The professional photographs posted on a property tour website last year show Moffy Yu's condo in downtown Toronto, a light-filled two-bedroom home with floor-to-ceiling windows framing sweeping views from the tallest residential tower in Canada.
Documents provided by Yu show the home was listed for $978,000 last May 11, then sold for $970,000 nine days later, near the height of the pandemic property boom. Ontario land title documents show ownership was transferred for that sum on June 15 to a new buyer who took out a mortgage with the Bank of Montreal.
King, of King International Advisory Group, looked into Yu’s case on behalf of her title insurer, and said he could not comment on the specifics of her case. “The property sale, although a fraudulent transfer, is all performed in the proper legal processes which adds to the complications as this has to be all undone, which can take considerable time as it all has to go through the various judicial process," King said by email.
“I was freaking out and I couldn’t believe what was going on here. The whole thing was outrageous, unbelievable, and it took me a while to digest,” said Yu in an interview conducted in Mandarin.Yu, who moved back to China in 2019, said she reported the matter to police and her insurer. Jeff Roman, director of enterprise media relations for Bank of Montreal, said that in "a situation like this, we strongly encourage individuals to contact the police", and the bank was "standing by to fully support investigation.
The "old-school" way was to get a duplicate title from the land title office. "Having the duplicate title does protect you but keep it in a safe place because, without the duplicate, you can't transfer title," said Ehrlich.
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