cdr108
Senior Member
i believe you are correct there. i think they have to do it 3 months in advance or something like that.
have you moved or anything? was the feasability date met and confirmed?
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i believe you are correct there. i think they have to do it 3 months in advance or something like that.
have you moved or anything? was the feasability date met and confirmed?
GraceCondos
Active Member
ML5000 - cdr108 is correct. The developer is supposed to give 90 days notice prior to the tentative interim occupancy date if they need to postpone it.
Here is a link on the topic: http://www.tarion.com/Warranty-Prot...es/Condominiums-Tentative-Occupancy-Date.aspx
Here is a link on the topic: http://www.tarion.com/Warranty-Prot...es/Condominiums-Tentative-Occupancy-Date.aspx
ML5000
New Member
I had met with them at their office and they said they were looking at ANOTHER 2 yrs (this was in september/october of '11) fine .. but when their last tentative move in date came and went without a notice (which was november 30 '11) they were seemingly shocked that i was demanding a new move in date - which I think is my legal right; I mean i have to protect my investment right?
The new move in date which they gave me is November of 2013 more than 18mo's (which I thought was more than they were allowed to give as per Tarion) I want to get my $ back BUT the price I paid I will never get again ...Im not very impressed !
The new move in date which they gave me is November of 2013 more than 18mo's (which I thought was more than they were allowed to give as per Tarion) I want to get my $ back BUT the price I paid I will never get again ...Im not very impressed !
GraceCondos
Active Member
ML5000 - I feel for you, it's a tough situation to be in. If you bought as an investment, you don't just want your deposit returned with a crappy interest rate or your money did nothing for you all this time.
What you need to do is look at the TARION Statement of Critical Dates that would have been provided with your Purchase Agreement. The page is broken down into 3 sections. Below is a sample from a purchase I helped a client with a year ago.
1. Critical Dates
The First Tentative Occupancy Date, which is the date that the Vendor anticipates the condominion home will be completed and redy to mov in, is: the 15th day of March, 2013.
The Vendor can delay Occupancy on one or more occasions by setting a subsequent Tentative Occupancy Date, in accordance with section 3 of the Addendum by giving proer written notice as set out in section 3.
By no later than 30 days after completoin of the roof slab or of the roof trusses and sheathing, as the case may be, with 90 days prior written notice, the Vendor shall set either (i) a Final Tentative Occupancy Date; or (ii) a Firm Occupancy Date.
If the Vendor sets a Final Tentative Occupancy Date but cannot provide Occupancy by the Finaly Tentative Occupancy Date, then the Vendor shall set a Firm Occupancy Date that is no later than 120 days after the Final Tentative Occupancy Date, with proper written notice as set out in section 3 below.
If the Vendor cannot provide Occupancy by the Firm Occupancy Date, then the Purchaser is entitled to delayed occupancy compensation (see section 9 of the Addendum) and the Vendor must set a Delayed Occupancy Date which cannot be later than the outside Occupancy Date.The Outside Occupancy Date, which is the lateest date by which the Vendor agrees to provide Occupancy, is: the 12th day of March, 2015.
2. Notice Period for an Occupancy Delay
Changing an Occupancy date requires proper written notice. The Vendor, without the Purchaser's consent, may delay occupancy one or more teimes in accordance with section 3 of the Addendum and no later than the Outside Occupancy Date.
Notice of a delay beyond the First Tentative Occupancy Date must be given no later than: the 14th day of December, 2012 (ie., 90 days before the First Tentative Occupancy Date), or else the First Tentative Occupancy Date automatically becomes the Firm Occupancy Date.
3. Purchaser's Termination Period
If the condominium home is not complete by the outside Occupancy Date, and the Vendor and the Purchaser have not otherwise agreed, then the Purchaser can terminate the transaction during a period of 30 days thereafter (the "Purchaser's Termination Period"), which period could end as late as: the 13th day of April, 2015.
If the Purchaser termiantest eh transaction during the Purchaser's Termination Period, then the Purchaser is entitled to delayed occupancy compensation and to a full refund of all monies paid plus interest (see sections 9, 11 and 12 of the Addendum).
