Property & Personal Property Transactions
Differentiating between Property and Personal Property Transactions
If you’re selling your old laptop on eBay or one of the other popular sites that offer the convenience of an electronic buy and sell service, you aren’t likely to engage the service of a lawyer, although a word of caution in completing the sale with your safety in mind is in order. On the other hand, most people seeking a mortgage – an instrument dealing with land, an immoveable object – instinctively know that they need the services of a lawyer; unfortunately, however, they might not realize that for many personal property transactions, they also need legal services. Unlike the eBay example, personal property transactions – which are moveable objects- can and do involve highly valuable property and complex contracts involving sales, leases, security interests, charges, mortgages and so on.
Given the complexity, as is the case with mortgages, these personal property transactions also require the services of a legal professional.
To prepare personal property transactions in Ontario, Howard Nightingale provides the following services:
- Draw the security agreement and include copies for registration purposes and financing statement
- Provide an extra copy of the security agreement for the borrower
- Conduct all appropriate searches
- Obtain all corporation status reports and other applicable reports and include taxes and/or rates constituting statutory liens
- Search for executions
- Obtain confirmation with respect to insurance coverage (if needed)
- Attend to all necessary registrations
- Reporting to client