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Stratas and Not allowing rentals

clstevens

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Sep 10, 2008
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Hi again,

Thanks for the responses on my last post.
This questions again pertains to rent to own and I think I might know the answer but best to ask. I own a condo that I live in - primary residence. It hasn`t sold and has been on the market for 6 months. I am considering rent to own for someone but my strata doesn`t allow for rentals. I suppose under the strata act that the rent to own tenant is considered a tenant - not an owner so the only way around this would be to ask for special permission and claim hardship so I would be allowed to rent. If there is a better option than the special permission this would probably be preferrable.

Thank you

Cari-Lee
 

Thomas Beyer

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Aug 30, 2007
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QUOTE (clstevens @ Feb 3 2009, 08:28 PM) Hi again,

Thanks for the responses on my last post.
This questions again pertains to rent to own and I think I might know the answer but best to ask. I own a condo that I live in - primary residence. It hasn`t sold and has been on the market for 6 months. I am considering rent to own for someone but my strata doesn`t allow for rentals. I suppose under the strata act that the rent to own tenant is considered a tenant - not an owner so the only way around this would be to ask for special permission and claim hardship so I would be allowed to rent. If there is a better option than the special permission this would probably be preferrable.

Thank you

Cari-Lee
get on the strata board .. becomes the board`s president .. and change the rules if you get a majority on board !
 

gwasser

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QUOTE (thomasbeyer2000 @ Feb 3 2009, 10:39 PM) get on the strata board .. becomes the board`s president .. and change the rules if you get a majority on board !


Thomas` solution may work, but it may take you a fair bit of time to accomplish. I suggest first to talk to some board members in private to see if your request for permission will likely fly. If you find support, you can officially ask permission and go-ahead as planned. If you have no support, you can always revert back to Thomas`s solution.

An added benefit to this approach is that when trying to become a board member, the sitting board might not be that alert regarding your motivation.
 

Dan_Eisenhauer

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Aug 31, 2007
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You can do an Agreement of Sale... a variation of the lease-option.

You have an agreement to sell the property, but the tenant-buyer pays you a premium, similar to the option, and that premium applies to the purchase price. You retain title until your receive $XXX. It is a sales agreement, and the buyer is obligated to complete the agreement according to its terms. The purchase price is paid in installments.

If the buyer defaults, as with the RTO, you get to keep all the premium paid.
 

ChrisDavies

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Feb 18, 2008
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QUOTE (thomasbeyer2000 @ Feb 3 2009, 09:39 PM) get on the strata board .. becomes the board`s president .. and change the rules if you get a majority on board !

Buy enough units in a single complex to own a majority.
 
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