Winnipeg Land Titles: Not fast, but it IS secure
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Winnipeg Land Titles is NOT fast, but it IS guaranteed secure.
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I get letters and e-mails from people, asking about real estate issues. Here is one I received in the past. The names and dates have been changed to protect the innocent 
Land Titles
First, the good news: What has been described in the letter above appears to be running the normal process, so there does not seem to be any need to panic. (Keep in mind that I am NOT directly involved in this particular incident, and only have the above letter to guide me.) Real Estate sales in Manitoba use the Torrens System of Land Titles, and have done so since 1885. While it seems to be a slow, methodical and time consuming process, the upside is that it is Safe and Secure. This system operates under 3 principles:
1) The Mirror Principle:
Our Land Titles Register ‘accurately reflects’ (like a mirror, get it?), the current facts surrounding the title. It is considered to be conclusive evidence as to the current owner of any given property
2) The Registration Required Principle:
If this title is supposed to be conclusive, then ALL transfers and changes which effect title MUST be registered with the Land Titles Office. Among other things, this includes any Mortgages.
3) The Assurance Principle
Ever heard of stories where the same property was sold TWICE? I just read about a couple who bought a condo in the U.S., and about a week after moving in, they received an eviction notice, because the 2nd buyer wanted to take possession. Upon closer examination, it was learned that the same home was sold to BOTH buyers. Our Land Titles system is set up to prevent this from happening. But beyond that, if it ever DID happen, the Province of Manitoba would compensate any aggrieved party thru the Land Titles Assurance Fund.
How long does it take?
On average, it takes approx. 3 to 4 weeks for Land Titles to ‘clear’, and the money to be transferred to the seller’s lawyer. According to the Offer to Purchase, Sect 2 (b), any money being paid to the home Seller, which is delayed as a result of Land Titles transfers, “..shall bear interest payable to the Seller at the same rate as the new mortgage…”
In other words, the home seller should be receiving 3 or 4 weeks worth of interest on their sale.
I hope this answers the question as to the time delay which is being experienced via Land Titles registration. If you have any real estate related questions, please do not hesitate to call me or email me. I guarantee that you will be ‘comfortable in dealing with me!”
UPDATE: The lady who wrote the above letter advised me that her parents did indeed receive the money (after about 3 weeks) and all is well….. yeah!
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