12-14-2021, 01:21 PM
(12-14-2021, 09:09 AM)ijmorlan Wrote:(12-14-2021, 02:10 AM)nms Wrote: I can't imagine how any condominium tower can ever have a major type of, back to the beams, renovation that some post-Second World War buildings need from time-to-time.
That’s easy. If the owners of 80% of the units vote to terminate the condominium and sell, the entire building can be sold. A few changes to a condominium require 90% approval, including if I recall correctly adjusting the proportions of the common expenses due from each unit, but terminating only requires 80%. So the Condominium Act is designed to avoid problems with holdouts.
However, 80% of all units is really, really hard to get. There would need to be either a super good offer on the table, or massive issues with the building, to get 80% of all owners to agree.
Major renovations can be done without that level of agreement. Not down to the steel beams, but then that level of renovation really isn't all that common.