Red Mars
Senior Member
Pic taken Oct 20, 2012
^^^ on the purchase agreement there is an "Outside Occupancy Date" in addition to the "Tentative Occupancy Date."
The Outside Occupancy Date is typically either a year or two years after the Tentative Occupancy Date.
The purchaser can cancel their purchase agreement when this Outside Occupancy Date has been reached without any penalty and will have their deposit plus interest returned plus any Tarion delayed occupancy compensation awarded.
However if the developer revises/amends the Tentative Occupancy Date any time before the Outside Occupancy Date, the purchaser has 10 days to decide whether to continue or cancel their purchase agreement without any penalty.
One question I would like answered: With a foundation open so long to the elements, such as rain and the freeze/thaw cycle, how can the the structure remain sound? After all, just a little bit of water damage can undermine a house's foundation to the point that a a contractor must intervene. Why then can an under-construction tower remain exposed for so long?
The speed at which this one is going, the outside occupancy date will likely be reached before the building is finished. If i read this correctly, there could be a lot of people in a position to pull out.
Developers often amend their Tentative Occupancy dates multiple times and given it's likely before the Outside Occupancy Date (the last date). Are you suggesting that any change in the tentative date you can pull out? Wouldn't you mean the Firm Occupancy Date? http://www.tarion.com/Warranty-Prot...es/Condominiums-Tentative-Occupancy-Date.aspxHowever if the developer revises/amends the Tentative Occupancy Date any time before the Outside Occupancy Date, the purchaser has 10 days to decide whether to continue or cancel their purchase agreement without any penalty.
Councillor Kristyn Wong-Tam is holding a public consultation meeting tonight to discuss the design and development of the new expanded park site at 1020 Bay St., at the corner of St. Joseph St.
Park Design Concepts and Images for the new Public Park will be presented at this meeting.
Time: 7 to 9 p.m.
Location: City Hall, Committee Room 4, 2nd Floor, A street reception, 100 Queen St. W.
http://ward27news.ca/events/december-5-50-st-joseph-community-consultation