Use this fact situation to answer the related questions that follow. On January 1,2009,A enters into an agreement of purchase and sale to purchase B's property in downtown Toronto and takes the agreement to his lawyer.
Among other things,and before the transaction closes,A's lawyer will conduct
A)a search of taxes.
B)a building/zoning compliance search of B's property.
C)an execution search.
D)a title search of B's property.
E)all of the above

Question

Quizplus · Accepted Answer

A proper due diligence before closing the purchase of a property should include all of the above searches. A search of taxes will confirm if the current owner has paid all the necessary taxes and fees related to the property. A building/zoning compliance search will help ensure that the property complies with all the necessary building codes and regulations. An execution search confirms if there are any liens or judgments against the current owner that could affect the sale. Finally, a title search will ensure that the current owner has a valid title to the property and that there are no encumbrances or issues that would prevent the sale.

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