Builder’s rort blocks loans

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  • 05/06/2011 at 7:37 pm #7430 Reply | Quote
    StrataEze

      Regarding an over-55s complex with a strata title which was built in the 1980s.  The builder had it written into the by-laws that 10% of capital gain on sale of the unit must go back to him and this must go first mortgage on the title.  Of course, no bank will go second on a mortgage so you can't get a loan.  Have you heard of anything like this?  Can by-laws be changed or are we stuck with this forever?

      The builder is now deceased and the 10% goes to his estate. 

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    Reply To: Reply #13064 in Builder’s rort blocks loans
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