Question

Your client wishes to purchase a condominium that is not covered by the LRRA. Which registers must be searched?

1) Land Registry
2) Property Registry
3)ondominium Registry
4) None of the above

Answer 1

To purchase a condominium, searches in the Land Registry and potentially the Condominium Registry are necessary for proper due diligence and legal verification of property status.

Step-by-step explanation:

When purchasing a condominium not covered by the Liability Risk Retention Act (LRRA), a client must ensure due diligence by searching the relevant registers. The specific register to be searched can vary depending on the local jurisdiction or country, but commonly, the Land Registry and the Condominium Registry (also known as Strata or HOA register in some regions) would need to be consulted. The Land Registry contains records of ownership, easements, loans, and other legal rights tied to the property, while the Condominium Registry may hold information specific to the condominium's governance, such as bylaws, and the status of common property. It is essential to note that a Property Registry, if mentioned, can be another term for Land Registry used in some places.