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News

Monday, July 16, 2012

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In this issue:
Update on Service Alberta's Efforts to Restore Registries
Alberta Rules of Court: Delay in Implementation of the Drop Dead Rule

Update on Service Alberta's Efforts to Restore Registries

Service Alberta has advised that they are currently working diligently to restore the Land Titles and Motor Vehicles registries as quickly as possible. 

During the service interruptions to Land Titles, real estate practitioners may wish to consider the following options to facilitate the closing of real estate transactions:

  1. Amend purchase contract - If practical and pursuant to the agreement of the parties to the transaction, amend the closing date in the real estate purchase contract;
  2. Pay late interest - Amend trust conditions to close the transaction the “traditional way” by submitting documents for registration and holding the cash difference in trust pending registration.  Once registration is completed (or a current title search can be obtained to comply with Protocol) purchase funds can be released including late interest to the Seller’s lawyer; or
  3. Obtain title insurance – Obtain a policy of title insurance in compliance with the conditions of the insurer regarding the currency of the title search.  If not contemplated in the original trust conditions, ensure that trust conditions are amended between the parties to allow this option.

The Western Law Societies Conveyancing Protocol will be available as soon as Land Titles is restored and a current search can be obtained.

We will endeavor to keep lawyers informed as fully as possible on this matter as new information becomes available. Please check the Law Society of Alberta’s website for updates on the situation at www.lawsociety.ab.ca.  

 

Alberta Rules of Court: Delay in Implementation of the Drop Dead Rule

The Alberta Rules of Court, A.R. 122/2012, section 12, changes the drop dead period in Rule 15.4 from two years to three years (subject, as before, to the five-year period for actions that existed on the coming into force of the new Rules, if it expires first).

The implementation of the drop dead period in Rule 4.33 has also been deferred an extra year, to November 1, 2013 (amended Rule 15.15).  This will allow consultation on the two-year drop dead rule.

For more information, please review the order in council at: www.qp.alberta.ca/documents/orders/orders_in_council/2012/712/2012_228.html

The Rules Committee consultation paper and invitation for comments is here: www.albertacourts.ab.ca/RulesofCourt/ProposedAmendments/tabid/360/Default.aspx  
 

 

Law Society of Alberta

Printable Version

www.lawsociety.ab.ca
Law Society of Alberta
Calgary Office
Suite 500, 919 11th Avenue SW
Calgary, Alberta T2R 1P3
Phone: 403-229-4700

Edmonton Office
Suite 800, Bell Tower
10104-103 Avenue
Edmonton, Alberta T5J 0H8
Phone: 780-429-3343

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