urbandreamer
recession proof
19 April 2012 with FH2 in background:
I'd be embarrassed to say "I live in Upside Down" condos lol.
I'd be embarrassed to say "I live in Upside Down" condos lol.
If we don't end up moving in during the proposed Sept 2012 date, doesn't the builder have to offer all of the buyers a buy out option since this is the 4th time they'll have to extend the date? Like others had stated, what difference does a few months make, but offering a buy out adds a lot of pressure on the developer in the case that there are people who would take the buy out option.
Thanks to all of the contributors that have been keeping everyone in the loop with construction progress. It is nice to see the building growing and I am looking forward to a near future move in.
Does someone know how many times the tentative occupancy date for phase 1 has been changed?, was the changed from Dec 15 2011 to Sep 15 2012 the fist time?
Hi how do you know that Phase 1 is not covered under the Tarion rules?. I checked the website for TArion and any purchase agreement signed on after July 1st 2008 falls into this rules.
Delayed Closing Warranty for Freehold Homes
For purchase agreements signed on or after July 1, 2008
Every builder of a new freehold home in Ontario must provide the delayed closing warranty to buyers at the time the purchase agreement is signed. Through this warranty your builder is guaranteeing that your home will be completed by a mutually agreed upon Closing Date, or by a Closing Date that has been properly extended.
Details about the delayed closing warranty are provided in the Tarion Addendum attached to your purchase agreement. If you are unsure about your rights regarding closing delays you may wish to seek the advice of a lawyer.
Your builder has the option of providing one of two types of Closing Dates:
Firm Closing Date – For when your builder is confident the home can be completed by a specified date. If the date is not met, your builder is required to provide Delayed Closing compensation.
Tentative Closing Date – For when your builder is less able to determine a precise date that the home can be completed. For example, if construction has not yet started, or if there are unpredictable obstacles which could slow completion. This option allows your builder to extend the Closing Date twice, by up to 120 days each time, without paying compensation.
i do not have my purchase agreement with me but from what i recall Phase 1 is exempt from that section of the Tarion warranty (it could be possible that we aren't covered in any way under Tarion). it also doesn't seem likely that some unit owners are covered while others are not (pre-2008 vs. post-2008)
Is there anyone out there that bought in Phase 2 and has heard anything about our tentative move in date? When I bought I was told Dec 2012. I'm wondering how long of a delay they are anticipating. I've tried to reach out to Amy but she has not gotten back to me.
Was just at the site, took these picturesView attachment 8854View attachment 8855View attachment 8856