Exam (elaborations)
OACIQ Exam Preparation Set with Verified Solutions
- Course
- Institution
QUESTIONS AND ANSWERS
[Show more]
1 review
By: nikimun20 • 3 months ago
By: EXEMPLARY1 • 3 months ago
Thank you for the positive review and all the best in your studies
Content preview
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 contractsThe benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller EXEMPLARY1. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $8.39. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
75632 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now