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What should I know when serving a buyer for a landed property
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When serving a buyer for a landed property, you should:
1. Verify the legal title of the seller.
2. Understand and explain the application of "caveat emptor" and duty of disclosure regarding defects in title and physical defects.
3. Determine what constitutes misrepresentation and the associated liabilities.
4. Carry out the sale procedure according to current practice.
5. Understand the various formalities: by deed, in writing, and evidenced in writing, and be conversant with the legal requirements for a contract for sale of property to be enforceable.
6. Use the OTP (Option to Purchase) and S&P (Sale and Purchase) contractual agreements competently and understand their legal effect.
7. Handle transaction monies lawfully.
8. Understand legal requisitions and their purposes.
9. Conduct bankruptcy searches during property transactions in accordance with the Land Titles Act.
10. Guide prospective buyers on by-laws, improvements, and additions to lots, contributions by subsidiary proprietors, and supply of information by the management corporation as per the Building Maintenance and Strata Management Act (BMSMA).
11. Explain whether a contract has been entered into in various scenarios, such as different modes of acceptance, repudiation by either party, "subject to contract," and "conditional contract."
12. Understand the rights and duties of the buyer and seller after signing the contract but before legal completion of the sale, including apportionment of stamp duty, management fees, sinking funds, property tax, and GST; damage to property; and appreciation in property value.
2. Understand and explain the application of "caveat emptor" and duty of disclosure regarding defects in title and physical defects.
3. Determine what constitutes misrepresentation and the associated liabilities.
4. Carry out the sale procedure according to current practice.
5. Understand the various formalities: by deed, in writing, and evidenced in writing, and be conversant with the legal requirements for a contract for sale of property to be enforceable.
6. Use the OTP (Option to Purchase) and S&P (Sale and Purchase) contractual agreements competently and understand their legal effect.
7. Handle transaction monies lawfully.
8. Understand legal requisitions and their purposes.
9. Conduct bankruptcy searches during property transactions in accordance with the Land Titles Act.
10. Guide prospective buyers on by-laws, improvements, and additions to lots, contributions by subsidiary proprietors, and supply of information by the management corporation as per the Building Maintenance and Strata Management Act (BMSMA).
11. Explain whether a contract has been entered into in various scenarios, such as different modes of acceptance, repudiation by either party, "subject to contract," and "conditional contract."
12. Understand the rights and duties of the buyer and seller after signing the contract but before legal completion of the sale, including apportionment of stamp duty, management fees, sinking funds, property tax, and GST; damage to property; and appreciation in property value.