation); and
(iiiii) shall be governed by the Escrow Document Registration Agreement, pursuant to which the solicitor receiving the documents, keys documents and/or certified funds will be required to hold same in escrow, and will not be entitled to release same except in strict accordance with the provisions of the Escrow Document Registration Agreement.;
(c) If if the Purchaser’s lawyer is unwilling or unable to complete this transaction via TERSERS, in accordance with the provisions contemplated under the Escrow Document Registration Agreement, then said lawyer (or the authorized agent thereof) shall be obliged to personally attend at the office of the Vendor’s solicitor, solicitor at such the time on the scheduled closing date Closing Date as may be directed by the Vendor’s solicitor or as mutually agreed upon, in order to complete this transaction via TERS ERS utilizing the computer facilities in the Vendor’s solicitor’s office, upon payment of a fee as determined by the Vendor's solicitor, acting reasonably.;
(d) The the Purchaser expressly acknowledges and agrees that he or she will not be entitled to receive the Transfer/Deed transfer to the Property for registration until the balance of funds due on closing, in accordance with the statement of adjustments, are either remitted by certified cheque via personal delivery or if agreed to by the Vendor’s solicitor, by electronic funds transfer to the vendorVendor’s solicitor (or in such other manner as the latter may direct) prior to the release of the Transfer/Deed transfer for registration.;
(e) Each each of the parties hereto agrees that the delivery of any executed documents not intended for registration on title to the Property shall be delivered to the other party no later than hereto on or before the Closing Date unless alternate arrangements are agreed to between the solicitors.Date; and
(f) Notwithstanding notwithstanding anything contained in this agreement Agreement to the contrary, it is expressly understood and agreed by the parties hereto that an effective tender shall be deemed to have been validly made by the Vendor upon the Purchaser when the Vendor’s solicitor has:
(i) delivered photocopies of all closing documents, keys documents and/or photocopies of any funds to the Purchaser’s solicitor, it being understood that solicitor in accordance with the Vendor making provisions of the keys available at its site/sales office shall be deemed to be delivered to the Purchaser’s solicitors for the purposes hereofEscrow Document Registration Agreement;
(ii) advised the Purchaser’s solicitor, either verbally or in writing, that the Vendor is ready, willing and able to complete the transaction in accordance with the terms and provisions of this Agreement; and
(iii) has completed all steps required by TERS ERS in order to complete this transaction that can be performed or undertaken by the Vendor’s solicitor without the cooperation or participation of the Purchaser’s solicitor. , and
(iv) without the necessity of personally attending upon the Purchaser or the Purchaser’s solicitor with the aforementioned documents, keys documents and/or funds, and without any requirement to have an independent witness evidencing the foregoing.
Appears in 1 contract
Samples: Purchase and Sale Agreement
Electronic Registration. In the event that the electronic registration system (hereinafter referred to as the “Teraview Electronic Registration System” or “TERS”) is operative in the applicable Land Titles Office in which the Property is registered, then at the option of the Vendor’s solicitor, the following provisions shall prevail, namely:
(a) The Purchaser shall be obliged to retain a lawyer in good standing with the Law Society of Upper Canada Ontario to represent the Purchaser in connection with the completion of the transaction, and shall authorize such lawyer to enter into an escrow closing agreement with the Vendor’s solicitor on the latter’s standard form (hereinafter referred to as the “Document Registration Agreement”), establishing the procedures and timing for completing this transaction;
(b) The delivery and exchange of documents, monies and keys to the Property and the release thereof to the Vendor and the Purchaser, as the case may be:
(i) in the event of electronic registration of documents, the Purchaser shall pay to the Vendor on the Closing Date the sum of $200.00 plus HST to reimburse the Vendor for the cost incurred with respect to electronic registration;
(ii) shall not occur contemporaneously with the registration of the Transfer/Deed (and other registerable documentation); and
(iii) shall be governed by the Document Registration Agreement, pursuant to which the solicitor receiving the documents, keys and/or certified funds will be required to hold same in escrow, and will not be entitled to release same except in strict accordance with the provisions of the Document Registration Agreement.
(c) If the Purchaser’s lawyer is unwilling or unable to complete this transaction via TERS, in accordance with the provisions contemplated under the Document Registration Agreement, then said lawyer (or the authorized agent thereof) shall be obliged to personally attend at the office of the Vendor’s solicitor, at such time on the scheduled closing date as may be directed by the Vendor’s solicitor or as mutually agreed upon, in order to complete this transaction via TERS utilizing the computer facilities in the Vendor’s solicitor’s office, upon payment of a fee as determined by the Vendor's solicitor, acting reasonably.
(d) The Purchaser expressly acknowledges and agrees that he or she will not be entitled to receive the Transfer/Deed to the Property until the balance of funds due on closing, in accordance with the statement of adjustments, are either remitted by certified cheque via personal delivery or by electronic funds transfer drawn or otherwise made from the Purchaser’s solicitor’s trust account with a Schedule “1” Canadian Chartered bank to the vendorVendor’s solicitor (or in such other manner as the latter may direct) prior to the release of the Transfer/Deed for registration.
(e) Each of the parties hereto agrees that the delivery of any executed documents not intended for registration on title to the Property shall be delivered to the other party no later than the Closing Date unless alternate arrangements are agreed to between the solicitors.
(f) Notwithstanding anything contained in this agreement to the contrary, it is expressly understood and agreed by the parties hereto that an effective tender shall be deemed to have been validly made by the Vendor upon the Purchaser when the Vendor’s solicitor has:
(i) delivered photocopies of all closing documents, keys and/or photocopies of any funds to the Purchaser’s solicitor, it being understood that the Vendor making the keys available at its site/sales office shall be deemed to be delivered to the Purchaser’s solicitors for the purposes hereof;
(ii) advised the Purchaser’s solicitor, either verbally or in writing, that the Vendor is ready, willing and able to complete the transaction in accordance with the terms and provisions of this Agreement; and
(iii) has completed all steps required by TERS in order to complete this transaction that can be performed or undertaken by the Vendor’s solicitor without the cooperation or participation of the Purchaser’s solicitor. without the necessity of personally attending upon the Purchaser or the Purchaser’s solicitor with the aforementioned documents, keys and/or funds, and without any requirement to have an independent witness evidencing the foregoing.. WEB COPY
Appears in 1 contract
Samples: Purchase and Sale Agreement
Electronic Registration. In the event that the electronic registration system (hereinafter referred to as the “Teraview Electronic Registration System” or “TERS”) is operative in the applicable Land Titles Office in which the Property is registered, then at the option of the Vendor’s solicitor, the following provisions shall prevail, namely:
(a) The Purchaser shall be obliged to retain a lawyer in good standing with the Law Society of Upper Canada to represent the Purchaser in connection with the completion of the transaction, and shall authorize such lawyer to enter into an escrow closing agreement with the Vendor’s solicitor on the latter’s standard form (hereinafter referred to as the “Document Registration Agreement”), establishing the procedures and timing for completing this transaction;
(b) The delivery and exchange of documents, monies and keys to the Property and the release thereof to the Vendor and the Purchaser, as the case may be:
(i) in the event of electronic registration of documents, the Purchaser shall pay to the Vendor on the Closing Date the sum of $200.00 plus HST to reimburse the Vendor for the cost incurred with respect to electronic registration;
(ii) shall not occur contemporaneously with the registration of the Transfer/Deed (and other registerable documentation); and
(iii) shall be governed by the Document Registration Agreement, pursuant to which the solicitor receiving the documents, keys and/or certified funds will be required to hold same in escrow, and will not be entitled to release same except in strict accordance with the provisions of the Document Registration Agreement.
(c) If the Purchaser’s lawyer is unwilling or unable to complete this transaction via TERS, in accordance with the provisions contemplated under the Document Registration Agreement, then said lawyer (or the authorized agent thereof) shall be obliged to personally attend at the office of the Vendor’s solicitor, at such time on the scheduled closing date as may be directed by the Vendor’s solicitor or as mutually agreed upon, in order to complete this transaction via TERS utilizing the computer facilities in the Vendor’s solicitor’s office, upon payment of a fee as determined by the Vendor's solicitor, acting reasonably.. WEB COPY
(d) The Purchaser expressly acknowledges and agrees that he or she will not be entitled to receive the Transfer/Deed to the Property until the balance of funds due on closing, in accordance with the statement of adjustments, are either remitted by certified cheque via personal delivery or by electronic funds transfer to the vendor’s solicitor (or in such other manner as the latter may direct) prior to the release of the Transfer/Deed for registration.
(e) Each of the parties hereto agrees that the delivery of any executed documents not intended for registration on title to the Property shall be delivered to the other party no later than the Closing Date unless alternate arrangements are agreed to between the solicitors.
(f) Notwithstanding anything contained in this agreement to the contrary, it is expressly understood and agreed by the parties hereto that an effective tender shall be deemed to have been validly made by the Vendor upon the Purchaser when the Vendor’s solicitor has:
(i) delivered photocopies of all closing documents, keys and/or photocopies of any funds to the Purchaser’s solicitor, it being understood that the Vendor making the keys available at its site/sales office shall be deemed to be delivered to the Purchaser’s solicitors for the purposes hereof;
(ii) advised the Purchaser’s solicitor, either verbally or in writing, that the Vendor is ready, willing and able to complete the transaction in accordance with the terms and provisions of this Agreement; and
(iii) has completed all steps required by TERS in order to complete this transaction that can be performed or undertaken by the Vendor’s solicitor without the cooperation or participation of the Purchaser’s solicitor. without the necessity of personally attending upon the Purchaser or the Purchaser’s solicitor with the aforementioned documents, keys and/or funds, and without any requirement to have an independent witness evidencing the foregoing.
