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Question about transferring ownership

Undead

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Is it possible to have an individual listed on the deed for a condo to sell their stake to a corporation? Any insight welcome.
 
Just hoping to get any background info here because there's many people familiar with real estate on this forum. I heard this has something to do with section 85?
 
Hopefully someone will drop by with some actual insight. Section 85 of the Condominium Act establishes a legal right of lien for the condo corp. to recover debt related to common expenses from the assets of the defaulter(s). A lien can be enforced against the assets of a corporation.
 
Is it possible to have an individual listed on the deed for a condo to sell their stake to a corporation? Any insight welcome.
If you own property you can sell to anyone ; In our condo building we had several Units owned by numbered companies a few years ago. Subsequently all were sold to individuals but I assume they were owned by a corporation for tax reasons or because the company need a pied a terre in Toronto. As with all sales and purchases you need to do it properly so talk to a lawyer and a tax lawyer.
 

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