The Potential Industrial / Commercial Property

1699 Words Oct 21st, 2015 7 Pages
The potential industrial/commercial property being examined as a possible business location is located in St Pierre-Jolys, Manitoba (near Winnipeg, Manitoba). It is important to note in which province in Canada the property is located because some provinces use a different system for land ownership and transfer than others. For example, in the Atlantic provinces of Canada and parts of Ontario, the registry system is used, and in most of Ontario, the western provinces, and the territories, the land titles system is used. In Manitoba, the land titles system is now used in the entire jurisdiction (reference). Therefore, the location of the property is important in terms of the steps to be taken in real estate sales in Canada because based on whether the registry or land titles system is used, the steps, precautions, etc. That need to be taken vary. As an example, with the registry system, a transfer of ownership must be registered, whereas with the land titles system, the transfer must be filed. Additionally, the registry system does not provide the same protection from interests that the land titles system does, and as such, requires more risk management steps to be taken.

There are a magnitude of distinctive concerns that a purchaser would have regarding the property in question. First of all, since the purchaser would want to change what the property is being used for, the one would need to know that they can make the necessary changes to the operation of the land and that…
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