THE RIGHT LAWYER FOR YOU

The law firm of Martin K. I. Rumack has over 30 years of experience in:

Real Estate Law

Corporate/Commercial Law

Wills/Estates/Powers of Attorney

Family Law

Drawing on his extensive knowledge and attention to detail Martin brings a personalized approach to each and every case. Whether you're an individual
or a corporation, big or small, dealing with the intricacies of the law can
involve complicated issues and difficult decisions. Martin K. I. Rumack
will help you protect your interests by outlining your options and
providing you with the solution.

If you need a lawyer in Toronto call the law firm of Martin K. I. Rumack
at: (416) 961 3441 or send an e-mail: martin@martinrumack.com

* Martin K. I. Rumack's Annual Newsletter PDF *
2011

READ MARTIN K.I. RUMACK'S LATEST BULLETINS

- "Condo Confusion: Parking Spaces and Lockers" 23/08/2011

CONDO CONFUSION: PARKING SPACES AND LOCKERS

In my years of Condominium real estate practice, one of the issues which regularly arises and creates problems, confusion and legal disputes relates to the subject matter of both Lockers and Parking Units. The Toronto Real Estate Board Standard Form Agreement of Purchase and Sale for Condominium Unit Resales, provides spaces on the first page for agents to insert specific information relating to Locker and Parking Units.

More particularly in the Agreement, there are spaces to insert both the Unit and Level Numbers for Lockers and Parking Units where applicable; in other words the Legal Description. What many owners and agents insert if they are not careful is a “Number” which is painted on the Locker and/or Parking Space which is not the actual “Legal Description” but only a “Given Number” painted on the Locker and/or Parking Space for identification purposes. For example while the “Legal Description” may be Unit 10 Level C, the painted “Given Number” may be 323. This can lead to contractual problems when in fact the actual location of the Locker and/or Parking Space based on the “Legal Description” does not actually physically coincide with the location of the “Given Number.”

Another serious issue which arises in conjunction with Locker and Parking Spaces again relates to what is inserted in the Agreement of Purchase and Sale. The question is whether a Buyer is buying a Parking Space which they own outright; or, are they merely acquiring the exclusive use of a Parking Space; which means they do not own the Parking Space but they merely have the use of the particular Parking Space. In a similar vein, I observe this same problem arising with respect to Lockers. It is very important that Real Estate Agents carefully determine the proper and correct status of these Units when initially preparing a listing; and similarly when an agent who is representing a Buyer and is preparing an offer they must insert the correct wording in the Agreement. Obviously a Buyer will pay more for a Locker and/or a Parking Space if they are owned, rather than if they merely provide exclusive use.

Additionally I cannot emphasize the importance of a Buyer insisting on seeing the actual physical location and the size of both Lockers and Parking Spaces. A person who may have some difficulty in walking any distance, or may have some security concerns will want to be located close to an elevator, stairway or exit. If they do not check the actual location until after closing, they are stuck with the location of the Locker and/or Parking Space they bought.

More than once, I have received frantic calls from clients after Closing who call me to tell me the Parking Space is too small to accommodate their Winnebago Motor Home or their small Hummer! Some clients call after the fact to say the Locker is not as large as they thought it would be and therefore cannot hold all of their belongings. Make sure you look before you buy and ask any questions you may have --- DO NOT BE SHY, nor think that the QUESTION is a STUPID QUESTION. There are no STUPID QUESTIONS! LOOK BEFORE YOU LEAP!! J

- "The Tax Man Strikes Again" 08/04/2011

- "Basement Apartments" 31/03/2011

- "HST Has Arrived" 05/07/2010

- "Important Update On Reserve Fund Changes" 21/03/2010

- Archived