The appellant condominium corporations sought a declaration that they owned a clubhouse within their development and that a mortgage granted by the respondent developer was void or subordinate to their interests.
The developer had retained legal title to the clubhouse, but the disclosure statements provided for its future conveyance to the appellants once the developer no longer owned any lands in the project.
The Court of Appeal dismissed the appeal, holding that the disclosure statements did not constitute an executory contract of purchase and sale.
Consequently, the appellants did not have an equitable interest in the clubhouse capable of registration under the Land Titles Act, and the developer was entitled to mortgage the property.