Brampton UPtowns at Heart Lake | ?m | 4s | VANDYK

SRAMP said:
latest notice to unit purchasers.
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Hello ...I just read the following lines in the the Consolidated Report to Court of KSV Restructuring Inc. on page 13 which reads as follows:
Quote " to the extent permitted by law, interested parties will not be required to assume the home buyer purchase agreements 'Unquote . This means that the new buyer who buys the Heart Lake property is not required to honor the Agreements for sale which we have with Vandyke... correct me if i am wrong in my understanding. .Thanks..
 
Hello ...I just read the following lines in the the Consolidated Report to Court of KSV Restructuring Inc. on page 13 which reads as follows:
Quote " to the extent permitted by law, interested parties will not be required to assume the home buyer purchase agreements 'Unquote . This means that the new buyer who buys the Heart Lake property is not required to honor the Agreements for sale which we have with Vandyke... correct me if i am wrong in my understanding. .Thanks..
 
Mahendra said:
Hello ...I just read the following lines in the the Consolidated Report to Court of KSV Restructuring Inc. on page 13 which reads as follows:
Quote " to the extent permitted by law, interested parties will not be required to assume the home buyer purchase agreements 'Unquote . This means that the new buyer who buys the Heart Lake property is not required to honor the Agreements for sale which we have with Vandyke... correct me if i am wrong in my understanding. .Thanks..
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You understood correctly, this has been the case all along.
 
Deanfeb said:
People still giving deposits? Thats nut! I wouldnt! Read reddit people cancelling payments via banks stopping cheques!!
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Hi...Any news about Highgrove2,vandyk is under receiverships but No hesitation to Cash our post dated cheques...im confused about next deposit in May2024,should i stop it or let it go..Please reply any help is appreciated.
 
Hi, Purchasers for Vandyk High grove2 Mississauga..We need some directions.any possibility to get our Depoits back or any chancee of construction?
 
Highgrove2 said:
Hi, Purchasers for Vandyk High grove2 Mississauga..We need some directions.any possibility to get our Depoits back or any chancee of construction?
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I dont see HIGHGROVE on the list yet for sale but eventually all of vandyk will be sold to pay.. Vandyk is bankrupt.Check where your deposits are going? in trust to a lawyer? or direct to VANDYK account..
 
Deanfeb said:
I dont see HIGHGROVE on the list yet for sale but eventually all of vandyk will be sold to pay.. Vandyk is bankrupt.Check where your deposits are going? in trust to a lawyer? or direct to VANDYK account..
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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.
 
brettbass61 said:
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.
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Yes. I passed highgrove site few days ago. Big ‘For Sale’ sign was there.
 
Deanfeb said:
I dont see HIGHGROVE on the list yet for sale but eventually all of vandyk will be sold to pay.. Vandyk is bankrupt.Check where your deposits are going? in trust to a lawyer? or direct to VANDYK account..
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All deposits are in trust to their lawyer. We know because
Number 1: we wrote the cheques to their lawyers
Number 2: We received the Form 4s that confirms that the deposits are being held in trust
Number 3: Their lawyers asked us for information so they can fill out their T3 for their taxes earlier this year.
(They have to tell the CRA whose deposits they are holding in trust and how much)

Money that is completely gone are if you paid for any upgrades.
 
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UptownGirl said:
All deposits are in trust to their lawyer. We know because
Number 1: we wrote the cheques to their lawyers
Number 2: We received the Forms 4s that confirms that the deposits are being held in trust
Number 3: Their lawyers asked us for information so they can fill out their T3 for their taxes earlier this year.
(They have to tell the CRA whose deposits they are holding in trust and how much)

Money that is completely gone are if you paid for any upgrades.
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The only problem is when we will be able to get the deposits? What options will be available for lawyers to return deposits??
 
Deanfeb said:
The only problem is when we will be able to get the deposits? What options will be available for lawyers to return deposits??
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We can't get back our deposits right now because legally our contracts with Vandyk are still being upheld. Our contracts will still be valid until our project gets sold to a new developer. Then the new developer can do 1 of 3 things

1) Can honour all existing contracts as is
2) Cancel all existing contracts (all deposits would be returned)
3) Offer to amend all contracts (In other words, can ask for more money)...If they ask for more money, you can say no and they will have to return your deposit

But we are stuck until our project get sold
 
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UptownGirl said:
We can't get back our deposits right now because legally our contracts with Vandyk are still being upheld. Our contracts will still be valid until our project gets sold to a new developer. Then the new developer can do 1 of 3 things

1) Can honour all existing contracts as is
2) Cancel all existing contracts (all deposits would be returned)
3) Offer to amend all contracts (In other words, can ask for more money)...If they ask for more money, you can say no and they will have to return your deposit

But we are stuck until our project get sold
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Thanks a lot for reply, So now there is a question i still have to pay a remaining of 10% deposit, next month...so far didn't heard any single word officially that vandyk/HighgrooveII is under insolvency,even a realtor who help me to sign this project said that this project is NOT effected, based on what i don't know.. is it wise to stop next payment,. Any comment advise welcome.Thanks!
 
Highgrove2 said:
Thanks a lot for reply, So now there is a question i still have to pay a remaining of 10% deposit, next month...so far didn't heard any single word officially that vandyk/HighgrooveII is under insolvency,even a realtor who help me to sign this project said that this project is NOT effected, based on what i don't know.. is it wise to stop next payment,. Any comment advise welcome.Thanks!
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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 repercussions. But that is a big risk.
 
brettbass61 said:
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 repercussions. But that is a big risk.
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Thanks a lot.Appreciated.i wish to get full deposit back/cancellation of project, no more interested to invest in that kind of project in current market situation.
 
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