Appears in 1 contract
Samples: Purchase and Sale Agreement
Electronic Registration. In the event The parties acknowledge that the electronic registration system (hereinafter referred to as the “Teraview Electronic Registration System” or “TERS”) is operative on a mandatory basis in the applicable Toronto Land Titles Registry Office in which the Property is registered, then at the option of the Vendor’s solicitor, and the following provisions shall prevail, namely:
(a) 10.16.1 The Purchaser Buyer’s Solicitors and the Sellers’ Solicitors shall each be obliged to retain a lawyer be authorized TERS users and in good standing with the Law Society of Upper Canada to represent the Purchaser in connection with the completion of the transactionOntario, and shall authorize such lawyer they are hereby authorized by the parties hereto to enter into an escrow closing a document registration agreement with in the Vendor’s solicitor form amended by the Real Estate Liaison Group in March 2021, and posted on the latter’s standard form Law Society of Ontario website on June 10, 2021 or any successor version thereto (hereinafter referred to as the “Document Registration AgreementDRA”), establishing together with the additional requirement that the registering solicitor shall also be obliged to provide the non-registering solicitor with a copy of the registration report printed by TERS upon the registration of the electronic documents, as evidence of the registration thereof, within one (1) Business Day of the Closing Date. It is understood and agreed that the DRA shall outline or establish the procedures and timing for completing this transaction;transaction electronically, and shall be executed by both the Sellers’ Solicitors and the Buyer’s Solicitors and exchanged by courier, e-mail or fax between said solicitors (such that each solicitor has a photocopy, PDF or faxed copy of the DRA duly executed by both solicitors) by no later than one (1) Business Day before the Closing Date.
(b) 10.16.2 The delivery and exchange of documents, monies Closing Documents and keys to the Property Balance and the release thereof to the Vendor Sellers and the PurchaserBuyer, as the case may be:
(i) in the event of electronic registration of documents, the Purchaser shall pay to the Vendor on the Closing Date the sum of $200.00 plus HST to reimburse the Vendor for the cost incurred with respect to electronic registration;
(ii) 10.16.2.1 shall not occur contemporaneously with the registration of the Transfer/Deed (of Land and other registerable documentation)Closing Documents, if any, to be registered electronically; and
(iii) 10.16.2.2 shall be governed by the Document Registration AgreementDRA, pursuant to which the solicitor receiving any Closing Documents or the documents, keys and/or certified funds Balance will be required to hold same in escrow, and will not be entitled to release same except in strict accordance with the provisions of the Document Registration AgreementDRA.
(c) If the Purchaser’s lawyer is unwilling or unable to complete this transaction via TERS, in accordance with the provisions contemplated under the Document Registration Agreement, then said lawyer (or the authorized agent thereof) shall be obliged to personally attend at the office of the Vendor’s solicitor, at such time on the scheduled closing date as may be directed by the Vendor’s solicitor or as mutually agreed upon, in order to complete this transaction via TERS utilizing the computer facilities in the Vendor’s solicitor’s office, upon payment of a fee as determined by the Vendor's solicitor, acting reasonably.
(d) The Purchaser expressly acknowledges and agrees that he or she will not be entitled to receive the Transfer/Deed to the Property until the balance of funds due on closing, in accordance with the statement of adjustments, are either remitted by certified cheque via personal delivery or by electronic funds transfer to the vendor’s solicitor (or in such other manner as the latter may direct) prior to the release of the Transfer/Deed for registration.
(e) Each of the parties hereto agrees that the delivery of any executed documents not intended for registration on title to the Property shall be delivered to the other party no later than the Closing Date unless alternate arrangements are agreed to between the solicitors.
(f) 10.16.3 Notwithstanding anything contained in this agreement Agreement or in the DRA to the contrary, it is expressly understood and agreed by the parties hereto that an effective tender shall be deemed to have been validly made by either party (the Vendor “Tendering Party”) upon the Purchaser other party (the “Receiving Party”) when the Vendor’s solicitor for the Tendering Party has:
: (i) delivered photocopies of all closing documents, keys and/or photocopies of any applicable Closing Documents and funds by wire transfer pursuant to the Purchaser’s solicitor, it being understood that the Vendor making the keys available at its site/sales office shall be deemed to be delivered large value transfer system to the PurchaserReceiving Party’s solicitors for solicitor in accordance with the purposes hereof;
provisions of the DRA; (ii) advised the Purchaser’s solicitorsolicitor for the Receiving Party, either verbally or in writing, that the Vendor Tendering Party is ready, willing and able to complete the transaction in accordance with the terms and provisions of this Agreement; and
and (iii) has completed all steps required by TERS in order to complete this transaction that can be performed or undertaken by the VendorTendering Party’s solicitor without the cooperation or participation of the PurchaserReceiving Party’s solicitor. , and specifically when the Tendering Party’s solicitor has electronically “signed” the Transfer/Deed of Land for completeness and granted “access” to the Receiving Party’s solicitor (but without the Tendering Party’s solicitor releasing the Transfer/Deed of Land for registration by the Receiving Party’s solicitor), without the necessity of personally attending upon the Purchaser Receiving Party or the PurchaserReceiving Party’s solicitor with the aforementioned documents, keys documents and/or funds, and without any requirement to have an independent witness evidencing the foregoing.
Appears in 1 contract
Samples: Purchase and Sale Agreement (Strategic Storage Trust VI, Inc.)
Electronic Registration. In the event that the electronic registration system (hereinafter referred to as the “Teraview Electronic Registration System” or “TERS”) is operative in the applicable Land Titles Office in which the Property is registered, then at the option of the Vendor’s 's solicitor, the following provisions shall prevail, namely:
(a) The Purchaser shall be obliged to retain a lawyer in good standing with the Law Society of Upper Canada Ontario to represent the Purchaser in connection with the completion of the transaction, and shall authorize such lawyer to enter into an escrow closing agreement with the Vendor’s 's solicitor on the latter’s 's standard form (hereinafter referred to as the “Document Registration Agreement”), establishing the procedures and timing for completing this transaction;
(b) The delivery and exchange of documents, monies and keys to the Property and the release thereof to the Vendor and the Purchaser, as the case may be:
(i) in the event of electronic registration of documents, the Purchaser shall pay to the Vendor on the Closing Date the sum of $200.00 plus HST applicable taxes, to reimburse the Vendor for the cost incurred with respect to electronic registration;
(ii) shall not occur contemporaneously with the registration of the Transfer/Deed (and other registerable documentation); and
(iii) shall be governed by the Document Registration Agreement, pursuant to which the solicitor receiving the documents, keys and/or certified funds will be required to hold same in escrow, and will not be entitled to release same except in strict accordance with the provisions of the Document Registration Agreement.
(c) If the Purchaser’s 's lawyer is unwilling or unable to complete this transaction via TERS, in accordance with the provisions contemplated under the Document Registration Agreement, then said lawyer (or the authorized agent thereof) shall be obliged to personally attend at the office of the Vendor’s 's solicitor, at such time on the scheduled closing date as may be directed by the Vendor’s 's solicitor or as mutually agreed upon, in order to complete this transaction via TERS utilizing the computer facilities in the Vendor’s 's solicitor’s 's office, upon payment of a fee as determined by the Vendor's solicitor, acting reasonably.
(d) The Purchaser expressly acknowledges and agrees that he or she will not be entitled to receive the Transfer/Deed to the Property until the balance of funds due on closing, in accordance with the statement of adjustments, are either remitted by certified cheque via personal delivery or by electronic funds transfer drawn or otherwise made from the Purchaser's solicitor's trust account with a Schedule “1” Canadian Chartered bank to the vendor’s Vendor's solicitor (or in such other manner as the latter may direct) prior to the release of the Transfer/Deed for registration.
(e) Each of the parties hereto agrees that the delivery of any executed documents not intended for registration on title to the Property shall be delivered to the other party no later than the Closing Date unless alternate arrangements are agreed to between the solicitors.
(f) Notwithstanding anything contained in this agreement to the contrary, it is expressly understood and agreed by the parties hereto that an effective tender shall be deemed to have been validly made by the Vendor upon the Purchaser when the Vendor’s 's solicitor has:
(i) delivered photocopies of all closing documents, keys and/or photocopies of any funds to the Purchaser’s 's solicitor, it being understood that the Vendor making the keys available at its site/sales office shall be deemed to be delivered to the Purchaser’s 's solicitors for the purposes hereof;
(ii) advised the Purchaser’s 's solicitor, either verbally or in writing, that the Vendor is ready, willing and able to complete the transaction in accordance with the terms and provisions of this Agreement; and
(iii) has completed all steps required by TERS in order to complete this transaction that can be performed or undertaken by the Vendor’s 's solicitor without the cooperation or participation of the Purchaser’s 's solicitor. without the necessity of personally attending upon the Purchaser or the Purchaser’s 's solicitor with the aforementioned documents, keys and/or funds, and without any requirement to have an independent witness evidencing the foregoing.
Appears in 1 contract
Samples: Purchase and Sale Agreement
Electronic Registration. In the event that If the electronic registration system (hereinafter referred to as the “Teraview "Electronic Registration System” " or “TERS”"ERS") is operative in the applicable Land Titles Registry Office in which the Property is registered, then at the option of the Vendor’s solicitor, the following provisions shall prevail, namely:
(a) The the Purchaser shall be obliged to retain a lawyer in good standing with the Law Society of Upper Canada Ontario to represent the Purchaser in connection with the completion of the transaction, and shall authorize such lawyer to enter into an escrow closing agreement with the Vendor’s solicitor on the latter’s standard form (hereinafter referred to as the “"Escrow Document Registration Agreement”"), establishing the procedures and timing for completing this transaction;. The Purchaser shall reimburse the Vendor as an adjustment on closing for any additional legal costs that the Vendor may incur to complete this transaction under ERS of $250, plus Applicable Taxes.
