[gendercolonfemale]

We bought a pre-construction condo in Toronto that is registered with Tarion. The builder has already extended the tentative occupancy date for a year. Several months ago, they sent us an amendment to critical dates to extend the occupancy date further, we well as change the critical dates (this would allow them to extend the occupancy date beyond the outside occupancy date without penalty). We did not agree to it.

Last month, the builder asked us to submit a mortgage commitment with no conditions. We provided this to the builder. However, as the mortgage letter from the bank states the current occupancy date (not the one that they proposed in the amendment that we did not sign), they are saying that we did not meet the conditions of their request and are subject to default for termination of the agreement. This would allow them to keep our deposit.

We have written to them on multiple occasions to provide us with proper written notice, as required by them in the Tarion Addedum, since we did not accept their proposed changes to critical dates.

We believe that the builder is trying to push us out (along with other buyers who we connected with) so that they can sell at a higher price.

Has this happened to anyone? Any advice on what we can do? We will be contacting Tarion tomorrow to see what can be done.

 

[PinkLucy]

Talk to your lawyer.

 

[interested]

Talk to your lawyer.

Unfortunately I suspect you are right. Given condo market vast escalation they gave you an extension knowing only too well that they can resell (I assume its a condo) at a significant premium to what you paid. I suspect they would even refund you your deposit since they will make much more selling it again.

Speak to Tarion by all means but I can't emphasize enough Pink Lucy's wise comment.
You need to talk to your lawyer asap to ensure you are not offside on the agreement for if so, these agreements are very one sided in favour of the developer and they may just cancel you "because they want to".....very little or no downside to them.
Sorry, I do not mean to be negative but you really to get advise asap and have him review the agreement to see if there is any solution.
Perhaps you might call the builder or their representative and see if they will let you sign now and put this matter behind you without penalty.
Good luck.

 

[cdr108]

name the builder and the project.

the public should be made aware of who they are and who/what future buyers could be potentially dealing with.

also, negative publicity will probably work in your favour and pressure the developer to do what's right instead of hiding behind legal loopholes for their delays

 

[TheKingEast]

name the builder and the project.

the public should be made aware of who they are and who/what future buyers could be potentially dealing with.

also, negative publicity will probably work in your favour and pressure the developer to do what's right instead of hiding behind legal loopholes for their delays

This. Who is the crooked builder?