Civdis said:
To be honest, I wouldn't mind my deposit back. There are some good opportunities in this market.
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Yes, there are.
It would be nice to have the choice though. Bad enough to have been made to wait in limbo this long. And the opportunity cost of our deposits, on which they pay little to no interest, is infuriating.
 
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Urbia-Suburbia said:
Yes, there are.
It would be nice to have the choice though. Bad enough to have been made to wait in limbo this long. And the opportunity cost of our deposits, on which they pay little to no interest, is infuriating.
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Presuming you were the original purchaser of your unit, the developer was required to provide you with an 'addendum of critical dates' as part of your purchase agreement. That document should state specifically the intended date for you to gain occupancy but it also allows the seller some leeway in delaying that closing date. At the time you signed the agreement the 'closing date' was probably several years into the future, but given all the delays on this project, we are probably well past that date. That Addendum also sets out very specific limits to the delays the developer (the seller) can impose. There should be something called an 'Outside closing date' and that date is determined way back when you first signed the sales agreement. It determines the maximum total delay the seller can impose. Check your agreement. If the Outside Closing Date stated there has already passed you are entitled to cancel the agreement and demand your deposit back, with interest (which will probably be trivial). One possible wrinkle here though. You have to exercise that right to cancel within a fairly short time window. What happens if that time window is expired, I don't know.
 
too tall said:
Presuming you were the original purchaser of your unit, the developer was required to provide you with an 'addendum of critical dates' as part of your purchase agreement. That document should state specifically the intended date for you to gain occupancy but it also allows the seller some leeway in delaying that closing date. At the time you signed the agreement the 'closing date' was probably several years into the future, but given all the delays on this project, we are probably well past that date. That Addendum also sets out very specific limits to the delays the developer (the seller) can impose. There should be something called an 'Outside closing date' and that date is determined way back when you first signed the sales agreement. It determines the maximum total delay the seller can impose. Check your agreement. If the Outside Closing Date stated there has already passed you are entitled to cancel the agreement and demand your deposit back, with interest (which will probably be trivial). One possible wrinkle here though. You have to exercise that right to cancel within a fairly short time window. What happens if that time window is expired, I don't know.
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Thank you for taking the time to share that information; that's very kind of you. The original 'outside date' was December 2027. Earlier this year, they moved that date (among others) out further...to November 2029...
 
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