Quite a few folks who read this blog are lawyers. You may demur, but web logs tell no tales. So I would like to pose a question to the iurisconsultus among you, prompted by a comment to yesterday's post.
I'm pretty sure that part of the Metropole purchase agreement was a requirement that the owner occupy - or at least maintain ownership of without renting - the property for a minimum of one year after closing.
I've seen this other places to minimize "flipping." The newly-formed condo association can probably vote to change the rule, but I actually think it's a good one provided there are exemptions for life events like sudden long-term disability, job loss, or birth of a child during the first year (or perhaps while waiting for construction). As for a "flipper," would someone want to casually open herself to legal action by breaking a contract? I'm not sure.
My question: assuming a developer has added such a clause to a purchase agreement, is it enforceable once deed has transferred to the purchaser? I'm hard pressed to believe anyone can control when a property owner can sell his/her property.
What say you, avvocati?