Purchasing Apartment Building - Corp. on Title Required?
- Thread starter Nir
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- Apr 11, 2008
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- 59
QUOTE (investmart @ Dec 11 2009, 06:56 PM) Hi All,
When purchasing an apartment building say 10-plex or 20-plex:
Is putting a corporation on title (instead of personal name) just recommended or actually required by most banks? why?
THANKS.
I have a 22 unit building that`s owned personally. There was/is no requirement to have a property in a corprorations name unless the bank wants you to have more protection from liability. I dont think this is an issue with a 10 or 20 unit block.
Banks are more concerned with you paying them back then anything else.
When purchasing an apartment building say 10-plex or 20-plex:
Is putting a corporation on title (instead of personal name) just recommended or actually required by most banks? why?
THANKS.
I have a 22 unit building that`s owned personally. There was/is no requirement to have a property in a corprorations name unless the bank wants you to have more protection from liability. I dont think this is an issue with a 10 or 20 unit block.
Banks are more concerned with you paying them back then anything else.
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- Aug 30, 2007
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- 13,879
QUOTE (investmart @ Dec 11 2009, 05:56 PM) Is putting a corporation on title (instead of personal name) just recommended or actually required by most banks? why?
yes, in Alberta due to mortgage act.
not necessarily, but common, in most other provinces !
yes, in Alberta due to mortgage act.
not necessarily, but common, in most other provinces !