Undead
Senior Member
Is it possible to have an individual listed on the deed for a condo to sell their stake to a corporation? Any insight welcome.
|
|
|
Question about transferring ownership
- Thread starter Undead
- Start date
lenaitch
Senior Member
Sounds like a question for a lawyer. It seems there might be tax implications along with lawyer and registration costs.
Undead
Senior Member
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?
lenaitch
Senior Member
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.
DSCToronto
Superstar
Member Bio
- Joined
- Jan 13, 2008
- Messages
- 21,866
- Reaction score
- 35,423
- Location
- St Lawrence Market Area
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.