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M1 + M2 + Metropolis + Parkside Condos (Liberty Development) - Real Estate -

GPalltheway said:
I got my letter as well today and it was pretty much what they had told me, the amount I paid during interim-occupancy less about $250. So I called up the Liberty Controller (the person who signed the letter), and basically what he explained to me was that Liberty had already paid a portion of the property taxes to the city on our behalf, and that is what the $250 is. The bill we received is for the remainder of the property taxes owing.

At first that made sense. But then I looked at the actual bill from the city. We are being charged the full 2010 rates prorated for the period we are actually living in our new home. So how can Liberty claim that they paid some of this on our behalf when we are getting a bill for the full amount (the same amount anyone else in the city is paying). There is no credit on our bill for the amount supposedly "already paid" by Liberty.

Needless to say I don't buy a word of their crap story they are telling me and I will be calling back tomorrow for a further explanation or demanding the money that they owe me. I will keep you guys posted.
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I checked with my lawyer about this. He got my contract out and reviewed it and explained it to me like this: The building originally gets assessed as unoccupied, and the builder is responsible for the property taxes during the occupancy period at the assessed rate, at the time of occupancy. Eventually, the city realizes that the unit has been occupied since our occupancy date, and the revised tax rate is applied retroactively. The way our contract is written, we are liable any for additional taxes applied from the date of occupancy. So basically, Liberty has no legal obligation to give us anything for the additional occupancy period taxes, and this is stated in the letter they sent us.

For me, the difference between the amount I've been offered from Liberty, and the amount of taxes incurred during the occupancy period is about $80, so I'm pretty happy. I'm certainly not going to fight for an additional $80. Also, I don't know about you guys, but a portion of my mortgage payment goes a property tax fund. The bank has just been holding on to that money until the property taxes are established, and I'm having them pay the taxes from that fund. Before you pay taxes out of your own pocket, check the details of your mortgage, you may have already saved up your property taxes. With the contribution from liberty, and the amount I've already saved through my mortgage, my taxes are covered.
 
no_joke said:
I checked with my lawyer about this. He got my contract out and reviewed it and explained it to me like this: The building originally gets assessed as unoccupied, and the builder is responsible for the property taxes during the occupancy period at the assessed rate, at the time of occupancy. Eventually, the city realizes that the unit has been occupied since our occupancy date, and the revised tax rate is applied retroactively. The way our contract is written, we are liable any for additional taxes applied from the date of occupancy. So basically, Liberty has no legal obligation to give us anything for the additional occupancy period taxes, and this is stated in the letter they sent us.

For me, the difference between the amount I've been offered from Liberty, and the amount of taxes incurred during the occupancy period is about $80, so I'm pretty happy. I'm certainly not going to fight for an additional $80. Also, I don't know about you guys, but a portion of my mortgage payment goes a property tax fund. The bank has just been holding on to that money until the property taxes are established, and I'm having them pay the taxes from that fund. Before you pay taxes out of your own pocket, check the details of your mortgage, you may have already saved up your property taxes. With the contribution from liberty, and the amount I've already saved through my mortgage, my taxes are covered.
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We were also given a breakdown upon closing of all of the fees/costs we have paid or yet to pay up until that point. Looking at that sheet last night, I actually saw the exact amount that the builder was taking from us that went towards property tax from our Occupancy fees. Obviously, this amount was the 'assess unoccupied' amount you mention as this breakdown was given to us at closing - waaaaaaaaaay before our individual units were assessed by the city.

So given this, and calculating how long the occupancy period was (4 months for me), it's still pretty obvious that the builder had deducted some amount.

I'm just giving an example amount but this is how I'm seeing it:
Occupancy period End of August till End of December (Closing): let's just say 4 months
According to Closing Breakdown form: out of $XXXXXX for "Occupancy Fee" (Phantom Rent), $185.00 was listed under "Property Tax"
So, $185.00 x 4 = $740.00 was paid for Property Tax during example's Occupancy period - so this is what Liberty SHOULD be refunding

But... the amount that Liberty is saying they will refund ends up being only $540.00... soooooo Liberty just decides to take $200 for some undisclosed "fee" that they don't give us a breakdown or reason for?

THAT is what's bugging everyone, myself included I think.
 
How are they going to fit so many people in one room during the meet and greet? In M3 there's 300 units, if everyone comes and brings just one person that's 600 people, I guess their new head office is bigger than their old one.
 
For those who've received their property tax refund assessment letters from Liberty - do you know if the 'witness' signature at the bottom needs to be a lawyer? Or can it be anyone (family, friends etc;) that can account for your identity/signature? It's taking forever to hear back from Liberty so I thought I'd ask here...

Thanks!
 
Spoke with Silvia from liberty...
You do not need to fill in the "Witnessed By" portion, just sign the document yourself and fax it back to them.
 
Food for thought: http://business.financialpost.com/2011/10/18/7-eleven-set-to-launch-massive-ontario-expansive/0/

7-11 wants to add 200 stores around Ontario, especially in the GTA. Most interesting is this line:

“In convenience, you have Mac’s but our plan is flexible. We will go into strip centres. I’ll go on Yonge Street in an office tower or I’ll build out with a gas offering,†said Mr. Barnes, adding Toronto’s booming condominium market is pushing the need for more convenience stores. He’s willing to locate right in some of those new condominium buildings, if he can get the right deal.
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Pretty high traffic corner at Allen & Sheppard, subway, Downsview Park... Think it'd happen? The only issue: Parking. I'm actually curious what happens at the other condos along Sheppard that have retail built in. What's the story on parking there?
 
I-Need-To-Know said:
Spoke with Silvia from liberty...
You do not need to fill in the "Witnessed By" portion, just sign the document yourself and fax it back to them.
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Thank you~!! LOL - you find out so much more by coming here than going after the builders... how bad (on Liberty's part) is that?
 
I sent it on Friday and Silvia confirmed today that she processed and issued the cheque today. They are pretty quick once they get the form back from you.
 
For those who are going to sign mortgage with TD Bank c/o Sherry Love. Think twice first. She assigned me to a very far Vaughan location branch which is very inconvenient to most of us, and to think there is a TD Bank nearby like Bathurst/Sheppard. And the personal banker in that branch don't have time to explain the details of the mortgage agreement. Always in a hurry. . .
 
acanda said:
For those who are going to sign mortgage with TD Bank c/o Sherry Love. Think twice first. She assigned me to a very far Vaughan location branch which is very inconvenient to most of us, and to think there is a TD Bank nearby like Bathurst/Sheppard. And the personal banker in that branch don't have time to explain the details of the mortgage agreement. Always in a hurry. . .
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We went with Brian Ingram (TD) and he assigned us to Thornhill TD branch, which is not that far.
 
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