(b) The the delivery and exchange of documents, documents and monies and keys to for the Property and the release thereof to the Vendor and the Purchaser, as the case may be:
(i) in the event of electronic registration of documents, the Purchaser shall pay to the Vendor on the Closing Date the sum of $200.00 plus HST to reimburse the Vendor for the cost incurred with respect to electronic registration;
(ii) shall not occur contemporaneously with the registration of the Transfertransfer/Deed deed (and other registerable documentation); and
(iiiii) shall be governed by the Escrow Document Registration Agreement, pursuant to which the solicitor receiving the documents, keys documents and/or certified funds will be required to hold same in escrow, and will not be entitled to release same except in strict accordance with the provisions of the Escrow Document Registration Agreement.;
(c) If if the Purchaser’s lawyer is unwilling or unable to complete this transaction via TERSERS, in accordance with the provisions contemplated under the Escrow Document Registration Agreement, then said lawyer (or the authorized agent thereof) shall be obliged to personally attend at the office of the Vendor’s solicitor, solicitor at such the time on the scheduled closing date Closing Date as may be directed by the Vendor’s solicitor or as mutually agreed upon, in order to complete this transaction via TERS ERS utilizing the computer facilities in the Vendor’s solicitor’s office, upon payment of a fee as determined by the Vendor's solicitor, acting reasonably.;
(d) The the Purchaser expressly acknowledges and agrees that he or she will not be entitled to receive the Transfer/Deed transfer to the Property for registration until the balance of funds due on closing, in accordance with the statement of adjustments, are either remitted by certified cheque via personal delivery or if agreed to by the Vendor’s solicitor, by electronic funds transfer to the vendorVendor’s solicitor (or in such other manner as the latter may direct) prior to the release of the Transfer/Deed transfer for registration.;
(e) Each each of the parties hereto agrees that the delivery of any executed documents not intended for registration on title to the Property shall be delivered to the other party no later than hereto on or before the Closing Date unless alternate arrangements are agreed to between the solicitors.Date; and
(f) Notwithstanding notwithstanding anything contained in this agreement Agreement to the contrary, it is expressly understood and agreed by the parties hereto that an effective tender shall be deemed to have been validly made by the Vendor upon the Purchaser when the Vendor’s solicitor has:
(i) delivered photocopies of all closing documents, keys documents and/or photocopies of any funds to the Purchaser’s solicitor, it being understood that solicitor in accordance with the Vendor making provisions of the keys available at its site/sales office shall be deemed to be delivered to the Purchaser’s solicitors for the purposes hereof;Escrow Document Registration Agreement; DRAFT
(ii) advised the Purchaser’s solicitor, either verbally or in writing, that the Vendor is ready, willing and able to complete the transaction in accordance with the terms and provisions of this Agreement; and
(iii) has completed all steps required by TERS ERS in order to complete this transaction that can be performed or undertaken by the Vendor’s solicitor without the cooperation or participation of the Purchaser’s solicitor. , and
(iv) without the necessity of personally attending upon the Purchaser or the Purchaser’s solicitor with the aforementioned documents, keys documents and/or funds, and without any requirement to have an independent witness evidencing the foregoing.
Appears in 1 contract
Samples: Purchase and Sale Agreement
Electronic Registration. In The closing of the event transaction will be completed by electronic registration pursuant to Part III of the Land Registration Reform Act, R.S.O. 1990, Chapter L4 and the Electronic Registration Act, S.O. 1991, Chapter 44, and any amendments thereto, the Vendor and Purchaser acknowledge and agree that the electronic registration system exchange of closing funds, non- registrable documents and other items (hereinafter referred the “Requisite Deliveries”) and the release thereof to the Vendor and Purchaser will DRAFT
(a) not occur at the same time as the “Teraview Electronic Registration System” or “TERS”registration of the Transfer/Deed (and any other documents intended to be registered in connection with the completion of this transaction), and (b) be subject to conditions whereby the lawyer(s) of the Vendor and the Purchaser receiving any of the Requisite Deliveries will be required to hold same in trust and not release same except in accordance with the terms of a document registration agreement between the said lawyers. The Vendor and Purchaser irrevocably instruct the said lawyers to be bound by the document registration agreement which is operative recommended from time to time by the Law Society of Upper Canada. Unless otherwise agreed to by the lawyers, such exchange of the Requisite Deliveries will occur in the applicable Land Titles Office in which the Property is registered, then at the option or such other location agreeable to both lawyers. The following terms and conditions shall form part of the Vendor’s solicitor, the following provisions shall prevail, namelythis Agreement:
(a) The Purchaser shall be obliged to retain a lawyer solicitor in good standing with the Law Society of Upper Canada to represent the Purchaser in connection with the completion of the transaction, and shall authorize such lawyer respect to enter into an escrow closing agreement with the Vendor’s solicitor on the latter’s standard form (hereinafter referred to as the “Document Registration this Agreement”), establishing the procedures and timing for completing this transaction;
(b) The delivery and exchange of documents, monies and keys to the Property and the release thereof to the Vendor and the Purchaser, as the case may be:
(i) in the event of electronic registration of documents, the Purchaser shall pay direct his/her solicitor to execute an agreement as reasonably required by the Vendor on Vendor’s solicitor (the Closing Date “Solicitor Agreement”) establishing the sum procedure for completion of $200.00 plus HST to reimburse the Vendor for the cost incurred with respect to electronic registrationthis Agreement;
(iic) shall The Purchaser and Vendor acknowledge that the delivery of documents and/or money may not occur contemporaneously with the registration of the Transfer/Deed (of Land and other registerable documentation); andmay be delivered in escrow pursuant to the Solicitor’s Agreement;
(iii) shall be governed by the Document Registration Agreement, pursuant to which the solicitor receiving the documents, keys and/or certified funds will be required to hold same in escrow, and will not be entitled to release same except in strict accordance with the provisions of the Document Registration Agreement.
(cd) If the Agreement cannot be completed in escrow pursuant to the Solicitor’s Agreement, the Purchaser’s lawyer is unwilling or unable to complete this transaction via TERS, in accordance with the provisions contemplated under the Document Registration Agreement, then said lawyer (or the authorized agent thereof) solicitor shall be obliged to personally attend at the office offices of the Vendor’s solicitor, solicitor at such time on the scheduled closing date as may be directed by the Vendor’s solicitor or as mutually agreed upon, in order upon to complete this transaction via TERS utilizing the computer facilities in the Vendor’s solicitor’s office, upon payment of a fee as determined by the Vendor's solicitor, acting reasonably.
(d) The Purchaser expressly acknowledges and agrees that he or she will not be entitled to receive the Transfer/Deed to the Property until the balance of funds due on closing, in accordance with the statement of adjustments, are either remitted by certified cheque via personal delivery or by electronic funds transfer to the vendor’s solicitor (or in such other manner as the latter may direct) prior to the release of the Transfer/Deed for registration.Agreement; and
(e) Each of the parties hereto agrees that the delivery of any executed documents not intended for registration on title to the Property Tender shall be delivered to the other party no later than the Closing Date unless alternate arrangements are agreed to between the solicitors.
(f) Notwithstanding anything contained in this agreement to the contrary, it is expressly understood and agreed by the parties hereto that an effective tender shall be deemed to have been validly made by the Vendor upon when the Purchaser when “Completeness Signatory” for the Transfer/Deed of Land has been electronically “signed” by the Vendor’s solicitor has:
(i) delivered photocopies of all closing documents, keys and/or photocopies of any funds to the Purchaser’s solicitor, it being understood that the Vendor making the keys available at its site/sales office and same shall be deemed to be delivered to the Purchaser’s solicitors for the purposes hereof;
(ii) advised the Purchaser’s solicitor, either verbally or in writing, satisfactory evidence that the Vendor is ready, willing and able to complete the transaction in accordance with the terms and provisions of this Agreement; and
(iii) has completed all steps required by TERS in order to complete this transaction that can be performed or undertaken by the Vendor’s solicitor without the cooperation or participation of the Purchaser’s solicitor. without the necessity of personally attending upon the Purchaser or the Purchaser’s solicitor with the aforementioned documents, keys and/or funds, and without any requirement to have an independent witness evidencing the foregoingsale.
Appears in 1 contract
Samples: Common Elements Condominium Agreement of Purchase and Sale
Electronic Registration. In the event that If the electronic registration system (hereinafter referred to as the “Teraview Electronic Registration System” or “TERSERS”) is operative in the applicable Land Titles Registry Office in which the Property is registered, then at the option of the Vendor’s solicitor, the following provisions shall prevail, namely:
(a) The the Purchaser shall be obliged to retain a lawyer in good standing with the Law Society of Upper Canada Ontario to represent the Purchaser in connection with the completion of the transaction, and shall authorize such lawyer to enter into an escrow closing agreement with the Vendor’s solicitor on the latter’s standard form (hereinafter referred to as the “Escrow Document Registration Agreement”), establishing the procedures and timing for completing this transaction. The Purchaser shall reimburse the Vendor as an adjustment on Closing for any additional legal costs that the Vendor may incur to complete this transaction under ERS of $250, plus Applicable Taxes;
(b) The the delivery and exchange of documents, documents and monies and keys to for the Property and the release thereof to the Vendor and the Purchaser, as the case may be:
(i) in the event of electronic registration of documents, the Purchaser shall pay to the Vendor on the Closing Date the sum of $200.00 plus HST to reimburse the Vendor for the cost incurred with respect to electronic registration;
(ii) shall not occur contemporaneously with the registration of the Transfer/Deed (and other registerable documentation); and
(iiiii) shall be governed by the Escrow Document Registration Agreement, pursuant to which the solicitor receiving the documents, keys documents and/or certified funds will be required to hold same in escrow, and will not be entitled to release same except in strict accordance with the provisions of the Escrow Document Registration Agreement.;
(c) If if the Purchaser’s lawyer is unwilling or unable to complete this transaction via TERSERS, in accordance with the provisions contemplated under the Escrow Document Registration Agreement, then said lawyer (or the authorized agent thereof) shall be obliged to personally attend at the office of the Vendor’s solicitor, solicitor prior to 2:00 p.m. on the scheduled Closing Date or at such time on the scheduled closing date Closing Date as may be directed by the Vendor’s solicitor or as mutually agreed upon, in order to complete this transaction via TERS ERS utilizing the computer facilities in the Vendor’s solicitor’s office, upon payment of a fee as determined by the Vendor's solicitor, acting reasonably.;
(d) The the Purchaser expressly acknowledges and agrees that he or she will not be entitled to receive the Transfer/Deed to the Property for registration until the balance of funds due on closingClosing, in accordance with the statement of adjustments, are either remitted by certified cheque via personal delivery (or by electronic funds wire transfer if agreed to or required by the Vendor’s solicitor) to the vendorVendor’s solicitor (or in such other manner as the latter may direct) prior 2:00 p.m. on the scheduled Closing Date and prior to the release of the Transfer/Deed for registration.;
(e) Each the Purchaser covenants and agrees to deliver the balance of funds due on closing to the parties hereto agrees that Vendor in accordance with the delivery of any executed foregoing subparagraph (d) together with all other Purchaser’s documents not intended for registration on title to the Property shall be delivered unit prior to 2:00 p.m. on the other party no later than the scheduled Closing Date unless alternate arrangements are agreed to between the solicitors.Date;
(f) Notwithstanding the Purchaser covenants and agrees that it will cause its solicitor to complete, prior to 2:00 p.m. on the scheduled Closing Date, all steps required by the ERS in order to permit the Vendor’s solicitor to sign the transfer/deed for completion and release without the cooperation or the participation of the Purchaser’s solicitor; and
(g) notwithstanding anything contained in this agreement Agreement to the contrary, it is expressly understood and agreed by the parties hereto that an effective tender shall be deemed to have been validly made by the Vendor upon the Purchaser when the Vendor’s solicitor has:
(i) delivered photocopies of all closing documents, keys documents and/or photocopies of any funds to the Purchaser’s solicitor, it being understood that solicitor in accordance with the Vendor making provisions of the keys available at its site/sales office shall be deemed to be delivered to the Purchaser’s solicitors for the purposes hereofEscrow Document Registration Agreement;
(ii) advised the Purchaser’s solicitor, either verbally or in writing, that the Vendor is ready, willing and able to complete the transaction in accordance with the terms and provisions of this Agreement; and;
(iii) has completed all steps required by TERS ERS in order to complete this transaction that can be performed or undertaken by the Vendor’s solicitor without the cooperation or participation of the Purchaser’s solicitor. , and
(iv) without the necessity of personally attending upon the Purchaser or the Purchaser’s solicitor with the aforementioned documents, keys documents and/or funds, and without any requirement to have an independent witness evidencing the foregoing.
