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Who can you trust ? Hidden investors fail to get CONDO TITLE encumbrance SUN RISE ELEPHANT 2018/09/11 00:05  
It's from the troubled world of GTA condo investing.

( ONSC Judicial gatekeeper ) Master Jolley rejects application for C.P.L.s Certificates of Pending Litigation sought against titles to two condo units by an arguably “hidden profile” investors group Sun Rise Elephant.

The target ownership titles are two Markham, Ontario proposed condo units which Master Jolley’s decision cites in 2016 had been the subject of certain unregistered pre-registration agreements .

Concealing the C.P.L. seekers Sun Rise Elephant, those unregistered agreements funded & attempted to secure the eventual purchase of both units into the name of unnamed “nominees” - ie arguably “straw purchasers” though that’s not what they are labelled here.

Why would Sun Rise In 2016 be hidden and from whom ?

Hidden from Canada Revenue ? Hidden from the Declarant & its investors wanting to reduce exposure to non-occupant initial purchasers intending to try to ride rising taxable values ? ( rationales include Declarant NOT sharing in some other investor's pre-registration profits. Or conversely non-occupant buyers statistically having less to lose walking away from closings if values happen to immediately tank . . . )

In a wider context Toronto & BC were hearing shrieking about non-resident offshore buyers and alleged price inflation etc. . . . .

Whatever, with the units’ legal titles to remain free of any reference to Sun Rise Elephant, the need for security apparently took the form of apparently unregistered contracts between Sun Rise and its initial "nominees" - now long gone.

But who can you trust ?

Before the Dec 17 2016 formal registration of the new condo project, Sun Rise’s initial “nominees” secretly flipped the units to the current lawful owners to whom first lawful ownerships were registered.

And guess what ? : the new unit buyers with titles refuse to play ball with Sun Rise.

As in - presumably - :

“We are already the legal owners. We got clear ownership titles for which we paid the prospective owners of record & ultimately got first titles at registration of the Declaration. We owe you nothing. Who are you ? “

( for the record : ". . . [18] There is no evidence as to whether the plaintiff is a shell corporation. What is known is that it is a real estate investment corporation . . . )

Master Jolley opines that Sun Rise Elephant has credible grounds to sue – but whom ? The departed "straw persons" . . . sorry "nominees" ? (? Can they even be found ? ) The current owners too ?

But he rules that it won’t be accompanied by any C.P.L. Certificates of Pending Litigation encumbering the disputed condo units.

Sun Rise Elephant Property Investment Corporation v. Luu, 2018 ONSC 5247 issued Sep 6/18
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