In Falsetto v. Falsetto (Ont CA, 2024) the Court of Appeal notes interesting variations on property ownership, here with a small multi-property owner:
a. Luigi and Albert’s Real Estate Business
[3] Luigi and Albert have been engaged in the business of buying and redeveloping real estate together in the Ottawa area since around 1990. Many of their properties are located on Lisgar Street, and have been acquired with the intention that they will be redeveloped together. Legal title to these co-owned properties varies. Sometimes Albert is the sole owner registered on title, sometimes it is Luigi, and in some instances they have both been on title. Where title is not registered in both names, their practice has been to subject 50 percent of the legal title to a trust in favour of the unregistered party, making that party a beneficial co-owner. The beneficial ownership is not reflected on title but, in each instance, is documented in co-tenancy agreements executed in 2014 and 2019.
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