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Winnipeg Land Titles: Not fast, but it IS secure

December 18, 2012

Winnipeg Land Titles is NOT fast, but it IS guaranteed secure.

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 🙂

“I am writing this letter in regards to the sale of my mother’s house, which the new owners have moved in (2 weeks ago). There has been no money from the sale given to my parents (and the lawyers say it is in the hands of land titles)? What is this all about and how long does this process usually take. During this time, they are paying two mortgages and can not afford this at all, and have borrowed money to cover this. Family members that we have spoken to have never heard of this process and we are getting really worried for my parents. Can you please explain the whole process of after the sale to ease my parents worries? The reason we did not bother with asking our real estate agent or lawyer is because my parents aren’t very comfortable with either.”

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!

Home Buyer interview with Remax Agent Bo Kauffmann

blog.winnipeghomefinder.comNovember 8, 2012 [7:53:46] AM MST

Buyer Info,Latest Posts

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Buyer Info,Latest Posts buying, Real estate, real estate agents Home-Buyer Interview with Real Estate Agent Bo Kauffmann . When I start working with a new buyer, whether its a home-buyer or condo-buyer, I like to start the process with a personal meeting, during which we discuss a number of topics relating to the real estate […]

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Remax listed Condominiums for sale in Winnipeg

blog.winnipeghomefinder.comOctober 16, 2012 [6:23:59] AM MST

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Condos,Latest Posts condo, Condominium, condos, Real estate Condos for sale, listed by Re/Max in Winnipeg . There are hundreds of condos for sale in Winnipeg. Below is a comprehensive list of all condos listed by Re/Max agents in Winnipeg. This list is automatically updating all the time, so come back anytime (and often) to see […]

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Tags: Condos, Mortgage Lending, Real Estate Market, Winnipeg

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Kim Kuzenko

00:22 19 Jul 19

Working with Bo has been a complete pleasure! Bo is the best real estate agent around. He is honest, straight to the point, fair, helpful, and fun. He sold my condo in less than 2 weeks in a building where other condos have been on the market for 6 months or more for a great price. He knows the market and what is fair. He gives great suggestions on how to stage a place, and tips for a quick sale. He also helped me find my dream home outside the city in less than a week. He answers your texts quickly and puts your mind at ease when you don’t know what to expect. I would recommend him to anyone looking to sell or purchase their next home without hesitation! Thank you so much Bo!read more

mona katawne

13:08 05 Jul 19

I live in another province. I have bought and sold homes from afar. Bo was a great communicator. He heard what I was saying, kept me in the loop daily and sold the house for the price I needed. If I were buying or selling in Winnipeg I would be working with Bo.read more

Rita Kroeker

15:53 25 Jun 19

We were very pleased with the professional way that Bo assisted with selling my mother's condo. It sold quickly and everything went very smoothly. Bo is very knowledgeable about the sale of condos and, as that is a bit trickier than your average house sale, this was helpful.read more

Carmen Kube

15:08 17 Jun 19

I was very pleased with using Bo to list my home. I was referred to him by a colleague at work as I was in a crunch to list my home and get a quick sale due to marriage breakdown. Bo was very accommodating, pleasant to work with and always kept me posted with updates. We did showings on the home and took offers a few days later and we had multiple offers and got over our asking price! Thank you Bo for your kindness and professionalism.read more

Evelyn McKinley

16:48 12 Jun 19

Working with Bo was such an amazing experience! He was so helpful and available to answer any questions I had. I'd recommend Bo to anyone without hesitation.read more

Tracy Criggie

00:52 04 Apr 19

So glad our lawyer recommended Bo! Right from the start he made us feel so comfortable. We were looking outside the city so I appreciate the many trips he made, even if it was to see just one! He answered all questions and if he wasn’t quite sure, he found the answers for us! We also Appreciate how well he got to know our needs and wants so quickly. Yes there were more downs than ups, but in the end, we found THE ONE! Thanks Bo for everything! 😘read more

Steve Oetting

14:36 14 Mar 19

We feel we were very fortunate to have had Bo Kauffmann as our realtor. Prior to meeting with Bo, we had two very experienced realtors tell us our parents' condo was worth less than $300K. Bo was very direct and honest with us that in its current condition those appraisals were likely correct, but he was the only one to suggest that if we invested about $10K in some minor improvements, including flooring and painting, we would likely be able to get $330K for it. True to his word, once those renovations were completed Bo closed the sale of our condo in about two months at exactly $330K. We could easily have lost $30K or more if not for his wise advice and experience and we would highly recommend him to anyone that wants an honest and hardworking realtor. Thank you Bo, we really appreciate everything you did for us!read more

