Order (Vesting) (ON)


Summary

This precedent is an order vesting the sold premises in the purchaser in accordance with the offer of purchase. It contains practical guidance and drafting notes. The precedent is used as part of a remedy where the lien claimants, under the Construction Act, R.S.O. 1990, c. C.30, have the right to sell the interest of the statutory owner in the property if they fail to satisfy their obligations to the lien claimant under the judgment. Where the sale of property is by auction, the auctioneer will provide an affidavit as to the conduct and outcome of the sale for filing with the Court. The purchaser of the property is obliged to prepare the offer to purchase. If the offer is acceptable, it must be approved by the court, which will then make a vesting order in accordance with the terms of the sale. The vesting order that is made vests in the purchaser whatever title the statutory owner possessed, as well as the interests of the various lien claimants, and of all parties before the court ...