In Ontario, what is the significance of the 'requisition date' in an Agreement of Purchase and Sale?
Correct Answer
C) The last day for the buyer to object to title defects or search results
The requisition date in Ontario is the deadline by which the buyer must raise any objections to title defects, survey issues, or other search results. After this date, the buyer is generally deemed to accept the title as it stands, except for certain statutory exceptions. This protects sellers from last-minute title objections close to closing.
Why This Is the Correct Answer
This answer is correct because the requisition date is the deadline in the Agreement of Purchase and Sale for the buyer to raise objections to title, work orders and other search results. The buyer's lawyer searches title and sends requisitions to the seller's lawyer before that date. After it passes, the buyer is generally deemed to have accepted the seller's title, apart from objections going to the root of title.
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