Appears in 1 contract
Samples: Purchase and Sale Agreement
Electronic Registration. In The Vendor and the event Purchaser acknowledge that the electronic registration system (hereinafter referred to as the “Teraview Electronic Registration System” or “TERS”) is operative in the applicable Land Titles Office in which land registry office where the Property is registeredLeasehold Lands are located and, then at the option of the Vendor’s solicitoraccordingly, the following provisions shall prevail, namely:
(a) The Purchaser the Vendor’s solicitors and the Purchaser’s solicitors shall each be obliged to retain a lawyer be authorized TERS users and in good standing with the Law Society of Upper Canada to represent the Purchaser in connection with the completion of the transactionCanada, and shall authorize such lawyer they are hereby authorized by the parties hereto to enter into an escrow closing a document registration agreement with in the Vendor’s solicitor form adopted by the Joint LSUC-CBAO Committee on the latter’s standard form Electronic Registration of Title Documents on March 29, 2004 or any successor version thereto (hereinafter referred to as the “Document Registration Agreement” or “DRA”), establishing together with the additional requirement that the registering solicitor shall also be obliged to provide the non- registering solicitor with a copy of the registration report printed by TERS upon the registration of the electronic documents, as evidence of the registration thereof, within one Business Day following the Closing Date. It is understood and agreed that the DRA shall outline or establish the procedures and timing for completing the transactions contemplated by this transactionAgreement electronically, and shall be executed by both the Vendor’s solicitors and the Purchaser’s solicitors and exchanged by courier or facsimile transmission between such solicitors (such that each solicitor has a photocopy or faxed copy of the DRA duly executed by both solicitors) by no later than one Business Day before the Closing Date;
(b) The the delivery and exchange of documentsthe closing documents and the balance of the Purchase Price, monies and keys to the Property and the release thereof to the Vendor and the Purchaser, as the case may be:
(i) in the event of electronic registration of documents, the Purchaser shall pay to the Vendor on the Closing Date the sum of $200.00 plus HST to reimburse the Vendor for the cost incurred with respect to electronic registration;
(ii) shall not occur contemporaneously with the registration of the Transfer/Deed (assignment of the GTAA Lease and other registerable documentation)closing documents, if any, to be registered electronically; and
(iiiii) shall be governed by the Document Registration AgreementDRA, pursuant to which the solicitor receiving the any closing documents, keys and/or certified funds or the balance of the Purchase Price, will be required to hold the same in escrow, and will not be entitled to release the same except in strict accordance with the provisions of the Document Registration Agreement.DRA;
(c) If the Purchaser’s lawyer is unwilling or unable to complete this transaction via TERS, in accordance with the provisions contemplated under the Document Registration Agreement, then said lawyer (or the authorized agent thereof) shall be obliged to personally attend at the office of the Vendor’s solicitor, at such time on the scheduled closing date as may be directed by the Vendor’s solicitor or as mutually agreed upon, in order to complete this transaction via TERS utilizing the computer facilities in the Vendor’s solicitor’s office, upon payment of a fee as determined by the Vendor's solicitor, acting reasonably.
(d) The Purchaser expressly acknowledges and agrees that he or she will not be entitled to receive the Transfer/Deed to the Property until the balance of funds due on closing, in accordance with the statement of adjustments, are either remitted by certified cheque via personal delivery or by electronic funds transfer to the vendor’s solicitor (or in such other manner as the latter may direct) prior to the release of the Transfer/Deed for registration.
(e) Each each of the parties hereto agrees that the delivery of any executed of the closing documents not intended for registration on or required to be registered against title to the Property shall Leasehold Lands shall, unless the parties otherwise agree, be delivered by way of delivery of originally signed copies thereof on the Closing Date to the other party no later than the Closing Date unless alternate arrangements are agreed to between the solicitors.or its solicitor; and
(fd) Notwithstanding notwithstanding anything contained in this agreement Agreement or in the DRA to the contrary, it is expressly understood and agreed by the parties hereto that an effective tender shall be deemed to have been validly made by either party (in this Section called the Vendor “Tendering Party”) upon the Purchaser other party (in this Section called the “Receiving Party”) when the Vendor’s solicitor for the Tendering Party has:
(i) delivered photocopies all applicable closing documents and/or the balance of all closing documents, keys and/or photocopies of any funds the Purchase Price to the PurchaserReceiving Party’s solicitor, it being understood that solicitor in accordance with the Vendor making provisions of this Agreement and the keys available at its site/sales office shall be deemed to be delivered to the Purchaser’s solicitors for the purposes hereofDRA;
(ii) advised the Purchaser’s solicitor, either verbally or solicitor for the Receiving Party in writing, writing that the Vendor Tendering Party is ready, willing and able to complete the transaction transactions contemplated by this Agreement in accordance with the terms and provisions of this Agreement; and
(iii) has completed all steps required by TERS in order to complete the transactions contemplated by this transaction Agreement that can be performed or undertaken by the VendorTendering Party’s solicitor without the cooperation co-operation or participation of the PurchaserReceiving Party’s solicitor. , and specifically when the Tendering Party’s solicitor has electronically “signed” the transfer/deed(s) and any other closing document, if any, to be registered electronically for completeness and granted “access” to the Receiving Party’s solicitor (but without the necessity of personally attending upon the Purchaser or the PurchaserTendering Party’s solicitor with releasing the aforementioned documents, keys and/or funds, and without any requirement to have an independent witness evidencing same for registration by the foregoingReceiving Party’s solicitor).
Appears in 1 contract
Samples: Purchase and Sale Agreement
Electronic Registration. In the event that the electronic registration system (hereinafter referred to as the “Teraview Electronic Registration System” or “TERS”) is operative in the applicable Land Titles Office in which the Property is registered, then at the option of the Vendor’s solicitor, the following provisions shall prevail, namely:
(a) The Purchaser shall be obliged to retain a lawyer in good standing with the Law Society of Upper Canada to represent the Purchaser in connection with the completion of the transaction, and shall authorize such lawyer to enter into an escrow closing agreement with the Vendor’s solicitor on the latter’s standard form (hereinafter referred to as the “Document Registration Agreement”), establishing the procedures and timing for completing this transaction;
(b) The delivery and exchange of documents, monies and keys to the Property and the release thereof to the Vendor and the Purchaser, as the case may be:
(i) in the event of electronic registration of documents, the Purchaser shall pay to the Vendor on the Closing Date the sum of $200.00 plus HST to reimburse the Vendor for the cost incurred with respect to electronic registration;
(ii) shall not occur contemporaneously with the registration of the Transfer/Deed (and other registerable documentation); and
(iii) shall be governed by the Document Registration Agreement, pursuant to which the solicitor receiving the documents, keys and/or certified funds will be required to hold same in escrow, and will not be entitled to release same except in strict accordance with the provisions of the Document Registration Agreement.
(c) If the Purchaser’s lawyer is unwilling or unable to complete this transaction via TERS, in accordance with the provisions contemplated under the Document Registration Agreement, then said lawyer (or the authorized agent thereof) shall be obliged to personally attend at the office of the Vendor’s solicitor, at such time on the scheduled closing date as may be directed by the Vendor’s solicitor or as mutually agreed upon, in order to complete this transaction via TERS utilizing the computer facilities in the Vendor’s solicitor’s office, upon payment of a fee as determined by the Vendor's solicitor, acting reasonably.
(d) The Purchaser expressly acknowledges and agrees that he or she will not be entitled to receive the Transfer/Deed to the Property until the balance of funds due on closing, in accordance with the statement of adjustments, are either remitted by certified cheque via personal delivery or by electronic funds transfer to the vendor’s solicitor (or in such other manner as the latter may direct) prior to the release of the Transfer/Deed for registration.
(e) Each of the parties hereto agrees that the delivery of any executed documents not intended for registration on title to the Property shall be delivered to the other party no later than the Closing Date unless alternate arrangements are agreed to between the solicitors.
(f) Notwithstanding anything contained in this agreement to the contrary, it is expressly understood and agreed by the parties hereto that an effective tender shall be deemed to have been validly made by the Vendor upon the Purchaser when the Vendor’s solicitor has:: WEB COPY
(i) delivered photocopies of all closing documents, keys and/or photocopies of any funds to the Purchaser’s solicitor, it being understood that the Vendor making the keys available at its site/sales office shall be deemed to be delivered to the Purchaser’s solicitors for the purposes hereof;
(ii) advised the Purchaser’s solicitor, either verbally or in writing, that the Vendor is ready, willing and able to complete the transaction in accordance with the terms and provisions of this Agreement; and
(iii) has completed all steps required by TERS in order to complete this transaction that can be performed or undertaken by the Vendor’s solicitor without the cooperation or participation of the Purchaser’s solicitor. without the necessity of personally attending upon the Purchaser or the Purchaser’s solicitor with the aforementioned documents, keys and/or funds, and without any requirement to have an independent witness evidencing the foregoing.
