gquest said:
Wish you could hear their thoughts while they were walking around... like "how much more should we ask from the buyers, they should pay $50k extra each" lol
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I am thinking they decided to complete Uptowns in order to cover the debts and cost of the receivership , etc total expenses plus have about 12 units not sold .. so i dont think they can increase with a huge amt., someone has to be overlooking the process? Court? Dunno
 
Deanfeb said:
I am thinking they decided to complete Uptowns in order to cover the debts and cost of the receivership , etc total expenses plus have about 12 units not sold .. so i dont think they can increase with a huge amt., someone has to be overlooking the process? Court? Dunno
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Overseeing the process is KSV job. The court review and ensures ksv is working within the law and approves ksv recommendations.

If they’ll increase by any amount, they'll have to justify it with an independent market analysis done by a consultant of ksv choosing. They'll report on the amount needed to complete the project (as advised by PCL), determine if the "pre-sale price less the amount spent till date" is sufficient to complete the project, if not sufficient determine how much more buyers need to pay and back it up with market research to demonstrate that the extra money requested is "fair".

In all, buyers will get the option to accept it or get deposit back.

I'm not saying they'll ask for more money, I'm just detailing how the process looks like. Personally I hope they don't ask for more and we get some real update soon.
 
gquest said:
Final occupancy date is until Oct 2024, I think...I doubt they'll do that.

KSV just got approval for Kings-mill Backyard sales on July 15th.

Hopefully Uptowns is next 🤞
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Can final occupancy date be changed? Sounds like a stupid question as these guys are doing what they want when they want…no urgency whatsoever
 
Michelle C said:
Can final occupancy date be changed? Sounds like a stupid question as these guys are doing what they want when they want…no urgency whatsoever
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They can't except it is:
  1. A mutual agreement between builder and buyer or
  2. "Unavoidable Delay” which means an event which delays Occupancy which is a strike, fire, explosion, flood, act of God, civil insurrection, act of war, act of terrorism or pandemic, plus any period of delay directly caused by the event, which are beyond the reasonable control of the Vendor and are not caused or contributed to by the fault of the Vendor.
I don't see anyway they can claim number 2 in this case.
 
Is there anyone that has different set of date from below?
  • Occupancy: October 28 2024
  • Notice period for Occupancy delay: July 30 2024 (90 days before October 28, 2024)
  • Outside Occupancy: April 25 2025
@Deanfeb @SRAMP @Michelle C ...
 
gquest said:
Is there anyone that has different set of date from below?
  • Occupancy: October 28 2024
  • Notice period for Occupancy delay: July 30 2024 (90 days before October 28, 2024)
  • Outside Occupancy: April 25 2025
@Deanfeb @SRAMP @Michelle C ...
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I have those same!! I guess we should be hearing something before july 30? I am not sure if these dates matter when the project in receivership?
 
Deanfeb said:
I have those same!! I guess we should be hearing something before july 30? I am not sure if these dates matter when the project in receivership?
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Ideally we should hear from them before July 30.

The dates are very relevant since the sales agreement are still in force, regardless of being in receivership. By July 30, October 30 becomes fixed. Nothing can change it except mutual agreement after...I doubt if anyone is interested in that.

I'm patiently waiting for July 30 🤡
 
gquest said:
Ideally we should hear from them before July 30.

The dates are very relevant since the sales agreement are still in force, regardless of being in receivership. By July 30, October 30 becomes fixed. Nothing can change it except mutual agreement after...I doubt if anyone is interested in that.

I'm patiently waiting for July 30 🤡
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Guy onsite said garage will take at least min one year to complete!! So I am pretty sure this will have to be a mutual agreement
 
Deanfeb said:
Guy onsite said garage will take at least min one year to complete!! So I am pretty sure this will have to be a mutual agreement
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Apartments over the garage will definitely be a mutual agreement situation for sure. But do you know if they can finish all other buildings before April 2025? Looks feasible, but depends on how quick they end this shenanigans and commence construction.
 
gquest said:
Apartments over the garage will definitely be a mutual agreement situation for sure. But do you know if they can finish all other buildings before April 2025? Looks feasible, but depends on how quick they end this shenanigans and commence construction.
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Are we thinking no price increase?

Brcause if price goes up, no chance I’m moving forward.
 
gquest said:
Apartments over the garage will definitely be a mutual agreement situation for sure. But do you know if they can finish all other buildings before April 2025? Looks feasible, but depends on how quick they end this shenanigans and commence construction.
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End of 2025 seems more reasonable and that’s considering that construction starts soon.
 
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