Definitions:
- PIN - Property Identification Number - A PIN is a unique numerical identifier (for the legal description of a property) assigned to a specific property by a local government or municipal authority.
- Parcel Register - A parcel register is an official document maintained by a land registry or land titles office that contains important information about a specific property or parcel of land. It serves as a comprehensive record of the property's legal description, ownership history, encumbrances, and other relevant details. The parcel register is a crucial resource for anyone involved in real estate transactions, such as buyers, sellers, lenders, and lawyers, as it provides a comprehensive overview of the property's status and any legal or financial interests associated with it.
- Status Certificate - A status certificate, also known as an estoppel certificate or condominium certificate, is a document prepared by the Condominium Corporation that provides important information about the financial and legal status of a condominium unit and the overall condominium corporation. It is typically obtained by a buyer or their legal representative during the process of purchasing a condominium unit.
- Transfer Deed: A transfer deed, also known as a deed of transfer or conveyance deed, is a legal document used to transfer the ownership of property or real estate from one party to another. It serves as proof of the transfer of title or ownership rights from the seller (transferor) to the buyer (transferee).
Generally, a Condominium unit owner holds title to their specific unit and has an exclusive right to legal ownership, usage and occupancy of additional components such as parking, locker or storage units that are not considered to be a part of the common elements of a Condominium. The Status Certificate of a Condominium provides the details of such exclusive rights to use, occupy or own these additional components. When buying a condominium, it is crucial to have your lawyer order and review a Status Certificate and verify the ownership of the unit and the exclusive rights to own or occupy any components associated with the Condominium unit. Merely transferring the title to the condominium unit does not automatically result in the transfer of legal ownership for a parking, locker or storage unit. Regrettably, it is very common for the rights of exclusive possession and ownership of parking, locker and storage units to be overlooked during the closing process.
Kayani Law Firm's real estate team had dealt with the issue of a buyer’s right to legal ownership and possession of a parking space and saved our clients potentially thousands of dollars in losses and litigation costs, and safeguarded their interests by helping them move into their dream home that they invested countless hours finding. The Agreement of Purchase and Sale provided that the current owner had exclusive possession for two parking units and a locker and the Status Certificate confirmed this exclusive ownership and possession as well. However, when our real estate lawyer conducted the Title Searches, it was discovered that the current owner had legal ownership to just 1 parking space and NOT 2 parking spaces as mentioned in the Agreement. This Condominium unit was sold to more than 3 Buyers previously and the lawyers acting for these previous buyers or owners had NOT caught this error. The Sellers for our clients' transaction, however, confirmed that they have had exclusive possession of 2 parking spaces ever since they have owned the Condominium unit and they were ready to provide a warranty in the Agreement regarding this exclusive right of use, possession and ownership. However, for our legal team this was not enough. We wanted to proactively save our clients from any potential losses or damages and the thousands of dollars of potential litigation costs.
A warranty would have entitled our clients to claim damages against the Sellers in the future and our real estate lawyer understood that it was important to save our clients from potentially thousands of dollars of future litigation costs. Therefore, the real estate lawyer conducted further historical searches for the Condominium unit by using the Legal Description of the parking spaces mentioned in the Agreement of Purchase and Sale. It was discovered by our real estate team that, historically this Condominium unit was sold under a Power of Sale. However, the missing Parking PIN was not transferred at the same time, but was transferred a few months later by a separate Transfer Deed. It seemed that the missing PIN was transferred over by a separate Transfer Deed. However, all the lawyers acting for the potentially future buyers kept relying upon the previous Transfer Deed of Land which included the legal ownership for the Condominium unit, 1 Parking (and NOT 2 parkings) and the Locker unit. Our lawyer caught this error and created the historical trail all the way back to 1997 (26 years ago!) to catch the error of the missing PIN not being transferred to all the future buyers. By using strong negotiation skills, our lawyer managed to have the Sellers pay for our clients’ title insurance cost, and by using the knowledge and expertise of real estate law and contract law, our lawyer also managed to have the title insurance company provide specific title insurance coverage for any losses or damages resulting form the lack of legal ownership (but possession) of the missing parking PIN.
One of the many skills that sets our real estate lawyers apart is their exceptional negotiation skills and knowledge of the law. By skilfully leveraging their knowledge of real estate law, contract law, the Condominium Act and Regulations, our lawyer successfully minimized the potential damages to our clients and secured substantial savings for them.
Are you in need of a real estate lawyer who can protect your interests and save you from costly damages? Look no further! Our expert legal team has a proven track record of saving clients from financial ruin. Whether you're a first-time homebuyer, a property investor, or a business owner, our real estate lawyer's unmatched expertise can help safeguard your legal interests and investments, and help you maximize your profits. Our real estate lawyer's secret to success lies in their meticulous approach to identifying potential damages before they escalate. Through careful analysis of contracts, property records, and legal precedents, our real estate lawyers can spot red flags and anticipate issues that could lead to significant financial losses for our clients. This proactive approach has proven instrumental in saving clients a substantial amount of money.