Have you ever been informed by your lawyer, while selling or refinancing your home, that there is an unknown creditor’s lien registered on your property (Notice of Special Interest, NOSI)?
Many homeowners need to first determine who has the right to register a claim on their property without their knowledge. For instance, if a water heater company signs a rental and service agreement with you, they are legally entitled to apply through a lawyer to the Land Registry Office to register a lien on your property. This means that if the property is sold or mortgaged, this specific debt to the creditor must be paid off first.
As a result, many sellers are informed by their lawyers during the sale or mortgage process that these specific prior liens must be dealt with before the transaction can be completed. Homeowners often end up paying several hundreds or even thousands of dollars to clear these liens before the sale or loan registration can proceed. This process is both time-consuming and costly.
If you are currently facing such a situation, Yan Law Firm has good news for you about a new regulation that can help mitigate this burdensome and costly legal process!
Notice Of Security Interst:
The Ontario Government has enacted the Homeowner Protection Act, 2024 (Bill 200) in the Legislative Assembly, with Royal Assent granted on June 6, 2024.
Amendments to the Personal Property Security Act now state that a notice of security interest (NOSI) concerning consumer goods cannot be registered in a land registry office, unless specified by regulations established by the Minister overseeing the Act’s administration.
All NOSIs related to consumer goods (such as Hot Water Tanks, HVAC) that were active before June 6, 2024, are considered expired as of that date. Any NOSI or extension related to consumer goods that is deemed expired, or expired before the Royal Assent date, may be removed from the title.
Even though the NOSI can no longer be registered on land, the debt obligation still exists, and recovery can be pursued through other methods, such as initiating legal action.
Contact Y. Liu Law Firm for more details.
* * * * *
U-Arts Launches Membership Card Program: Sign Up Before August 31 for Discounts
U-Arts introduces a membership card program with discounts for those who sign up before August 31. Annual fee: $800, monthly fee: $250, hourly rate: $34, single 2-hour session: $50. Suitable for all age groups to enjoy and create art. For details, contact 416-366-6660 or visit the Markham, Durham, or Scarborough locations. (Sponsored by Yan Law Firm)
More details: https://easyca.ca/archives/406018