Appears in 1 contract
Samples: Purchase and Sale Agreement
Electronic Registration. In The closing of the event transaction will be completed by electronic registration pursuant to Part III of the Land Registration Reform Act, R.S.O. 1990, Chapter L4 and the Electronic Registration Act, S.O. 1991, Chapter 44, and any amendments thereto, the Vendor and Purchaser acknowledge and agree that the electronic registration system exchange of closing funds, non- registrable documents and other items (hereinafter referred the “Requisite Deliveries”) and the release thereof to the Vendor and Purchaser will (i) not occur at the same time as the “Teraview Electronic Registration System” or “TERS”registration of the Transfer/Deed (and any other documents intended to be registered in connection with the completion of this transaction) and (ii) be subject to conditions whereby the lawyer(s) of the Vendor and the Purchaser receiving any of the Requisite Deliveries will be required to hold same in trust and not release same except in accordance with the terms of a document registration agreement between the said lawyers. The Vendor and Purchaser irrevocably instruct the said lawyers to be bound by the document registration agreement which is operative recommended from time to time by the Law Society of Upper Canada. Unless otherwise agreed to by the lawyers, such exchange of the Requisite Deliveries will occur in the applicable Land Titles Office in which the Property is registered, then at the option or such other location agreeable to both lawyers. The following terms and conditions shall form part of the Vendor’s solicitor, the following provisions shall prevail, namelythis Agreement:
(a) The Purchaser shall be obliged to retain a lawyer solicitor in good standing with the Law Society of Upper Canada to represent the Purchaser in connection with the completion of the transaction, and shall authorize such lawyer respect to enter into an escrow closing agreement with the Vendor’s solicitor on the latter’s standard form (hereinafter referred to as the “Document Registration this Agreement”), establishing the procedures and timing for completing this transaction;
(b) The delivery and exchange of documents, monies and keys to the Property and the release thereof to the Vendor and the Purchaser, as the case may be:
(i) in the event of electronic registration of documents, the Purchaser shall pay direct his/her solicitor to execute an agreement as reasonably required by the Vendor on Vendor’s solicitor (the Closing Date “Solicitor Agreement”) establishing the sum procedure for completion of $200.00 plus HST to reimburse the Vendor for the cost incurred with respect to electronic registrationthis Agreement;
(iic) shall The Purchaser and Vendor acknowledge that the delivery of documents and/or money may not occur contemporaneously with the registration of the Transfer/Deed (of Land and other registerable documentation); andmay be delivered in escrow pursuant to the Solicitor’s Agreement;
(iii) shall be governed by the Document Registration Agreement, pursuant to which the solicitor receiving the documents, keys and/or certified funds will be required to hold same in escrow, and will not be entitled to release same except in strict accordance with the provisions of the Document Registration Agreement.
(cd) If the Agreement cannot be completed in escrow pursuant to the Solicitor’s Agreement, the Purchaser’s lawyer is unwilling or unable to complete this transaction via TERS, in accordance with the provisions contemplated under the Document Registration Agreement, then said lawyer (or the authorized agent thereof) solicitor shall be obliged to personally attend at the office offices of the Vendor’s solicitor, solicitor at such time on the scheduled closing date as may be directed by the Vendor’s solicitor or as mutually agreed upon, in order upon to complete this transaction via TERS utilizing the computer facilities in the Vendor’s solicitor’s office, upon payment of a fee as determined by the Vendor's solicitor, acting reasonably.
(d) The Purchaser expressly acknowledges and agrees that he or she will not be entitled to receive the Transfer/Deed to the Property until the balance of funds due on closing, in accordance with the statement of adjustments, are either remitted by certified cheque via personal delivery or by electronic funds transfer to the vendor’s solicitor (or in such other manner as the latter may direct) prior to the release of the Transfer/Deed for registration.Agreement; and
(e) Each of the parties hereto agrees that the delivery of any executed documents not intended for registration on title to the Property Tender shall be delivered to the other party no later than the Closing Date unless alternate arrangements are agreed to between the solicitors.
(f) Notwithstanding anything contained in this agreement to the contrary, it is expressly understood and agreed by the parties hereto that an effective tender shall be deemed to have been validly made by the Vendor upon when the Purchaser when “Completeness Signatory” for the Transfer/Deed of Land has been electronically “signed” by the Vendor’s solicitor has:
(i) delivered photocopies of all closing documents, keys and/or photocopies of any funds to the Purchaser’s solicitor, it being understood that the Vendor making the keys available at its site/sales office and same shall be deemed to be delivered to the Purchaser’s solicitors for the purposes hereof;
(ii) advised the Purchaser’s solicitor, either verbally or in writing, satisfactory evidence that the Vendor is ready, willing and able to complete the transaction in accordance with the terms and provisions of this Agreement; and
(iii) has completed all steps required by TERS in order to complete this transaction that can be performed or undertaken by the Vendor’s solicitor without the cooperation or participation of the Purchaser’s solicitor. without the necessity of personally attending upon the Purchaser or the Purchaser’s solicitor with the aforementioned documents, keys and/or funds, and without any requirement to have an independent witness evidencing the foregoingsale.
Appears in 1 contract
Samples: Agreement of Purchase and Sale
Electronic Registration. In the event that the electronic registration system (hereinafter referred to as the “Teraview Electronic Registration System” or “TERS”) is operative in the applicable Land Titles Office in which the Property is registered, then at the option of the Vendor’s solicitor, the following provisions shall prevail, namely:
(a) The Purchaser shall be obliged to retain a lawyer in good standing with the Law Society of Upper Canada Ontario to represent the Purchaser in connection with the completion of the transaction, and shall authorize such lawyer to enter into an escrow closing agreement with the Vendor’s solicitor on the latter’s standard form (hereinafter referred to as the “Document Registration Agreement”), establishing the procedures and timing for completing this transaction;
(b) The delivery and exchange of documents, monies and keys to the Property and the release thereof to the Vendor and the Purchaser, as the case may be:
(i) in the event of electronic registration of documents, the Purchaser shall pay to the Vendor on the Closing Date the sum of $200.00 plus HST to reimburse the Vendor for the cost incurred with respect to electronic registration;
(ii) shall not occur contemporaneously with the registration of the Transfer/Deed (and other registerable documentation); and
(iii) shall be governed by the Document Registration Agreement, pursuant to which the solicitor receiving the documents, keys and/or certified funds will be required to hold same in escrow, and will not be entitled to release same except in strict accordance with the provisions of the Document Registration Agreement.
(c) If the Purchaser’s lawyer is unwilling or unable to complete this transaction via TERS, in accordance with the provisions contemplated under the Document Registration Agreement, then said lawyer (or the authorized agent thereof) shall be obliged to personally attend at the office of the Vendor’s solicitor, at such time on the scheduled closing date as may be directed by the Vendor’s solicitor or as mutually agreed upon, in order to complete this transaction via TERS utilizing the computer facilities in the Vendor’s solicitor’s office, upon payment of a fee as determined by the Vendor's solicitor, acting reasonably.
(d) The Purchaser expressly acknowledges and agrees that he or she will not be entitled to receive the Transfer/Deed to the Property until the balance of funds due on closing, in accordance with the statement of adjustments, are either remitted by certified cheque via personal delivery or by electronic funds transfer to the vendor’s solicitor (or in such other manner as the latter may direct) prior to the release of the Transfer/Deed for registration.
(e) Each of the parties hereto agrees that the delivery of any executed documents not intended for registration on title to the Property shall be delivered to the other party no later than the Closing Date unless alternate arrangements are agreed to between the solicitors.
(f) Notwithstanding anything contained in this agreement to the contrary, it is expressly understood and agreed by the parties hereto that an effective tender shall be deemed to have been validly made by the Vendor upon the Purchaser when the Vendor’s solicitor has:
(i) delivered photocopies of all closing documents, keys and/or photocopies of any funds to the Purchaser’s solicitor, it being understood that the Vendor making the keys available at its site/sales office shall be deemed to be delivered to the Purchaser’s solicitors for the purposes hereof;
(ii) advised the Purchaser’s solicitor, either verbally or in writing, that the Vendor is ready, willing and able to complete the transaction in accordance with the terms and provisions of this Agreement; and
(iii) has completed all steps required by TERS in order to complete this transaction that can be performed or undertaken by the Vendor’s solicitor without the cooperation or participation of the Purchaser’s solicitor. without the necessity of personally attending upon the Purchaser or the Purchaser’s solicitor with the aforementioned documents, keys and/or funds, and without any requirement to have an independent witness evidencing the foregoing.
Appears in 1 contract
Samples: Purchase and Sale Agreement
Electronic Registration. In the event that If the electronic registration system (hereinafter referred to as the “Teraview Electronic Registration System” or “TERSERS”) is operative in the applicable Land Titles Registry Office in which the Property Unit is registered, then at the option of the Vendor’s solicitor, the following provisions shall prevail, namely:
(a) The the Purchaser shall be obliged to retain a lawyer in good standing with the Law Society of Upper Canada to represent the Purchaser in connection with the completion of the transaction, and shall authorize such lawyer to enter into an escrow closing agreement with the Vendor’s solicitor on the latter’s standard form (hereinafter referred to as the “Escrow Document Registration Agreement”), establishing the procedures and timing for completing this transaction;. The Purchaser shall reimburse the Vendor as an adjustment on closing for any additional legal costs that the Vendor may incur to complete this transaction under ERS.
