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Condo Late Payment Penalties - Info Needed


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On ‎4‎/‎17‎/‎2017 at 8:41 AM, Peterw42 said:

I know of a couple of blocks that do it, It involves using a lawyer, having office staff available to attend court etc, and its a drawn out procedure, a couple of court appearances to get to the selling of the condo stage. It also opens up a big opportunity for corruption as the condo can be sold for a figure that only covers the debt. The condo management gets permission to sell the condo to recover debt, but its not a public sale, minimum market value etc, Friends and family of a corrupt condo management can buy a million dollar condo for 100,000 outstanding debt. 

Its a big grey area, if the original owner is not around (presume dead), who pockets the difference between the outstanding debt of 100,000 and the sale of 1 million.

This  is not correct .To protect the debtor/owner the civil court decide the sale price all bids are by advertised public auction and the sale proceeds are paid into court and any credit balance is paid to the owner via the court office .To suggest a JPM could sell the condo in some secret covert deal is nonsense .

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16 hours ago, jippytum said:

To protect the debtor/owner the civil court decide the sale price all bids are by advertised public auction and the sale proceeds are paid into court and any credit balance is paid to the owner via the court office .To suggest a JPM could sell the condo in some secret covert deal is nonsense .

 

That may be the case when it comes to sales ordered by the court, but to my certain knowledge some JPMs do arrange for sales to be made to their cronies following the death of foreign co-owners. It usually takes the form of the JPM offering to "help" the overseas inheritors and involves the collusion of lawyers and real estate agents to ensure that the unit is sold at a low price without open bids ever being solicited. Large commissions are deducted by all. It has happened in my own building.

 

There is no limit to how low some people will stoop here to pick up money and anyone who thinks otherwise is a fool.

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