I Need Layman's Terms For Legaleese
Hi. I'm in canada, and this document is canadian, but i just need someone to confirm what this is saying. i have a general idea, but i want the plain and simple version. it's the closing part of a lease option contract between the owner and the tenent. any help is great.
e. If the Tenant exercises its Option then it shall instruct the Tenant's Solicitor to deliver the closing documents to the Owner's Solicitor Two (2) Business Days prior to the Closing Date. The Owner shall cause the Owner's Solicitor to return the closing documents to the Tenant's Solicitor one day prior to the Closing Date. On the Closing Date, the Tenant's shall cause the Tenant's Solicitor to submit a transfer of land for registration at the appropriate Land Title Office, together with an other necessary ancillary documentation. Upon receipt of a postregistration search of the Premises which is satisfactory to the Tenant's Solicitor, the Tenant shall instruct the Tenant's Solicitor to pay to the Owner's Solicitor the Purchase Price as adjusted for property taxes, utilities, real estate commission (if any) and any other matters normally adjusted on the condition that the Owner's solicitor pays and discharges all financial charges registered against title to the Premises and the solicitor for the Owner shall pay and discharge all financial encumbrances from title to the Premises.
f. For clarity sake, the Tenant/Optionee acknowledges that if the Landlord/Optionor has existing financial charges to be cleared from title, the Landlord/Optionor, while still required to clear such charges, may wait to pay and discharge existing financial charges until immediately after receipt of the Purchase Price, but in this event, the Tenant/Optionee may pay the Purchase Price to a lawyer or notary in trust, on undertakings to pay and discharge the financial charges and remit the balance, if any, to the Landlord/Optionor.
g. For clarity sake, the Landlord/Optionor acknowledges that if the Tenant/Optionee is relying upon a new mortgage to finance the Purchase Price, the Tenant/Optionee or an end buyer who is purchasing from the Tenant/Optionee while still required to pay the Purchase Price on the Completion Date, may wait to pay the Purchase Price to the Landlord/Optionor until after the transfer and new mortgage documents have been lodged for registration at the ______________ Land Title Office, but only if, before such lodging, the Tenant/Optionee or an end buyer who is purchasing from the Tenant/Optionee has:
etc etc.
e. If the Tenant-Buyer chooses to exercise his option to purchase the property, the parties to the transaction will cooperate as required so settlement may proceed on the scheduled date.
Upon settlement, the buyer will be responsible for submitting the title transfer documents for recording. Completion of settlement is contingent upon buyer's receipt of clear and marketable title. The buyer and seller agree to prorate property taxes, utility charges, and any other unpaid fees or charges that may be normally prorated between buyer and seller.
All outstanding liens against the property will be paid by the seller prior to settlement, or paid by the settlement agent from the settlement proceeds due to the seller.
f. Just for clarification, the parties agree that any unpaid liens against the property may be paid from the seller's settlement proceeds. If there are liens not immediately satisfied at settlement, the settlement agent may escrow a portion of the seller's proceeds sufficient to satisfy the outstanding liens.
thank you!