What does 'Property is in land titles' mean?
Hi everyone,
Can you tell me 'Property is in land titles' means? Please don't be sarcastic and tell me it means 'what it says on the tin!' - because I'm still non the wiser! Also I have seen this phrase on some properties and then it hasn't been mentioned on others. Tried to do a search on here but couldn't find anything. Thanks |
Re: What does 'Property is in land titles' mean?
I am not sure what "property" is in land titles means. I would assume it would be "documents" are in Land Titles. I don't know where you have seen this because if the documents are in Land Titles then the property is sold and wouldn't be on any listing any more.
It does mean what it says. Once a property is sold and the lawyer has prepared all the documents and the purchaser has paid the money and the vendor's lawyer has it in his trust account, or the mortgage has been signed and all the documents have been submitted to Land Titles, then the purchaser is just waiting for the documents to come out of Land Titles and the mortgage monies paid to the vendor's solicitor before the purchaser can have possession of the house. |
Re: What does 'Property is in land titles' mean?
Originally Posted by Purley
(Post 8275468)
I am not sure what "property" is in land titles means. I would assume it would be "documents" are in Land Titles. I don't know where you have seen this because if the documents are in Land Titles then the property is sold and wouldn't be on any listing any more.
It does mean what it says. Once a property is sold and the lawyer has prepared all the documents and the purchaser has paid the money and the vendor's lawyer has it in his trust account, or the mortgage has been signed and all the documents have been submitted to Land Titles, then the purchaser is just waiting for the documents to come out of Land Titles and the mortgage monies paid to the vendor's solicitor before the purchaser can have possession of the house. |
Re: What does 'Property is in land titles' mean?
A process by which proof of ownership of real property is filed in the appropriate county office or court to allow purchasers, creditors, and other interested parties to determine the status of the property interests therein.
At one time properties in Ontario, to the best of my recollection, could be registered in one of two ways, Land Titles and (I'm buggered if I can remember the other). I believe everything is now registered under the Land Titles process, but I maybe wrong. |
Re: What does 'Property is in land titles' mean?
Here in Manitoba there is often a delay between Possession date by the Buyer, and the legal transfer of the land, by Land Titles, often 30 days of more, so during that period the property is on a "sort of" legal limbo.
I assume that is what the term 'Property is in land titles' refers to, but I may be wrong as it is just an assumption on my part. |
Re: What does 'Property is in land titles' mean?
Well Fledermaus I got a bit fed up with things. At the time there was a load of sniping and griping and snarky remarks on the board. Thought I'd have a break for a while. I lurked around occasionally and just answered the post because I was a real estate paralegal until a couple of months ago!
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Re: What does 'Property is in land titles' mean?
Originally Posted by Purley
(Post 8278741)
Well Fledermaus I got a bit fed up with things. At the time there was a load of sniping and griping and snarky remarks on the board. Thought I'd have a break for a while. I lurked around occasionally and just answered the post because I was a real estate paralegal until a couple of months ago!
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Re: What does 'Property is in land titles' mean?
Originally Posted by greentea3
(Post 8274921)
Hi everyone,
Can you tell me 'Property is in land titles' means? Please don't be sarcastic and tell me it means 'what it says on the tin!' - because I'm still non the wiser! Also I have seen this phrase on some properties and then it hasn't been mentioned on others. Tried to do a search on here but couldn't find anything. Thanks The modern system of land registration in Ontario is a computerized one and is called Land Titles. Operated by the government which, subject to certain limitations, guarantees title. There is no adverse possession through Land Titles. Beware, though, many older properties were transferred to Land Titles but are not fully guaranteed and will not be until title is cleared, qualifying them for Land Titles. It's a bit more involved than that but that's about it. |
Re: What does 'Property is in land titles' mean?
Originally Posted by greentea3
(Post 8274921)
Hi everyone,
Can you tell me 'Property is in land titles' means? Please don't be sarcastic and tell me it means 'what it says on the tin!' - because I'm still non the wiser! Also I have seen this phrase on some properties and then it hasn't been mentioned on others. Tried to do a search on here but couldn't find anything. Thanks |
Re: What does 'Property is in land titles' mean?
From mls
"You better check it out soon & move in quickly. Property is in Land Titles. Taxes are more because it's not owner occupied. Will be adjusted on closing. Home is well insulated." |
Re: What does 'Property is in land titles' mean?
Originally Posted by greentea3
(Post 8281036)
From mls
"You better check it out soon & move in quickly. Property is in Land Titles. Taxes are more because it's not owner occupied. Will be adjusted on closing. Home is well insulated." |
Re: What does 'Property is in land titles' mean?
In Winnipeg there is a $400 property tax rebate to a property owner, but it is not granted if the property is rented out.
This may be a similar situation. Land Titles against Registry does seem to be the likely answer. What province is this. |
Re: What does 'Property is in land titles' mean?
Originally Posted by Purley
(Post 8278741)
Well Fledermaus I got a bit fed up with things. At the time there was a load of sniping and griping and snarky remarks on the board. Thought I'd have a break for a while. I lurked around occasionally and just answered the post because I was a real estate paralegal until a couple of months ago!
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Re: What does 'Property is in land titles' mean?
Originally Posted by MB-Realtor
(Post 8282026)
In Winnipeg there is a $400 property tax rebate to a property owner, but it is not granted if the property is rented out.
This may be a similar situation. Land Titles against Registry does seem to be the likely answer. What province is this. |
Re: What does 'Property is in land titles' mean?
Originally Posted by Alan2005
(Post 8282150)
I think some of the real estate and legal experts on this thread might be making this stuff up as they go along.
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