In Ontario, what is the significance of the 'requisition date' in an Agreement of Purchase and Sale?
Correct Answer
B) 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.
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