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If you don't make a contractually agreed upon deposit, you risk being held in default of your agreement and forfeiting any deposits paid to date. I'm not commenting on what is right or wrong in this situation, just what could happen legally. You could not make the payment, and there could be no...

I don't believe Highgrove is technically under receivership, but the lender has the land for sale. It is a condo tenure project so all deposits are going into trust.

Senator owns the land between Heartlake Collection and the 410. It's possible they would be interested in buying the site, but in theory there may be some legal issue between them and Vandyk that would necessitate then being in the loop.

Unfortunately for buyers, these are clauses that allow the builder to cancel the purchasers' contracts, not the other way around.

Correct...court approval to either sell OR build the project. Also these January dates only applied to Heartlake, Lakeview DXE, and Ravine. Uptowns was in receivership as of November 14, 2023 due to the lenders' argument that it was crucial to take control of the construction site right away.

Essentially all Vandyk projects are in receivership. The deadline of yesterday was no longer in play when they missed the previous Jan 8, 2024 deadline. What would you like to know?

Funding won't be an issue as the original lenders would be working directly with the receiver to complete it. They would continue funding. Your point about the outside date is valid as I'm not sure this would qualify as an unavoidable delay.

Exactly. Although no chance of Vandyk being hired by the receiver in this case.

They certainly could complete the project and their own report to the court outlines how they have launched an RFP for a construction manager to build it. And they cannot arbitrarily amend the purchase price. They would need to cancel the APS or the project and then offer the buyer a chance to...

In that scenario I would expect them to maintain the existing purchase agreements. I'm not sure they would want to cancel and resell 300+ units in these poor market conditions, even if it would technically result in higher revenue due to the old sale prices from the initial launch. This is just...

I'm not aware of any deadline set for that type of decision. For UPtowns, I'd actually expect the the receiver to complete the project - by hiring a construction company - as its the best way for the lender to recoup the highest amount of money possible.

FYI, KSV corrected their notice to the homebuyers and now confirm Heartlake is condo and deposits are safe.

The Jan 31, 2024 date was only an outside date for which Vandyk could have entered into an agreement with another party to pay off their debts by that date. They would have had to provide a copy of that agreement to the receiver by Jan 8, 2024, but according to KSV, they did not. The properties...

Their lawyer (SR Law) would be able to verify, but yes. Heartlake is a condo project so all deposits must remain in the lawyer's trust account until the project is completed or if an APS/the project is cancelled. There is only one instance of a condo project that I can recall where deposit funds...

All homes at Heartlake are full condo. That was the way it was set up. And all deposits were made out to the lawyer, in trust. Deposits on freehold sales, like at The Ravine, are always made out to the builder directly.

As someone with inside knowledge of Vandyk and many of the projects in question, I can tell you that KSV is incorrect. Heartlake is a full condo project and all cheques were payable to the lawyer, in trust. I'd expect KSV to update this notice with the correct info that the funds are still in...