Christine de Sousa

12:15 24 Sep 18

Bo was straight forward with us from the beginning, after a long exhausted search with someone else, we decided to switch to Bo, we explained exactly what we needed from a realtor, he understood and more importantly delivered. He asked us what we were comfortable with price wise and not what we were pre approved for, because honestly, we were not even going to go close to that number. He never pressured us to spend more, gave his honest option about the property when we asked, and guided us through the house buying process which started and ended in a few weeks! I would recommend Bo to family and friends and if we are ever in the market for another realtor we will be returning to Bo!read more

Dale Whitham

14:04 30 May 18

Bo was a great help both before and after the sale. His expertise and knowledge, successfully helped obtain our first house, through numerous bids on our first try, at exactly where we wanted to be in terms of our budget. We can’t thank him enough.read more

Leah Thompson

12:16 17 May 18

Just recently purchased a condo with Bo as my agent - I chose him because of his support of D'Arcy's ARC, and was not disappointed! He was very friendly and responsive. I had told him I needed to make a decision fairly quickly for a fast June move, and he made himself available the next day any time I needed to meet with him. He followed up on everything he said he would do in a timely manner and was quite organized, so I never had to worry or "chase" him for things and we got it done in record time (from initial meeting to offer submitted and accepted within 5 days, and even got it for under asking with Bo's help on how much to offer).He was very knowledgeable about the condos in the neighbourhoods and price point I was looking at. I felt that he really listened and understood my need-to-haves vs. nice-to-haves during our initial meeting about what I was looking for, and that was reflected in a good list of search results to consider. He was very concerned about future resale potential too, and let me know which condos/features in the search results to avoid as they would be hard to sell down the line.Bo was also not pushy at all, which I appreciated. He never tried to push me above or even right up to my maximum price point. He was pretty honest about the good and bad for every property I inquired about, even one that was his own listing. There was no sugarcoating or trying to get me all emotional about my first home or any tactics like that, we just looked at everything practically and rationally.As a first time buyer, I also felt that he went the extra mile to help me through the purchase process and ensure I really understood everything - he made sure I knew what to expect next and when, and kept in touch during the condo 7 day cooling off period. He also took some time to go through the condo documents together when he dropped them off, and gave me some tips about areas that in his experience had the potential for red flags. I felt a lot more comfortable navigating the whole purchasing process working with Bo.And finally, he has some great connections with other D'Arcy's ARC supporters and got me in touch with referrals for a lawyer, insurance, movers and a painter right away - they were all equally as responsive as Bo and seemed very happy to help me. The painter even agreed to paint on the weekend to meet my fast timeline, and he said it was no problem because he's had a great relationship with Bo for a long time.In the end, I am extremely satisfied - I got fast possession on a turn-key modern condo that met all of my requirements, in one of my top choice neighbourds, with a bonus - underground parking that was on my nice-to-have list, for under asking at a price I'm comfortable with.read more

Steph

23:10 30 Mar 18

Bo helped us buy our first home. never any pressure from him, and always has your best interests in mind. very upfront with his knowledge and experience. For a first time home buying experience, Bo's help was very well appreciated and made it so easy!read more

Derek Berg

17:31 14 Jul 17

Bo is very well organized, available and knowledgeable. This was our first time buying a home and he made the process so easy for us. I will absolutely go back to him if we're ever looking to buy again.read more

amesy75

19:58 01 Nov 16

This is the first time I sold a property. Bo was very professional and efficient. His expertise and advise were invaluable. He kept me updated throughout the process and was very accessible. He even helped with a couple of minor fixes of the property. I would highly recommend him.read more

Bruce Macaulay

21:26 29 Oct 16

Bo has been amazing to work with. His knowledge and expertise was paramount in selling my condo quickly in a very difficult market. Bo provides great advice and is always available to respond to questions or requests. Bo was patient and professional throughout the selling process as well as helping us find us our dream home. I highly recommend Bo and will recommend him to friends and family.read more

Kaiden krocker

21:17 08 Jun 16

Exspierence was awesome, short but very sweet. We got exactly what we wanted. Highly recommended. If you selling or buying give Bo a call, he gets the job done:)read more

Dave Wilton

14:37 19 Mar 16

Knowledgeable, patient, experienced professional, these are but a few of the words I could use to describe Bo. Due to market conditions my condo took longer to sell than I thought it would but Bo was always upbeat and considering new ways to present my home. He is not a yes man who will tell you what you want to hear....he'll give you the straight goods to help you with your decision making process and sell your home.I recommend Bo without reservation.read more