(b) The the delivery and exchange of documents, documents and monies and keys to for the Property unit and the release thereof to the Vendor and the Purchaser, as the case may be:
(i) in the event of electronic registration of documents, the Purchaser shall pay to the Vendor on the Closing Date the sum of $200.00 plus HST to reimburse the Vendor for the cost incurred with respect to electronic registration;
(ii) shall not occur contemporaneously with the registration of the Transfertransfer/Deed deed (and other registerable documentation); and
(iiiii) shall be governed by the Escrow Document Registration Agreement, pursuant to which the solicitor receiving the documents, keys documents and/or certified funds will be required to hold same in escrow, and will not be entitled to release same except in strict accordance with the provisions of the Escrow Document Registration Agreement.;
(c) If if the Purchaser’s lawyer is unwilling or unable to complete this transaction via TERSERS, in accordance with the provisions contemplated under the Escrow Document Registration Agreement, then said lawyer (or the authorized agent thereof) shall be obliged to personally attend at the office of the Vendor’s solicitor, solicitor at such the time on the scheduled closing date Unit Transfer Date as may be directed by the Vendor’s solicitor or as mutually agreed upon, in order to complete this transaction via TERS ERS utilizing the computer facilities in the Vendor’s solicitor’s office, upon payment of a fee as determined by the Vendor's solicitor, acting reasonably.;
(d) The the Purchaser expressly acknowledges and agrees that he or she will not be entitled to receive the Transfertransfer/Deed deed to the Property unit for registration until the balance of funds due on closing, in accordance with the statement of adjustments, are either remitted by certified cheque via personal delivery or if agreed to by the Vendor’s solicitor, by electronic funds transfer to the vendorVendor’s solicitor (or in such other manner as the latter may direct) prior to the release of the Transfertransfer/Deed deed for registration.;
(e) Each each of the parties hereto agrees that the delivery of any executed documents not intended for registration on title to the Property unit shall be delivered to the other party no later than hereto on or before the Closing Date unless alternate arrangements are agreed to between the solicitors.Unit Transfer Date; and
(f) Notwithstanding notwithstanding anything contained in this agreement Agreement to the contrary, it is expressly understood and agreed by the parties hereto that an effective tender shall be deemed to have been validly made by the Vendor upon the Purchaser when the Vendor’s solicitor has:
(i) delivered photocopies of all closing documents, keys documents and/or photocopies of any funds to the Purchaser’s solicitor, it being understood that solicitor in accordance with the Vendor making provisions of the keys available at its site/sales office shall be deemed to be delivered to the Purchaser’s solicitors for the purposes hereofEscrow Document Registration Agreement;
(ii) advised the Purchaser’s solicitor, either verbally or in writing, that the Vendor is ready, willing and able to complete the transaction in accordance with the terms and provisions of this Agreement; and
(iii) has completed all steps required by TERS ERS in order to complete this transaction that can be performed or undertaken by the Vendor’s solicitor without the cooperation or participation of the Purchaser’s solicitor. , and without the necessity of personally attending upon the Purchaser or the Purchaser’s solicitor with the aforementioned documents, keys documents and/or funds, and without any requirement to have an independent witness evidencing the foregoing.
Appears in 1 contract
Samples: Purchase and Sale Agreement
Electronic Registration. In the event that the electronic registration system (hereinafter referred to as the “Teraview Electronic Registration System” or “TERS”) is operative in the applicable Land Titles Office in which the Property is registered, then at the option of the Vendor’s solicitor, the following provisions shall prevail, namely:
(a) The Purchaser shall be obliged to retain a lawyer in good standing with the Law Society of Upper Canada to represent the Purchaser in connection with the completion of the transaction, and shall authorize such lawyer to enter into an escrow closing agreement with the Vendor’s solicitor on the latter’s standard form (hereinafter referred to as the “Document Registration Agreement”), establishing the procedures and timing for completing this transaction;
(b) The delivery and exchange of documents, monies and keys to the Property and the release thereof to the Vendor and the Purchaser, as the case may be:: WEB COPY
(i) in the event of electronic registration of documents, the Purchaser shall pay to the Vendor on the Closing Date the sum of $200.00 plus HST to reimburse the Vendor for the cost incurred with respect to electronic registration;
(ii) shall not occur contemporaneously with the registration of the Transfer/Deed (and other registerable documentation); and
(iii) shall be governed by the Document Registration Agreement, pursuant to which the solicitor receiving the documents, keys and/or certified funds will be required to hold same in escrow, and will not be entitled to release same except in strict accordance with the provisions of the Document Registration Agreement.
(c) If the Purchaser’s lawyer is unwilling or unable to complete this transaction via TERS, in accordance with the provisions contemplated under the Document Registration Agreement, then said lawyer (or the authorized agent thereof) shall be obliged to personally attend at the office of the Vendor’s solicitor, at such time on the scheduled closing date as may be directed by the Vendor’s solicitor or as mutually agreed upon, in order to complete this transaction via TERS utilizing the computer facilities in the Vendor’s solicitor’s office, upon payment of a fee as determined by the Vendor's solicitor, acting reasonably.
(d) The Purchaser expressly acknowledges and agrees that he or she will not be entitled to receive the Transfer/Deed to the Property until the balance of funds due on closing, in accordance with the statement of adjustments, are either remitted by certified cheque via personal delivery or by electronic funds transfer to the vendor’s solicitor (or in such other manner as the latter may direct) prior to the release of the Transfer/Deed for registration.
(e) Each of the parties hereto agrees that the delivery of any executed documents not intended for registration on title to the Property shall be delivered to the other party no later than the Closing Date unless alternate arrangements are agreed to between the solicitors.
(f) Notwithstanding anything contained in this agreement to the contrary, it is expressly understood and agreed by the parties hereto that an effective tender shall be deemed to have been validly made by the Vendor upon the Purchaser when the Vendor’s solicitor has:
(i) delivered photocopies of all closing documents, keys and/or photocopies of any funds to the Purchaser’s solicitor, it being understood that the Vendor making the keys available at its site/sales office shall be deemed to be delivered to the Purchaser’s solicitors for the purposes hereof;
(ii) advised the Purchaser’s solicitor, either verbally or in writing, that the Vendor is ready, willing and able to complete the transaction in accordance with the terms and provisions of this Agreement; and
(iii) has completed all steps required by TERS in order to complete this transaction that can be performed or undertaken by the Vendor’s solicitor without the cooperation or participation of the Purchaser’s solicitor. without the necessity of personally attending upon the Purchaser or the Purchaser’s solicitor with the aforementioned documents, keys and/or funds, and without any requirement to have an independent witness evidencing the foregoing.
Appears in 1 contract
Samples: Purchase and Sale Agreement
Electronic Registration. In the event that If the electronic registration system (hereinafter referred to as the “Teraview "Electronic Registration System” " or “TERS”"ERS") is operative in the applicable Land Titles Registry Office in which the Property is registered, then at the option of the Vendor’s solicitor, the following provisions shall prevail, namely:: SAMPLE
(a) The the Purchaser shall be obliged to retain a lawyer in good standing with the Law Society of Upper Canada Ontario to represent the Purchaser in connection with the completion of the transaction, and shall authorize such lawyer to enter into an escrow closing agreement with the Vendor’s solicitor on the latter’s standard form (hereinafter referred to as the “"Escrow Document Registration Agreement”"), establishing the procedures and timing for completing this transaction;. The Purchaser shall reimburse the Vendor as an adjustment on closing for any additional legal costs that the Vendor may incur to complete this transaction under ERS of $250, plus Applicable Taxes.
(b) The the delivery and exchange of documents, documents and monies and keys to for the Property and the release thereof to the Vendor and the Purchaser, as the case may be:
(i) in the event of electronic registration of documents, the Purchaser shall pay to the Vendor on the Closing Date the sum of $200.00 plus HST to reimburse the Vendor for the cost incurred with respect to electronic registration;
(ii) shall not occur contemporaneously with the registration of the Transfer/Deed (and other registerable documentation); and
(iiiii) shall be governed by the Escrow Document Registration Agreement, pursuant to which the solicitor receiving the documents, keys documents and/or certified funds will be required to hold same in escrow, and will not be entitled to release same except in strict accordance with the provisions of the Escrow Document Registration Agreement.;
(c) If if the Purchaser’s lawyer is unwilling or unable to complete this transaction via TERSERS, in accordance with the provisions contemplated under the Escrow Document Registration Agreement, then said lawyer (or the authorized agent thereof) shall be obliged to personally attend at the office of the Vendor’s solicitor, solicitor prior to 2:00 p.m. on the scheduled Closing Date or at such time on the scheduled closing date Closing Date as may be directed by the Vendor’s solicitor or as mutually agreed upon, in order to complete this transaction via TERS ERS utilizing the computer facilities in the Vendor’s solicitor’s office, upon payment of a fee as determined by the Vendor's solicitor, acting reasonably.;
(d) The the Purchaser expressly acknowledges and agrees that he or she will not be entitled to receive the Transfer/Deed to the Property for registration until the balance of funds due on closingClosing, in accordance with the statement of adjustments, are either remitted by certified cheque via personal delivery (or by electronic funds wire transfer if agreed to or required by the Vendor’s solicitor) to the vendorVendor’s solicitor (or in such other manner as the latter may direct) prior 2:00 p.m. on the scheduled Closing Date and prior to the release of the Transfer/Deed for registration.;
(e) Each the Purchaser covenants and agrees to deliver the balance of funds due on closing to the parties hereto agrees that Vendor in accordance with the delivery of any executed foregoing subparagraph (d) together with all other Purchaser’s documents not intended for registration on title to the Property shall be delivered prior to 2:00 p.m. on the other party no later than the scheduled Closing Date unless alternate arrangements are agreed to between the solicitors.Date;
(f) Notwithstanding the Purchaser covenants and agrees that it will cause its solicitor to complete, prior to 2:00 p.m. on the scheduled Closing Date, all steps required by the ERS in order to permit the Vendor’s solicitor to sign the transfer/deed for completion and release without the cooperation or the participation of the Purchaser’s solicitor; and
(g) notwithstanding anything contained in this agreement Agreement to the contrary, it is expressly understood and agreed by the parties hereto that an effective tender shall be deemed to have been validly made by the Vendor upon the Purchaser when the Vendor’s solicitor has:
(i) delivered photocopies of all closing documents, keys documents and/or photocopies of any funds to the Purchaser’s solicitor, it being understood that solicitor in accordance with the Vendor making provisions of the keys available at its site/sales office shall be deemed to be delivered to the Purchaser’s solicitors for the purposes hereofEscrow Document Registration Agreement;
(ii) advised the Purchaser’s solicitor, either verbally or in writing, that the Vendor is ready, willing and able to complete the transaction in accordance with the terms and provisions of this Agreement; and
(iii) has completed all steps required by TERS ERS in order to complete this transaction that can be performed or undertaken by the Vendor’s solicitor without the cooperation or participation of the Purchaser’s solicitor. , and
(iv) without the necessity of personally attending upon the Purchaser or the Purchaser’s solicitor with the aforementioned documents, keys documents and/or funds, and without any requirement to have an independent witness evidencing the foregoing.
