QUOTE(tmc @ Sep 20 2019, 10:24 AM)
Bought a property which the developer because unable to pay the debtors, decided to declare bankrupt. Now there is a lawyer coming by to work on the strata title for the owners, for a fees collected upfront, but unable to specifically say when the strata title can be obtained.
Made to understand that there is significant amount money to be paid to some entities before the strata title can be obtained. And thus the lawyers idea is pool this money together from the owners. Is this correct ?
Who exactly will be responsible for seeing through the process of getting strata titles for the owners ? The liquidator might be most unwilling to sign off whatever documents to allow the strata title process to go smoothly to completion, until they collected whatever money they took out earlier.
The owners themselves would naturally have vested interest in this but individually, they would do nothing. I would imagine that condo management might also be having vested interest in seeing through this as well ?
Want to know the process. Could someone familiar with this enlighten me ?
If the Developer/Company wound up means the Official Receiver or Liquidator should do the strata.Made to understand that there is significant amount money to be paid to some entities before the strata title can be obtained. And thus the lawyers idea is pool this money together from the owners. Is this correct ?
Who exactly will be responsible for seeing through the process of getting strata titles for the owners ? The liquidator might be most unwilling to sign off whatever documents to allow the strata title process to go smoothly to completion, until they collected whatever money they took out earlier.
The owners themselves would naturally have vested interest in this but individually, they would do nothing. I would imagine that condo management might also be having vested interest in seeing through this as well ?
Want to know the process. Could someone familiar with this enlighten me ?
Sep 20 2019, 10:33 AM

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