So you may want to go back to your TARION Statement of Critical Dates and see what your various deadlines are.
I'm not suggesting this developer is doing this, but I can see why a developer may just let the project go, return any deposits plus interest and fees then relaunch it at today's pricing. I imagine that increase in sales prices would more than make up for any fees plus a much larger profit.
What you need to do is look at the TARION Statement of Critical Dates that would have been provided with your Purchase Agreement. The page is broken down into 3 sections. Below is a sample from a purchase I helped a client with a year ago.
1. Critical Dates
The First Tentative Occupancy Date, which is the date that the Vendor anticipates the condominion home will be completed and redy to mov in, is: the 15th day of March, 2013.
The Vendor can delay Occupancy on one or more occasions by setting a subsequent Tentative Occupancy Date, in accordance with section 3 of the Addendum by giving proer written notice as set out in section 3.
By no later than 30 days after completoin of the roof slab or of the roof trusses and sheathing, as the case may be, with 90 days prior written notice, the Vendor shall set either (i) a Final Tentative Occupancy Date; or (ii) a Firm Occupancy Date.
If the Vendor sets a Final Tentative Occupancy Date but cannot provide Occupancy by the Finaly Tentative Occupancy Date, then the Vendor shall set a Firm Occupancy Date that is no later than 120 days after the Final Tentative Occupancy Date, with proper written notice as set out in section 3 below.
If the Vendor cannot provide Occupancy by the Firm Occupancy Date, then the Purchaser is entitled to delayed occupancy compensation (see section 9 of the Addendum) and the Vendor must set a Delayed Occupancy Date which cannot be later than the outside Occupancy Date.The Outside Occupancy Date, which is the lateest date by which the Vendor agrees to provide Occupancy, is: the 12th day of March, 2015.
2. Notice Period for an Occupancy Delay
Changing an Occupancy date requires proper written notice. The Vendor, without the Purchaser's consent, may delay occupancy one or more teimes in accordance with section 3 of the Addendum and no later than the Outside Occupancy Date.
Notice of a delay beyond the First Tentative Occupancy Date must be given no later than: the 14th day of December, 2012 (ie., 90 days before the First Tentative Occupancy Date), or else the First Tentative Occupancy Date automatically becomes the Firm Occupancy Date.
3. Purchaser's Termination Period
If the condominium home is not complete by the outside Occupancy Date, and the Vendor and the Purchaser have not otherwise agreed, then the Purchaser can terminate the transaction during a period of 30 days thereafter (the "Purchaser's Termination Period"), which period could end as late as: the 13th day of April, 2015.
If the Purchaser termiantest eh transaction during the Purchaser's Termination Period, then the Purchaser is entitled to delayed occupancy compensation and to a full refund of all monies paid plus interest (see sections 9, 11 and 12 of the Addendum).
So you may want to go back to your TARION Statement of Critical Dates and see what your various deadlines are.
I'm not suggesting this developer is doing this, but I can see why a developer may just let the project go, return any deposits plus interest and fees then relaunch it at today's pricing. I imagine that increase in sales prices would more than make up for any fees plus a much larger profit.
ML5000
New Member
Thanks GraceCondos .. I bought this place as a personal property.
I have this sinking feeling that the developer is going to return deposits, and re-launch it at higher prices, I just wish they would do it already if that is there intention. I have flat out asked them if thats what they are going to do, and of course they said no. I dont want to pull out and then have them possibly still build... i am so annoyed
I will have to look over the purchase agreement again and see what the critical dates are, I just dont remember cause its been SO long.
Thanks
I have this sinking feeling that the developer is going to return deposits, and re-launch it at higher prices, I just wish they would do it already if that is there intention. I have flat out asked them if thats what they are going to do, and of course they said no. I dont want to pull out and then have them possibly still build... i am so annoyed
I will have to look over the purchase agreement again and see what the critical dates are, I just dont remember cause its been SO long.
Thanks