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A hidden wrinkle that will make the group decision to sell your condo building even harder

July 19th, 2017 · 3 Comments

There are about 70 groups of residents in the Lower Mainland at present thinking about selling their buildings to developers. That process is already stressful enough. I’m told that, no matter what price sellers get, they are always convinced the developer is somehow ripping them off and making a huge profit.

Then there are the concerns that people in their buildings, or on their strata councils, might be making side deals with developers.

Now, to top that off, it turns out that the share that each person gets is likely going to be based on some strange formula that no one paid any attention to until now. Proceeds don’t get divided up according to assessed value, which most people expect.

Here’s my complicated story on this from the Globe.

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