Requisitions: Overview | Practical Law

Requisitions: Overview | Practical Law

This Practice Note briefly discusses the process of “requisitions” and “requisition replies” that is common to real estate practice, especially in Ontario. This is a process where the purchaser’s solicitor is required to enunciate any objections to title (and certain other matters) under a prescribed contractual deadline, failing which the purchaser will be deemed to accept the state of title as it currently exists (with certain exceptions). The requisition and requisition reply process is relatively unique to real estate (the purchase and sale of corporate shares and other asset purchases rarely involve an analogous requisition process). The process has also become quite formalized and intricate to accommodate the interaction with the Vendors and Purchasers Act, R.S.O. 1990, c. V.2, and significant law has developed around these protocols.

Requisitions: Overview

Practical Law Canada Practice Note Overview w-022-1001 (Approx. 9 pages)

Requisitions: Overview

by Practical Law Canada Commercial Real Estate
MaintainedCanada (Common Law)
This Practice Note briefly discusses the process of “requisitions” and “requisition replies” that is common to real estate practice, especially in Ontario. This is a process where the purchaser’s solicitor is required to enunciate any objections to title (and certain other matters) under a prescribed contractual deadline, failing which the purchaser will be deemed to accept the state of title as it currently exists (with certain exceptions). The requisition and requisition reply process is relatively unique to real estate (the purchase and sale of corporate shares and other asset purchases rarely involve an analogous requisition process). The process has also become quite formalized and intricate to accommodate the interaction with the Vendors and Purchasers Act, R.S.O. 1990, c. V.2, and significant law has developed around these protocols.