Appears in 1 contract
Samples: Purchase and Sale Agreement
Electronic Registration. In the event that the electronic registration system (hereinafter referred to as the “Teraview Electronic Registration System” or “TERS”) is operative in the applicable Land Titles Office in which Where the Property is registered, then at in an area where electronic registration is mandatory and the option transaction will be completed by electronic registration pursuant to Part III of the Vendor’s solicitorLand Registration Reform Act, R.S.O. 1990, c. L.4, and the Electronic Registration Act, S.O. 1991, c.44, and any amendments thereto, the following provisions shall prevail, namely:
(a) The Purchaser shall be obliged to retain a lawyer in good standing with Donors and Recipient acknowledge and agree that the Law Society of Upper Canada to represent the Purchaser in connection with the completion of the transaction, and shall authorize such lawyer to enter into an escrow closing agreement with the Vendor’s solicitor on the latter’s standard form (hereinafter referred to as the “Document Registration Agreement”), establishing the procedures and timing for completing this transaction;
(b) The delivery and exchange of documentsclosing funds, monies non-registrable documents and keys to the Property other closing deliverables provided for herein and the release thereof to the Vendor Donors and Recipient will: Not occur at the Purchaser, same time as the case may be:
(i) in the event of electronic registration of documents, the Purchaser shall pay to the Vendor on the Closing Date the sum of $200.00 plus HST to reimburse the Vendor for the cost incurred with respect to electronic registration;
(ii) shall not occur contemporaneously with the registration of the Transfer/Deed (and any other registerable documentationdocuments intended to be registered in connection with the completion of this transaction); and
(iiiand Be subject to conditions whereby the lawyer(s) shall be governed by receiving any of the Document Registration Agreement, pursuant to which the solicitor receiving the documents, keys and/or certified funds closing deliverables will be required to hold same in escrow, escrow and will not be entitled to release same except in strict accordance with the terms of the latest Document Registration Agreement recommended from time to time by the Law Society of Upper Canada. Closing Deliverables Subject to the provisions of the Document Registration Agreement.
(c) If the Purchaser’s lawyer is unwilling or unable to complete this transaction via TERS, in accordance with the provisions contemplated under the Document Registration Agreement, then said lawyer (the Donors covenant that they shall execute or cause to be executed and shall deliver or cause to be delivered to the Recipient or the authorized agent thereof) shall be obliged to personally attend at Recipient’s solicitor on or before the office Closing Date, each of the Vendor’s solicitorfollowing: Vacant possession of the Property, at such time on subject to an existing tenancy by Sharedon Farms Ltd. Operated by Xxx Xxxxx and Xxxxxx Xxxxx to cultivate the scheduled closing date as may Property with a crop of winter wheat to be directed by the Vendor’s solicitor or as mutually agreed uponharvested no later than August 31, in order to complete this transaction via TERS utilizing the computer facilities in the Vendor’s solicitor’s office, upon payment of a fee as determined by the Vendor's solicitor, acting reasonably.
(d) The Purchaser expressly acknowledges and agrees that he or she will not be entitled to receive the 2021; An executed Transfer/Deed of Land in registrable form duly executed by the Donors in favour of the Recipient (save for any Land Transfer Tax Affidavit); Direction regarding the payment of funds; Statement of Adjustments, which will be deliverable at least five (5) business days prior to the Property until the balance of funds due on closing, in accordance with Closing Date; Undertaking to re-adjust the statement of adjustments, are either remitted by certified cheque via personal delivery if necessary, upon written demand following closing; and Such other deeds, conveyances and other documents contemplated in this Agreement or by electronic funds transfer as the Recipient or its solicitors may reasonably require in order to implement the intent of this Agreement. Subject to the vendor’s solicitor (provisions of this Agreement, the Recipient shall execute or in such other manner as the latter may direct) prior cause to the release of the Transfer/Deed for registration.
(e) Each of the parties hereto agrees that the delivery of any be executed documents not intended for registration on title to the Property and shall be delivered to the other party no later than the Closing Date unless alternate arrangements are agreed to between the solicitors.
(f) Notwithstanding anything contained in this agreement to the contrary, it is expressly understood and agreed by the parties hereto that an effective tender shall be deemed to have been validly made by the Vendor upon the Purchaser when the Vendor’s solicitor has:
(i) delivered photocopies of all closing documents, keys and/or photocopies of any funds to the Purchaser’s solicitor, it being understood that the Vendor making the keys available at its site/sales office shall be deemed deliver or cause to be delivered to the Purchaser’s solicitors Donors or the Donors Solicitor on or before the Closing Date: Certified cheque or bank draft made payable to Donors solicitor for the purposes hereof;
(ii) advised balance of the Purchaser’s solicitorPurchase Price due on the Closing Date; Direction regarding title, either verbally if necessary; Undertaking to re-adjust the statement of adjustments, if necessary, upon written demand following closing. HST Declaration and Indemnity, as contemplated in Section 4.2, if applicable; Such other resolutions and other documents as the Sellers or their solicitors may reasonably require in writing, that order to implement the Vendor is ready, willing and able to complete the transaction in accordance with the terms and provisions intent of this Agreement; and
(iii) has completed all steps required by TERS in order to complete this transaction that can be performed or undertaken by the Vendor’s solicitor without the cooperation or participation of the Purchaser’s solicitor. without the necessity of personally attending upon the Purchaser or the Purchaser’s solicitor with the aforementioned documents, keys and/or funds, and without any requirement to have an independent witness evidencing the foregoing.
Appears in 1 contract
Samples: Donation Agreement
Electronic Registration. In The closing of the event transaction will be completed by electronic registration pursuant to Part III of the Land Registration Reform Act, R.S.O. 1990, Chapter L4 and the Electronic Registration Act, S.O. 1991, Chapter 44, and any amendments thereto, the Vendor and Purchaser acknowledge and agree that the electronic registration system exchange of closing funds, non- registrable documents and other items (hereinafter referred the “Requisite Deliveries”) and the release thereof to the Vendor and Purchaser will (a) not occur at the same time as the “Teraview Electronic Registration System” or “TERS”registration of the Transfer/Deed (and any other documents intended to be registered in connection with the completion of this transaction), and (b) be subject to conditions whereby the lawyer(s) of the Vendor and the Purchaser receiving any of the Requisite Deliveries will be required to hold same in trust and not release same except in accordance with the terms of a document registration agreement between the said lawyers. The Vendor and Purchaser irrevocably instruct the said lawyers to be bound by the document registration agreement which is operative recommended from time to time by the Law Society of Upper Canada. Unless otherwise agreed to by the lawyers, such exchange of the Requisite Deliveries will occur in the applicable Land Titles Office in which the Property is registered, then at the option or such other location agreeable to both lawyers. The following terms and conditions shall form part of the Vendor’s solicitor, the following provisions shall prevail, namelythis Agreement:
(a) The Purchaser shall be obliged to retain a lawyer solicitor in good standing with the Law Society of Upper Canada to represent the Purchaser in connection with the completion of the transaction, and shall authorize such lawyer respect to enter into an escrow closing agreement with the Vendor’s solicitor on the latter’s standard form (hereinafter referred to as the “Document Registration this Agreement”), establishing the procedures and timing for completing this transaction;
(b) The delivery and exchange of documents, monies and keys to the Property and the release thereof to the Vendor and the Purchaser, as the case may be:
(i) in the event of electronic registration of documents, the Purchaser shall pay direct his/her solicitor to execute an agreement as reasonably required by the Vendor on Vendor’s solicitor (the Closing Date “Solicitor Agreement”) establishing the sum procedure for completion of $200.00 plus HST to reimburse the Vendor for the cost incurred with respect to electronic registrationthis Agreement;
(iic) shall The Purchaser and Vendor acknowledge that the delivery of documents and/or money may not occur contemporaneously with the registration of the Transfer/Deed (of Land and other registerable documentation); andmay be delivered in escrow pursuant to the Solicitor’s Agreement;
(iii) shall be governed by the Document Registration Agreement, pursuant to which the solicitor receiving the documents, keys and/or certified funds will be required to hold same in escrow, and will not be entitled to release same except in strict accordance with the provisions of the Document Registration Agreement.
(cd) If the Agreement cannot be completed in escrow pursuant to the Solicitor’s Agreement, the Purchaser’s lawyer is unwilling or unable to complete this transaction via TERS, in accordance with the provisions contemplated under the Document Registration Agreement, then said lawyer (or the authorized agent thereof) solicitor shall be obliged to personally attend at the office offices of the Vendor’s solicitor, solicitor at such time on the scheduled closing date as may be directed by the Vendor’s solicitor or as mutually agreed upon, in order upon to complete this transaction via TERS utilizing the computer facilities in the Vendor’s solicitor’s office, upon payment of a fee as determined by the Vendor's solicitor, acting reasonably.
(d) The Purchaser expressly acknowledges and agrees that he or she will not be entitled to receive the Transfer/Deed to the Property until the balance of funds due on closing, in accordance with the statement of adjustments, are either remitted by certified cheque via personal delivery or by electronic funds transfer to the vendor’s solicitor (or in such other manner as the latter may direct) prior to the release of the Transfer/Deed for registration.Agreement; and
(e) Each of the parties hereto agrees that the delivery of any executed documents not intended for registration on title to the Property Tender shall be delivered to the other party no later than the Closing Date unless alternate arrangements are agreed to between the solicitors.
(f) Notwithstanding anything contained in this agreement to the contrary, it is expressly understood and agreed by the parties hereto that an effective tender shall be deemed to have been validly made by the Vendor upon when the Purchaser when “Completeness Signatory” for the Transfer/Deed of Land has been electronically “signed” by the Vendor’s solicitor has:
(i) delivered photocopies of all closing documents, keys and/or photocopies of any funds to the Purchaser’s solicitor, it being understood that the Vendor making the keys available at its site/sales office and same shall be deemed to be delivered to the Purchaser’s solicitors for the purposes hereof;
(ii) advised the Purchaser’s solicitor, either verbally or in writing, satisfactory evidence that the Vendor is ready, willing and able to complete the transaction in accordance with the terms and provisions of this Agreement; and
(iii) has completed all steps required by TERS in order to complete this transaction that can be performed or undertaken by the Vendor’s solicitor without the cooperation or participation of the Purchaser’s solicitor. without the necessity of personally attending upon the Purchaser or the Purchaser’s solicitor with the aforementioned documents, keys and/or funds, and without any requirement to have an independent witness evidencing the foregoingsale.
