As a homeowner or potential buyer, you may have come across the LS 59 form, a crucial document in the process of buying or selling a property in Ontario, Canada. The LS 59 form, also known as the "Affidavit of Title," is a sworn statement that verifies the ownership of a property and discloses any outstanding liens or encumbrances. Filling out this form correctly is essential to avoid any delays or complications in the transaction process. In this article, we will provide you with 5 tips to help you fill out the LS 59 form correctly.
Understanding the LS 59 Form
Before we dive into the tips, it's essential to understand the purpose and content of the LS 59 form. The form is typically used in conjunction with a real estate transaction, such as a sale or purchase agreement. It requires the owner of the property to provide information about the property's title, including any outstanding liens, mortgages, or other encumbrances.
Tip 1: Review the Form Carefully
The first step in filling out the LS 59 form correctly is to review it carefully. Take the time to read through the entire form, including the instructions and any attached schedules. Make sure you understand what information is required and what supporting documentation you need to provide.
Section by Section Breakdown
The LS 59 form is divided into several sections, each requiring specific information. Here's a brief overview of each section:
- Section 1: Property Information - This section requires you to provide details about the property, including the property address, municipal address, and PIN (Property Identification Number).
- Section 2: Owner Information - This section requires you to provide information about the owner of the property, including their name, address, and contact information.
- Section 3: Title Information - This section requires you to provide details about the property's title, including any outstanding liens, mortgages, or other encumbrances.
- Section 4: Supporting Documentation - This section requires you to attach supporting documentation, such as a survey or title search.
Tip 2: Provide Accurate Information
It's essential to provide accurate information on the LS 59 form. Inaccurate or incomplete information can lead to delays or complications in the transaction process. Make sure to double-check all information, including property addresses, owner information, and title details.
Common Mistakes to Avoid
When filling out the LS 59 form, there are several common mistakes to avoid:
- Inaccurate or incomplete information
- Failure to attach supporting documentation
- Not signing the form in the presence of a commissioner for taking affidavits
- Not providing a clear and concise description of the property
Tip 3: Attach Supporting Documentation
The LS 59 form requires you to attach supporting documentation, such as a survey or title search. Make sure to attach all required documentation to avoid any delays or complications in the transaction process.
Types of Supporting Documentation
The type of supporting documentation required will depend on the specific circumstances of the transaction. Common types of supporting documentation include:
- Survey or title search
- Mortgage or lien information
- Property tax information
- Other relevant documentation
Tip 4: Sign the Form in the Presence of a Commissioner
The LS 59 form must be signed in the presence of a commissioner for taking affidavits. This ensures that the information provided is accurate and truthful. Make sure to sign the form in the presence of a commissioner to avoid any delays or complications in the transaction process.
What is a Commissioner for Taking Affidavits?
A commissioner for taking affidavits is a person authorized to administer oaths and take affidavits. They are typically lawyers, notaries public, or other authorized individuals.
Tip 5: Review and Verify the Form
Finally, it's essential to review and verify the LS 59 form before submitting it. Make sure to review the form carefully, including all attachments and supporting documentation. Verify that all information is accurate and complete, and that the form is signed in the presence of a commissioner for taking affidavits.
Conclusion
Filling out the LS 59 form correctly is essential to avoid any delays or complications in the transaction process. By following these 5 tips, you can ensure that your form is complete, accurate, and submitted correctly. Remember to review the form carefully, provide accurate information, attach supporting documentation, sign the form in the presence of a commissioner, and review and verify the form before submitting it.
We hope this article has been informative and helpful in assisting you with filling out the LS 59 form correctly. If you have any questions or comments, please don't hesitate to reach out.
What is the purpose of the LS 59 form?
+The LS 59 form, also known as the "Affidavit of Title," is a sworn statement that verifies the ownership of a property and discloses any outstanding liens or encumbrances.
Who needs to fill out the LS 59 form?
+The LS 59 form is typically required for homeowners or potential buyers involved in a real estate transaction in Ontario, Canada.
What supporting documentation is required for the LS 59 form?
+The type of supporting documentation required will depend on the specific circumstances of the transaction. Common types of supporting documentation include a survey or title search, mortgage or lien information, property tax information, and other relevant documentation.