Rensu said:
Hey!

If you read our agreement they can do unit changes and not have to compensate. The original 64 floors was before government approval, what they did was sell every floor from 6th up and if the government approved they would open those units up for sale, in this case they didn't get the approval so they just adjusted the floors they've already sold. Hope that helps, if i'm wrong in anyway please feel free to correct me :)
Click to expand...
oic, thx for the info,
honestly we haven't ever read the agreement in details LOL
 
Like to know if anyone able to put a cap for fees such as development levies and utilities hook up during the 10 day cooling period? I read the contract and none of those fees are cap. Little concerns how much those fees will cost upon closing. Also, can't rent the unit during the occupancy period unless receive written consent from the builder. Anyone notice these restrictions on the contract?
 
Ksu2046 said:
Like to know if anyone able to put a cap for fees such as development levies and utilities hook up during the 10 day cooling period? I read the contract and none of those fees are cap. Little concerns how much those fees will cost upon closing. Also, can't rent the unit during the occupancy period unless receive written consent from the builder. Anyone notice these restrictions on the contract?
Click to expand...

This is all normal. What you should do is get your lawyer to cap the fees and get them to waive the rental restriction. Anyone who leaves the fees uncapped will be at the mercy of the builder at closing and it won't be pretty.
 
TheKingEast said:
This is all normal. What you should do is get your lawyer to cap the fees and get them to waive the rental restriction. Anyone who leaves the fees uncapped will be at the mercy of the builder at closing and it won't be pretty.
Click to expand...

Ksu2046,..... listen to TheKingEast, for he is wise one,....
http://urbantoronto.ca/forum/thread...ional-plaza-metropia-real-estate.7080/page-13

Note, the primary developer here and there are one of the same,.... a lot of buyers there were caught off guard by the 15K+ closing fee,....
 
Ksu2046 said:
Like to know if anyone able to put a cap for fees such as development levies and utilities hook up during the 10 day cooling period? I read the contract and none of those fees are cap. Little concerns how much those fees will cost upon closing. Also, can't rent the unit during the occupancy period unless receive written consent from the builder. Anyone notice these restrictions on the contract?
Click to expand...
Hey Ksu2046, I bought my condo with an agent and he helped me cap it at $5200 when I was signing the contact back in 2014.

Im pretty sure the rent restrictions was also waived at the time
 
Rensu said:
Hey Ksu2046, I bought my condo with an agent and he helped me cap it at $5200 when I was signing the contact back in 2014.

Im pretty sure the rent restrictions was also waived at the time
Click to expand...
You may want to check if your agreement says something similar as following,

"The Existing Levy is hereby capped at $5,200. .... Purchaser shall pay the increase to the Existing Levy and/or amount of the New Levy"

Many builders cap the Existing Levy at X dollars, then charge a huge additional cost under the name of New Levy. Few years ago, my friend was charged extra $10K+ for the closing cost due to the increased New Levy, because it was only the Existing Levy that was capped on the agreement. And it was from the same builder of E-Condos..
 
eyeyoon said:
You may want to check if your agreement says something similar as following,

"The Existing Levy is hereby capped at $5,200. .... Purchaser shall pay the increase to the Existing Levy and/or amount of the New Levy"

Many builders cap the Existing Levy at X dollars, then charge a huge additional cost under the name of New Levy. Few years ago, my friend was charged extra $10K+ for the closing cost due to the increased New Levy, because it was only the Existing Levy that was capped on the agreement. And it was from the same builder of E-Condos..
Click to expand...

Yep, this happened with my buyers with Onni as well, I think their lawyer did not put that amendment in during the 10 day cooling period.,
 
I posted here a year ago with link to Bazis’ EmeraldPark thread and their surprise closing fees - do read that thread. I would suspect you’ll get a similar last minute surprise,.... and a little bit more, related to something underground. Thee surprise should be in about 1-1.5 year.
 
eyeyoon said:
You may want to check if your agreement says something similar as following,

"The Existing Levy is hereby capped at $5,200. .... Purchaser shall pay the increase to the Existing Levy and/or amount of the New Levy"

Many builders cap the Existing Levy at X dollars, then charge a huge additional cost under the name of New Levy. Few years ago, my friend was charged extra $10K+ for the closing cost due to the increased New Levy, because it was only the Existing Levy that was capped on the agreement. And it was from the same builder of E-Condos..
Click to expand...
Thank you! That was really informative, I'm going to look at my agreement now and possible email my lawyer about this. I'll keep everyone posted about what happens.
 
eyeyoon said:
Just asked some of my friends who purchased units at E-Condos.

19th floor: It was December 2018, but about a week ago, it got delayed again to January 2019.
35th floor: February 2019
53th floor: May 2019

Other people are welcome to share their floor + occupancy dates.
Click to expand...
38th floor: March 2019
 
Rensu said:
Thank you! That was really informative, I'm going to look at my agreement now and possible email my lawyer about this. I'll keep everyone posted about what happens.
Click to expand...
Did you get a chance to review your agreement? I hope there wasn't anything surprising!
 
RZ12 said:
Yep, this happened with my buyers with Onni as well, I think their lawyer did not put that amendment in during the 10 day cooling period.,
Click to expand...

Ah, so when I see builders advertising levies capped at 10K it doesn't mean anything? Good to know.
 
You must log in or register to post here.

Back
Top