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Regarding an over-55s complex with a strata title which was built in the 1980s. The builder had it written into the by-laws that 10% of capital gain on sale of the unit must go back to him and this must go first mortgage on the title. Of course, no bank will go second on a mortgage so you can't get a loan. Have you heard of anything like this? Can by-laws be changed or are we stuck with this forever?
The builder is now deceased and the 10% goes to his estate.
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