As previously discussed with the Ontario Bar Association and the Federation of Ontario Law Associations as part of the “21 Things for 2021” proposals, the following changes are being implemented in Teraview®, effective immediately.
1. There was a need for a convenient place to insert the date on which the notice of sale was served in a Transfer Power of Sale, so this new statement has been added to this document type:
3305: The charge was in default at the time notice of sale was given on (yyyy/mm/dd) and continues to be in default and the money has been advanced under the charge.
2. There were few document types in Teraview® that may have been overly complex and that could be simplified and streamlined to reduce, in particular, the amount of manual data input required. In these cases, we have modified existing statements to eliminate the need for manual data input.
• The corporate authorization statements 10, 18 and 3544 have been updated by removing the requirement the name of any corporate signing authority to be entered at all:
10, 18 and 3544: A person or persons with authority to bind the corporation has/have consented to the registration of this document.
• The Spousal Statements 03 and 05 have been updated by removing the removing the requirement for the name of any spouse to be entered:
03 My spouse is a party to this document.
05 My spouse has consented to this transaction.
3. There was a concern that the existing Power of Attorney Statements 2917, 2918, 2922 and 2923 in Teraview® did not adequately prevent the use of powers of attorney in fraudulent schemes because they relied on the assurances of the attorney only. As a further tool against title fraud, these statements have been updated to require the solicitor to confirm, to the best of the solicitor’s knowledge and belief, the bona fides of the power of attorney. These new statements remain consistent with the solicitor’s professional obligations relating to powers of attorney and will provide greater protection against fraud.
(a) Where the attorney is not a company:
*2917, *2922 The solicitor signing this document on behalf of this party confirms that I have reviewed the power of attorney with the attorney, and to the best of my knowledge and belief, I confirm that:
- The attorney is the lawful party named in the power of attorney
- The attorney is acting within the scope of the authority granted under the power of attorney, and
- The power of attorney was lawfully given and has not been revoked.
(b) Where the attorney is a company:
*2918, *2923 The solicitor signing this document on behalf of this party confirms that I have reviewed the power of attorney with the attorney, and to the best of my knowledge and belief, I confirm that:
- The attorney is the lawful party named in the power of attorney,
- The attorney is acting within the scope of the authority granted under the power of attorney,
- The power of attorney was lawfully given and has not been revoked.
- At the time this document was executed, name was the position of company/bank (donee) and had the authority to bind the attorney.
Please log in to read the full article.