Emerald City Condos (ELAD Canada) - Real Estate -

[animatrix]

Sorry not sure if this has been mentioned. Does anyone know how much will the total legal fees will be approximately after condo is closed? I know this depends on your lawyer/value of unit but just wondering an average figure say for a 300k condo...

 

[newbuyer]

Sorry not sure if this has been mentioned. Does anyone know how much will the total legal fees will be approximately after condo is closed? I know this depends on your lawyer/value of unit but just wondering an average figure say for a 300k condo...

The general rule of thumb is around 1.5% of the purchase price.

 

[Canchris7]

The general rule of thumb is around 1.5% of the purchase price.

Best person to give you an accurate quote is the lawyer handling your purchase. I do not think that 1.5 % is necessarily a rule of thumb. Unless the purchase price is above 500K the price of the purchase of the condo does not affect the legal costs. My costs with disbursements will come in around $1375.00. Hope that helps .

 

[database]

Phase I buyers beware. I had received the following info regarding .... I hope nobody is planning to flip their unit soon! I hope the Builder would settle with the purchasers of Phase I quickly. It's going to be bad press for the Builder if they are trying to sell future buildings with this hanging around!

http://www.emeraldcityclassaction.com/

Have a look!

 

[TheKingEast]

Phase I buyers beware. I had received the following info regarding .... I hope nobody is planning to flip their unit soon! I hope the Builder would settle with the purchasers of Phase I quickly. It's going to be bad press for the Builder if they are trying to sell future buildings with this hanging around!

http://www.emeraldcityclassaction.com/

Have a look!

These things take forever. I'm part of a class action in another building and it's been 3+ years and nothing.

 

[database]

Yup, I agree! Hang on tight as it is going to be a long ride, although I do hope not as it will affect anyone who wants to sell, including the Builder who is now building at least 6 more buildings south of the Dream Tower.

 

[newbuyer]

My lawyer declined to prepare abatement for me because is not part of the closing fees. He said that he can help me with abatement if I am willing to pay more. Is this the normal practice of real estate lawyer that we need to pay more for abatement? If it is, how much do lawyers charge to prepare an abatement?

 

[Canchris7]

My lawyer declined to prepare abatement for me because is not part of the closing fees. He said that he can help me with abatement if I am willing to pay more. Is this the normal practice of real estate lawyer that we need to pay more for abatement? If it is, how much do lawyers charge to prepare an abatement?

While I have never filed an abatement, I have dealt with lawyers enough to know that they will typically charge you for every minute of their time. I suspect an abatement would be something beyond the typical closing cost fees that lawyers charge.

 

[enigma0t2]

My lawyer declined to prepare abatement for me because is not part of the closing fees. He said that he can help me with abatement if I am willing to pay more. Is this the normal practice of real estate lawyer that we need to pay more for abatement? If it is, how much do lawyers charge to prepare an abatement?

What is abatement?

 

[database]

Abatement is when you wanted a credit from the Vendor, usually the Builder would agree prior. In this case, it isn't going to be so; as such, according to what I've read, we need to close 'under protest' to protect our right. some lawyer fee is to be expected, but I don't anticipate to be a lot, maybe in the hundred, I really don't know as I have not done this before, so don't quote me! I just bought what I read to my lawyer's attention, and waiting for her respond.....!!!

 

[Canchris7]

Phase I buyers beware. I had received the following info regarding .... I hope nobody is planning to flip their unit soon! I hope the Builder would settle with the purchasers of Phase I quickly. It's going to be bad press for the Builder if they are trying to sell future buildings with this hanging around!

http://www.emeraldcityclassaction.com/

Have a look!

Not sure if there are any "legal minds" out there but in the details of the class action it states that " The plaintiff alleges that the defendants are responsible to her and to the Class Members for an abatement (reduction) of the purchase price, for the diminished value of their units and for the inconvenience associated with the lack of direct access to the subway and the mall " Is it possible to argue diminished value if the current value of the units is higher now than it was when the unit was originally purchased.

 

[newbuyer]

Best person to give you an accurate quote is the lawyer handling your purchase. I do not think that 1.5 % is necessarily a rule of thumb. Unless the purchase price is above 500K the price of the purchase of the condo does not affect the legal costs. My costs with disbursements will come in around $1375.00. Hope that helps .

I found that 1.5% on publications and banks' information. I guess they use that as a guideline.

 

[newbuyer]

Not sure if there are any "legal minds" out there but in the details of the class action it states that " The plaintiff alleges that the defendants are responsible to her and to the Class Members for an abatement (reduction) of the purchase price, for the diminished value of their units and for the inconvenience associated with the lack of direct access to the subway and the mall " Is it possible to argue diminished value if the current value of the units is higher now than it was when the unit was originally purchased.

Are you Natalie or Jessica from Emerald City? I think I am the second person here that publicly admitted that we are getting a sense that you are affiliated with the builder. Just my 2 cents

Yes we can argue. The argument is that the price that we paid back then should be lower if there is no direct access. When the builder set the price, the builder was advertising with direct underground access. It does not matter how much value it has gone up now, since I guess the point of the abatement is for the price the we paid.

 

[Canchris7]

Are you Natalie or Jessica from Emerald City? I think I am the second person here that publicly admitted that we are getting a sense that you are affiliated with the builder. Just my 2 cents

Newbuyer, I simply asked what I thought to be a valid question that I posed to members who may have had some legal knowledge. Since your memory is good enough to remember that you are the second person who thinks I am affiliated with Emerald City, then you should also be able to remember that I have stated on more than one occasion that I have purchased a unit in tower three. I believe this forum affords me the same opportunity as your to express my opinions and ask questions, and if those opinions are contrary to yours or you don't like the questions that does not mean I have an affiliation with the builder. I paid quite a bit more last year when I purchased than what the units were selling for in 2008 which is why I asked the question I did.

 

[newbuyer]

Newbuyer, I simply asked what I thought to be a valid question that I posed to members who may have had some legal knowledge. Since your memory is good enough to remember that you are the second person who thinks I am affiliated with Emerald City, then you should also be able to remember that I have stated on more than one occasion that I have purchased a unit in tower three. I believe this forum affords me the same opportunity as your to express my opinions and ask questions, and if those opinions are contrary to yours or you don't like the questions that does not mean I have an affiliation with the builder. I paid quite a bit more last year when I purchased than what the units were selling for in 2008 which is why I asked the question I did.

No worries. It is just internet forum, and just like you stated above that everyone have the same opportunity to express their opinions and to ask questions. It is just the way you response to comments (well negative comments) about the builder. I get a sense that you are one of the "damage controller" that El-Ad sent here to "calm" the existing buyers/residents and future buyers. Certainly, all of these things that going on is not good for future projects of El-Ad.