OACIQ Exam Preparation Set with Verified Solutions

OACIQ Exam Preparation Set with Verified Sol utions Successions with a Will - Who signs? No liquidator = all legatees W/ a liquidator = full admin liquidator or simple admin liquidator with authorization from legatees and legal heirs. Successions w/o a Will - Who signs? No liquidator = All legal heirs W/ a liquidator = liquidator authorized by legal heirs Successions - What documents do you need? During liquidation of the succession? -Declaration of transmission (w/ or w/o a Will) -If no Will and there's a liquidator, an Act of Nomination authorizing liquidator by all legal heirs. After liquidation of the succession? -The Delivery of lega cy, similar to a Deed of Sale (lists the legatees/legal heirs that inherited property) Successions - What to think about? Declaration of Transmission Notarized Will, holograph Will (written)? Liquidator - Full or simple administration Delivery of legacy - if property already transferred into legatees/legal heirs names (post liquidation of an estate) Act of nomination - legal heirs authorize who as liquidator? *If seller dies during brokerage contract, you would complete an AM form, place immovable off marke t temporarily until a liquidator is assigned/authorized to sell immovable. Must verify if Will exists or not, ask family to seek a notary, get declaration of transmission. Who are the heirs? Legatees? Use another AM form to put immovable back on the market . Make sure to use IV form to identify liquidator, obtain his address and information. Company sells immovable? Who signs? -the name of the seller is the name of the company -the name of the representative is the person authorized to sell and is listed in the Resolution of the Company. BCS and DS - Which should you complete first? Always complete the DS first! You then Annex the DS to BCS. Importance of a Declaration of the Seller? -Mandatory form -Seller must declare everything he knows ab out the property or he could become responsible/liable for damages/defects found. -Protects seller from hidden defect accusations -Protects buyer in buying process and pricing decisions -Protects broker by disclosing all proper information, due diligence, must verify everything! - DS - Clause D 2.6. - What to include in D14 section? Immovable affected by: -hypothecs : include bank info and hypothec registry # -servitudes: include registry # and description -other real rights : right of way, cultural property , etc. *Servitudes only count if published and have a #. -verify deed of sale , deed of loan, certificate of location Declarations in D.14 must be explained and all related documents attached. How do you confirm the ownership of a Seller? You need to verify the Deed of Sale , which should be a notarized copy that the Seller provides you. Advise client to get one if he doesn't have one. Where can you find information about the Owner? 1. Deed of Sale 2. Land Register: -Index of Immovables (need cadastral #) -Municipal tax bills Two types of contracts