Title refers to the legal ownership of real property. Reviewing the Title is an important step of doing due diligence in your purchase! The title can shed light on:
- Who the legal owners are of this property and type of ownership
- Identifies type of ownership which rights are applicable
- The legal description of the home
- LINC Number
- Identifies the current registrations applicable to the home including Mortgages, Caveats, Restrictive Covenants and any other potentially distressing signals that may show the home is in financial hardship, marital or financial disputes.
Reviewing the title will help gain a greater understanding of the home and protect you from future surprises or potential opportunities.
Parking and Storage in Condominiums
Parking and Storages legally owned (titled) which allow the owner the rights to use or sell it if they so choose. Titled units are real property owned and as such is subject to property taxes Assigned Stalls and storage unit are different, these are legally owned by the building corporation and you have exclusive usage of these areas. You cannot sell them nor pay taxes on it.
Buyers have to be weary of leased areas applicable to the purchase which could result in additional expenses on top of condo fees. Leases comes in all shapes and forms, asking the seller or the property manager for copies of these documents will help eliminate extra unforeseen expenses.
