The sale stopped in its tracks while everybody looked and assessed and figured. In the end, with the condominium corporation's and the management company's assurance that the parking space the seller was currently using would always be the buyer's parking space, the buyer decided to close. There was no adjustment for a lower value which was great for my seller because parking spaces can be bought and sold and sometimes have substantial value.
LESSONS LEARNED: I'm sure you always obtain a new copy of title as part of your diligence. Whether you are the listing or selling realtor, you should consider getting a copy of the condominium plan. They can contain lots of valuable information, including legal titles for not just the living unit but also for parking units, storage units and now, mailbox units.
Protect yourself.
Cheers,
Barry
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Field Law when you write your next deal.
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