Deanfeb
Active Member
Thought someone emailed the lawyers and they say waiting on instructions re deposits ? Weird
- Thread starter gquest
- Start date
SRAMP
Active Member
don't know what to believe.
They are saying our money is insured. Hopefully we could believe that, I guess.
jbaa1
Active Member
I emailed ksv yesterday when we will receive deposit back, and who will be paying it. Or if it’s tarion. No answer.don't know what to believe.
They are saying our money is insured. Hopefully we could believe that, I guess.
SRAMP
Active Member
They would take time to reply
gquest
Active Member
Tarion has a portal to file for deposit claim. After the agreements are canceled, Tarion will update the portal to include Vandyk on the list. Tarion will also issue a statement on their website.
The outstanding part is Trisura. I haven't see anything online about the process to claim insured deposits. Maybe they will reach out to use once the agreement are canceled.
The outstanding part is Trisura. I haven't see anything online about the process to claim insured deposits. Maybe they will reach out to use once the agreement are canceled.
Iheartdevelopment
New Member
Their marketing department was incharge of the website ... surprised it didn't get taken down with the office closure.
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Iheartdevelopment
New Member
The project is in a bidding process. Potential builders are probably just looking at the state of the project.FYI: I went by there yesterday and there were work trucks and people working. I think the receivership company is finishing project. I emailed someone from the receivership company and they sent a document over basically saying the purchasing agreement still stands as is and the only way to terminate the purchasing agreement is through a court order.
Here's the link that the lady at the receivership company gave me. There's a lot of info if you go through the pdfs
Vandyk Group of Companies
www.ksvadvisory.com
jbaa1
Active Member
I think KSV will take until outside occupancy 2025 to cancel the project. They will keep trying to bid, nobody will take the project because too expensive, and KSV extend to add to billable hours and maximize their income from this project.
SRAMP
Active Member
Let's hope they would cancel the project soon. But they keep updating the progress on receivership. you can find the latest report here.
last month work on the location was for winterizing the site. It seems like, they haven't started the bidding process.
random
New Member
Did we get a timeframe on when we’ll get more information regarding the deposits or the future of the project?
UptownGirl
New Member
Not really. The receivership company only said that as of now, the existing purchasing agreements still stands...that's as far as we know....but that's likely to change in the future....
Nandy
New Member
I have signed the purchase agreement in another Vandyk prompted project also located in HeartLake Road. (10194 Heart Lake Collection, Brampton). This site is yet to break ground and no construction has yet begun. We have paid 2 installments in advance. But the current state of Vandky and on ongoing receivership for nearby Uptowns is concerning. I would want to terminate my agreement with Vandly. Do not want to be in a state after 1 year where I have paid all the installments and even this project goes into Receivership. Are any others also having similar thoughts? There is no clear information anywhere on this and no proper response from Vandyk. I noticed that there was a 'Certificate of Litigation' by Lang Management on this property (10194 Heart Lake Collection) https://belltemple.com/casestudy/week-1-this-week-in-law-july-24-27-2023/
Kaoskreator
New Member
Deanfeb
Active Member
Too late! Vandyk is under water! and Heart Lake Collections is included in the current receivership
SRAMP
Active Member
I don’t think you could terminate the contract. It will go to receivership first and later they would cancel the agreement or they would amend with different builder.
As of now 10300 heart lake project is currently under receivership.