dpylyp
Active Member
Bank pos status certificate
IMHO Banks don't pay anything unless they absolutely have to;
The lawyer for the purchaser needs to obtain a status for the purpose of closing.( so that the purchaser itsn't assuming any arrears at the time of purchase)
Your agreement may state simply vendor will provide.
Other clauses may state Owner pays and you have 3 - 5 days to examine with your lawyer.
As the OP stated It was negotiated out in the first/second \offer counter offer.
At some point in time someone will requisition the document.
Thank goodness it says "status" and not estoppel like in the 80's. That just confused everyone.
debts against title are paid in order of importance in the case of a shortfall in funds. Oustanding municipal Taxes, condo fees, 1st mortgage, second mortgage etc.
One proviso; Banks apply proceeds of the sale to arrears of interest first, lawyer fees, POS letters, etc, then principal balance.
IMHO Banks don't pay anything unless they absolutely have to;
The lawyer for the purchaser needs to obtain a status for the purpose of closing.( so that the purchaser itsn't assuming any arrears at the time of purchase)
Your agreement may state simply vendor will provide.
Other clauses may state Owner pays and you have 3 - 5 days to examine with your lawyer.
As the OP stated It was negotiated out in the first/second \offer counter offer.
At some point in time someone will requisition the document.
Thank goodness it says "status" and not estoppel like in the 80's. That just confused everyone.
debts against title are paid in order of importance in the case of a shortfall in funds. Oustanding municipal Taxes, condo fees, 1st mortgage, second mortgage etc.
One proviso; Banks apply proceeds of the sale to arrears of interest first, lawyer fees, POS letters, etc, then principal balance.