L Tower Condos (Cityzen, Castlepoint Realty, Fernbrook Homes) - Real Estate -

riley said:
I just received the amendment for the L Tower that's supposed to allow us to rent the unit during occupancy period. However, its pretty terrible. It sounds like we actually have to find a tenant now and fill out the paperwork now, even though we don't really know when we'll be able to take possession, and it sounds like we can only 'make the request for a tenant' ONE TIME after which the original agreement applies. Which sounds like we get one shot at a tenant, right now which is absurdly early, and then if they move out or can't move in, we don't have the option to find someone else.

PLUS the amendment still forbids us from listing the unit on any listing service like MLS where you might find a tenant, which sounds like they want to frustrate the ability to rent.

And at the end, they add that as a condition for their consent in leasing a unit, the purchase waives any entitlement to compensation for the current period of delay and for any subsequent delays. So no compensation EVER no matter how many further delays there may be. It could be months.

Also, they want it signed by this FRIDAY! Two days. Ridiculous.
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Just a quick update …

I just talked to Trish and one other person at Cityzen .. she said they are talking with the project manager again on the 16th to get a better projection … I will call her back then to determine what the latest is. They said it seems the possible delay is more probable on the lower floors then the upper (upper being 35+) … this means that move it window will be small for all as everyone's time will be closer together. She did not mention anything yet about the amendment … maybe this only applies to certain units … not sure … or maybe because I am more on the upper part … again, not sure.

BTW: Riley … I agree … the amendment is ridiculous … if they offer it to me … I will not sign … it’s like signing all your rights away ... in perpetuity.
 
Cityzen really thinks their slick, eh? I wouldn't sign a damn thing. You can also rent through Kijiji. I hate when builders act like this.
 
TheKingEast said:
Cityzen really thinks their slick, eh? I wouldn't sign a damn thing. You can also rent through Kijiji. I hate when builders act like this.
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I actually asked the person who called me what happens if we don't sign and she just said then I won't get the advantage of the rental and they'll change my date regardless. And I said obviously they can't just change it without our consent or they wouldn't have bothered and she said she thought they could. Obviously she wasn't allowed to say anything about compensation but it's very bad faith to try to get people to sign it without being up front about what they're giving up. Very disappointed in how this was handled. And the actual language in the amendment is absurd.
 
riley said:
I actually asked the person who called me what happens if we don't sign and she just said then I won't get the advantage of the rental and they'll change my date regardless. And I said obviously they can't just change it without our consent or they wouldn't have bothered and she said she thought they could. Obviously she wasn't allowed to say anything about compensation but it's very bad faith to try to get people to sign it without being up front about what they're giving up. Very disappointed in how this was handled. And the actual language in the amendment is absurd.
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Would it be possible for you to scan the proposed amendment and post here(take out all sensitive and private info). I turned down their offer over the phone so I don't think 1 is mailed to me - another shady move IMO.

If this BS continues further I may even take this out to social media about how badly this situation was dealt with. There are so many developers out there for people to choose from and people must be informed of the shady 1's.
 
TheKingEast said:
Cityzen really thinks their slick, eh? I wouldn't sign a damn thing. You can also rent through Kijiji. I hate when builders act like this.
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The builder has a clause in the agreement that you need their permission to rent out the unit during interim occupancy. So if they say no, you won't be able to rent it out legally even if you didn't put it on MLS.

The "penalty" for not getting their permission is that they can return your deposit and reclaim the unit. That's a pretty big stick they have.

Assuming they agree for you to rent it out, you can do essentially anything but put it on MLS - including kijiji, craigslist, direct mail ads, phone calls, open houses, bulletin boards, etc.
 
Xenosblitz said:
The builder has a clause in the agreement that you need their permission to rent out the unit during interim occupancy. So if they say no, you won't be able to rent it out legally even if you didn't put it on MLS.

The "penalty" for not getting their permission is that they can return your deposit and reclaim the unit. That's a pretty big stick they have.

Assuming they agree for you to rent it out, you can do essentially anything but put it on MLS - including kijiji, craigslist, direct mail ads, phone calls, open houses, bulletin boards, etc.
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I'm trying to amend their amendment by taking out the language giving them the right to totally terminate the whole agreement if they feel the tenant rule has been breached (they won't even allow for a 'cure' of any breach), and also trying to eliminate the '1 shot at a tenant' rule, which is ridiculous. I'll see what they say.
 
Occupancy Update

I was just informed that my August 20th occupancy has been moved to October 22.
36th floor.
 
Just got a letter stating that occupancy is extended YET AGAIN!!! Delay is for around a month....i'm in the lower part of the building. Unbelievable....I'm tempted to just sell the place and move somewhere else. This is really a joke but i stopped laughing a long time ago....anyone else got a letter? I wish I never purchased there. I can't be bothered anymore, this is costing me money and the law is always in the developer's favor....I just give up. I always knew the risks of buying preconstruction but thought that if you bought from a "reputable" builder, those risks would be minimized.....unfreakinbelievable...they are all the same...the L(ame) tower
 
Sam F said:
Just got a letter stating that occupancy is extended YET AGAIN!!! Delay is for around a month....i'm in the lower part of the building. Unbelievable....I'm tempted to just sell the place and move somewhere else. This is really a joke but i stopped laughing a long time ago....anyone else got a letter? I wish I never purchased there. I can't be bothered anymore, this is costing me money and the law is always in the developer's favor....I just give up. I always knew the risks of buying preconstruction but thought that if you bought from a "reputable" builder, those risks would be minimized.....unfreakinbelievable...they are all the same...the L(ame) tower
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Wow. Another delay. That sucks.
 
Sam F said:
Just got a letter stating that occupancy is extended YET AGAIN!!! Delay is for around a month....i'm in the lower part of the building. Unbelievable....I'm tempted to just sell the place and move somewhere else. This is really a joke but i stopped laughing a long time ago....anyone else got a letter? I wish I never purchased there. I can't be bothered anymore, this is costing me money and the law is always in the developer's favor....I just give up. I always knew the risks of buying preconstruction but thought that if you bought from a "reputable" builder, those risks would be minimized.....unfreakinbelievable...they are all the same...the L(ame) tower
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No new letter for me (besides what I previously reported).

What's your new date, Sam?

Condo George is advertising a rental in the building, for August 1 occupancy. If he's around, it would be great if he can chime in about whether this August 1 date is firm. If we get initial occupancy of the building, it would make the rest of our dates a lot more realistic.

Pictures of course would be greatly appreciated as well, for those who get a chance to go into the L Tower!
 
Don't have the letter with me right now but i vaguely remember it being towards end of september now and Im in the lower floors so part of the first occupancies. What I do remember though is that it was pushed by around a month. It would be interesting to see if anyone is close to moving in any time soon.
 
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