A British Columbia Supreme Court judge has declared a $5-million mortgage on a West Vancouver property to be a "sham," ordering the transfer of the home to an Iranian businessman who paid $5.58 million for it. The ruling exposes a complex scheme involving fraudulent mortgage documents and a disputed sale.
In a recent ruling, Justice Jasvinder Kaur Sidhu found that the $5-million mortgage registered against the West Vancouver property was not a legitimate financial transaction. The judge described the mortgage as "essentially a sham," indicating it was created to deceive or defraud. This declaration is a significant development in the legal battle over the ownership of the high-value property.
The property in question was purchased by an Iranian businessman for $5.58 million. However, the existence of the substantial mortgage complicated the transfer of ownership. The businessman argued that the mortgage was fraudulent and should not impede his rightful claim to the property. The court's decision to order the transfer of the home to him supports his position.
This judgment highlights the potential for sophisticated fraudulent activities within real estate transactions. The court's strong language in describing the mortgage as a "sham" suggests a deliberate attempt to misrepresent the financial status of the property. The case underscores the importance of due diligence in property dealings and the legal recourse available when such schemes are uncovered. The outcome is a victory for the buyer, who can now proceed with taking possession of the West Vancouver residence.