The Condominium Property Act does not permit transfers of new condominium units to utilize the Pending Registration Queue, Western Protocol, or Gap Insurance to close real estate transactions. In...
Description
The Condominium Property Act does not permit transfers of new condominium units to utilize the Pending Registration Queue, Western Protocol, or Gap Insurance to close real estate transactions. In order to release funds to the developer, the title must be issued in the registered owners’ name. The Land Titles Office (LTO) has developed processes for the solicitor acting on behalf of builders/developers or purchasers of newly constructed condominiums to request expedited registration, effective December 2, 2021. This will prevent delays and enable funds to be released to the developer.