February 2016
Loans by condominium corporations create a common financial liability. … When some owners are unable to regularly contribute their pro-rated share to service the common loan, more pressure is put on other, non-defaulting unit owners… If the pro-rated share is not paid on time by the unit owner, the corporation may place a lien on the unit, leading to an automatic default under the mortgage.”
The Condo Bible delves into aspects of condo living that most people do not consider.
Information on The Condo Bible for Canadians is available at www.condobible.com.
