Quote:
Originally Posted by I-Hate-Hulse
Most modern condo by-laws and Provincial Condo/Strata acts have a clause exactly for this situation. Basically, the entire complex is liquidated and owners get a proportionate share of the the proceeds (or debts....) - not unlike the windup of any corporation.
Section 64 of the AB Act governs this, but it's a little sparse. This lawyer's site covers the steps pretty well ( link)
The people in Toronto should definitely be looking to do this by selling to a developer (as the last sentence of the article states). The way the Toronto market is - they've got to be getting way more by going this route. |
It's a decent size piece of land, but say each unit is $250k, that's $80 million, plus the 9 million in debt. Is the land worth $90 million? No idea. Sounds high though.
https://goo.gl/maps/8xeaUKta2LQqrFNW7