Appears in 1 contract
Samples: Standard Condominium Agreement of Purchase and Sale
Electronic Registration. In The closing of the event transaction will be completed by electronic registration pursuant to Part III of the Land Registration Reform Act, R.S.O. 1990, Chapter L4 and the Electronic Registration Act, S.O. 1991, Chapter 44, and any amendments thereto, the Vendor and Purchaser acknowledge and agree that the electronic registration system exchange of closing funds, non- registrable documents and other items (hereinafter referred the “Requisite Deliveries”) and the release thereof to the Vendor and Purchaser will (a) not occur at the same time as the “Teraview Electronic Registration System” or “TERS”registration of the Transfer/Deed (and any other documents intended to be registered in connection with the completion of this transaction), and (b) be subject to conditions whereby the lawyer(s) of the Vendor and the Purchaser receiving any of the Requisite Deliveries will be required to hold same in trust and not release same except in accordance with the terms of a document registration agreement between the said lawyers. The Vendor and Purchaser irrevocably instruct the said lawyers to be bound by the document registration agreement which is operative recommended from time to time by the Law Society of Upper Canada. Unless otherwise agreed to by the lawyers, such exchange of the Requisite Deliveries will occur in the applicable Land Titles Office in which the Property is registered, then at the option or such other location agreeable to both lawyers. The following terms and conditions shall form part of the Vendor’s solicitor, the following provisions shall prevail, namelythis Agreement:
(a) The Purchaser shall be obliged to retain a lawyer solicitor in good standing with the Law Society of Upper Canada to represent the Purchaser in connection with the completion of the transaction, and shall authorize such lawyer respect to enter into an escrow closing agreement with the Vendor’s solicitor on the latter’s standard form (hereinafter referred to as the “Document Registration Agreement”), establishing the procedures and timing for completing this transaction;Agreement;
(b) The delivery and exchange of documents, monies and keys to the Property and the release thereof to the Vendor and the Purchaser, as the case may be:
(i) in the event of electronic registration of documents, the Purchaser shall pay direct his/her solicitor to execute an agreement as reasonably required by the Vendor on Vendor’s solicitor (the Closing Date “Solicitor Agreement”) establishing the sum procedure for completion of $200.00 plus HST to reimburse the Vendor for the cost incurred with respect to electronic registrationthis Agreement;
(iic) shall The Purchaser and Vendor acknowledge that the delivery of documents and/or money may not occur contemporaneously with the registration of the Transfer/Deed (of Land and other registerable documentation); andmay be delivered in escrow pursuant to the Solicitor’s Agreement;
(iii) shall be governed by the Document Registration Agreement, pursuant to which the solicitor receiving the documents, keys and/or certified funds will be required to hold same in escrow, and will not be entitled to release same except in strict accordance with the provisions of the Document Registration Agreement.
(cd) If the Agreement cannot be completed in escrow pursuant to the Solicitor’s Agreement, the Purchaser’s lawyer is unwilling or unable to complete this transaction via TERS, in accordance with the provisions contemplated under the Document Registration Agreement, then said lawyer (or the authorized agent thereof) solicitor shall be obliged to personally attend at the office offices of the Vendor’s solicitor, solicitor at such time on the scheduled closing date as may be directed by the Vendor’s solicitor or as mutually agreed upon, in order upon to complete this transaction via TERS utilizing the computer facilities in the Vendor’s solicitor’s office, upon payment of a fee as determined by the Vendor's solicitor, acting reasonably.
(d) The Purchaser expressly acknowledges and agrees that he or she will not be entitled to receive the Transfer/Deed to the Property until the balance of funds due on closing, in accordance with the statement of adjustments, are either remitted by certified cheque via personal delivery or by electronic funds transfer to the vendor’s solicitor (or in such other manner as the latter may direct) prior to the release of the Transfer/Deed for registration.Agreement; and
(e) Each of the parties hereto agrees that the delivery of any executed documents not intended for registration on title to the Property Tender shall be delivered to the other party no later than the Closing Date unless alternate arrangements are agreed to between the solicitors.
(f) Notwithstanding anything contained in this agreement to the contrary, it is expressly understood and agreed by the parties hereto that an effective tender shall be deemed to have been validly made by the Vendor upon when the Purchaser when “Completeness Signatory” for the Transfer/Deed of Land has been electronically “signed” by the Vendor’s solicitor has:
(i) delivered photocopies of all closing documents, keys and/or photocopies of any funds to the Purchaser’s solicitor, it being understood that the Vendor making the keys available at its site/sales office and same shall be deemed to be delivered to the Purchaser’s solicitors for the purposes hereof;
(ii) advised the Purchaser’s solicitor, either verbally or in writing, satisfactory evidence that the Vendor is ready, willing and able to complete the transaction in accordance with the terms and provisions of this Agreement; and
(iii) has completed all steps required by TERS in order to complete this transaction that can be performed or undertaken by the Vendor’s solicitor without the cooperation or participation of the Purchaser’s solicitor. without the necessity of personally attending upon the Purchaser or the Purchaser’s solicitor with the aforementioned documents, keys and/or funds, and without any requirement to have an independent witness evidencing the foregoingsale.
Appears in 1 contract
Samples: Agreement of Purchase and Sale
Electronic Registration. In The Vendor and Purchaser covenant and agree to cause their respective solicitors to enter into a document registration agreement (the event that “DRA”) to govern the electronic registration system (hereinafter referred submission of the transfer/deed for the Property to as the “Teraview Electronic Registration System” or “TERS”) is operative in the applicable Land Titles Office in which the Property is registered, then at the option of the Vendor’s solicitor, the following provisions Registry Office. The DRA shall prevail, namely:
(a) The Purchaser shall be obliged to retain a lawyer in good standing with the Law Society of Upper Canada to represent the Purchaser in connection with the completion of the transaction, and shall authorize such lawyer to enter into an escrow closing agreement with the Vendor’s solicitor on the latter’s standard form (hereinafter referred to as the “Document Registration Agreement”), establishing outline or establish the procedures and timing for completing this transaction;
(b) The delivery all registrations electronically and exchange provide for all closing documents and closing funds to be held in escrow pending the submission of documents, monies and keys the transfer/deed to the Property Land Registry Office and its acceptance by virtue of being assigned a registration number. The DRA shall also provide that if there is a problem with the release thereof Teraview electronic registration system which does not allow the parties to electronically register all registration documents on Closing, the Closing Date shall be deemed to be extended until the next day when the said system is accessible and operating for the applicable Land Registry Office applicable to the Property. Any notice, approval, waiver, agreement, instrument or communication permitted, required or contemplated in this Agreement may be given or delivered and accepted or received by the Purchaser’s Solicitors on behalf of the Purchaser and by the Vendor’s Solicitors on behalf of the Vendor and any tender of Closing Documents and the balance of the Purchase Price may be made upon the Vendor’s Solicitors and the Purchaser’s Solicitors, as the case may be:
(i) in . The Vendor and Purchaser acknowledge and agree that insofar as the event tender of electronic registration of documentsany documents to be electronically registered is concerned, the Purchaser shall pay to the Vendor on the Closing Date the sum tender of $200.00 plus HST to reimburse the Vendor for the cost incurred with respect to electronic registration;
(ii) shall not occur contemporaneously with the registration of the Transfer/Deed (and other registerable documentation); and
(iii) shall be governed by the Document Registration Agreement, pursuant to which the solicitor receiving the documents, keys and/or certified funds same will be required to hold same in escrow, and will not be entitled to release same except in strict accordance with the provisions of the Document Registration Agreement.
(c) If the Purchaser’s lawyer is unwilling or unable to complete this transaction via TERS, in accordance with the provisions contemplated under the Document Registration Agreement, then said lawyer (or the authorized agent thereof) shall be obliged to personally attend at the office of the Vendor’s solicitor, at such time on the scheduled closing date as may be directed by the Vendor’s solicitor or as mutually agreed upon, in order to complete this transaction via TERS utilizing the computer facilities in the Vendor’s solicitor’s office, upon payment of a fee as determined by the Vendor's solicitor, acting reasonably.
(d) The Purchaser expressly acknowledges and agrees that he or she will not be entitled to receive the Transfer/Deed to the Property until the balance of funds due on closing, in accordance with the statement of adjustments, are either remitted by certified cheque via personal delivery or by electronic funds transfer to the vendor’s solicitor (or in such other manner as the latter may direct) prior to the release of the Transfer/Deed for registration.
(e) Each of the parties hereto agrees that the delivery of any executed documents not intended for registration on title to the Property shall be delivered to the other party no later than the Closing Date unless alternate arrangements are agreed to between the solicitors.
(f) Notwithstanding anything contained in this agreement to the contrary, it is expressly understood and agreed by the parties hereto that an effective tender shall be deemed to have been validly made by the Vendor upon the Purchaser when the Vendor’s solicitor has:
(i) delivered photocopies of all closing documents, keys and/or photocopies of any funds to the Purchaser’s solicitor, it being understood that the Vendor making the keys available at its site/sales office shall be deemed to be delivered to effective and proper when the Purchaser’s solicitors solicitor for the purposes hereof;
(ii) advised the Purchaser’s solicitor, either verbally or in writing, that the Vendor is ready, willing and able to complete the transaction in accordance with the terms and provisions of this Agreement; and
(iii) party tendering has completed all steps required by TERS Xxxxxxxx in order to complete this transaction that can be performed or undertaken by the Vendortendering party’s solicitor without the cooperation or participation of the Purchaserother party’s solicitor. , and specifically when the tendering party’s solicitor has electronically “signed” the transfer/deed and any other Closing Document, if any, to be electronically registered for completeness and granted access to the other party’s solicitor to same, but without the necessity of personally attending upon the Purchaser or the Purchasertendering party’s solicitor with actually releasing such documents to the aforementioned documents, keys and/or funds, and without any requirement to have an independent witness evidencing the foregoingother party’s solicitor for registration.
Appears in 1 contract
Samples: Offer to Purchase
