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Restrictive Covenants on a FREEHOLD property with a management company
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What happens in the event the developer no longer exists? i.e. they went out of business (there's no one to enforce them).
(i assume if the developer merged or was bought out, then the acquiring company becomes the beneficiary of the covenants).I have a tendency to mute most posts so if your expecting me to respond you might be waiting along time!0 -
singhini said:What happens in the event the developer no longer exists? i.e. they went out of business (there's no one to enforce them).
...Depends what happened to the company and what kind of company structure it had.One possibility is the benefit of the covenant passes to the Crown as bona vacantia.
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