Exciting news for buyers and sellers alike at Lumiere – the building’s registration is coming up soon!
The builder (Menkes) is currently aiming to have the condo registered with the city by late April or early May. What this means is that the process of granting title (or real, legal, ownership as recorded in official provincial government files) will be given to the purchasers of the suites that were bought between the time of pre-construction to today.
It takes approximately 30 days for the title to transfer from the builder to all of the residents, so what all this really translates into for you is that the condos could be in the official hands of the true owners by as early as the end of May.
Now why is this exciting for buyers and sellers? Well, certainly, it allows Lumiere to have condos for sale on the open market, listed on MLS and represented by real estate agents so that there is no longer any exclusivity (or let’s face it, secrecy) about what is available for sale in the building.
And what do I see for the near future of Lumiere? Based on what has happened with other condos in the neighbourhood at the time of registration, the market becomes loaded with properties! There could literally be dozens of condos that come up for sale there within a few weeks.
So, if you’ve been holding out for your Lumiere purchase or sale until now, know that it’s certainly within reach.