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Hello everybody,
I have signed an agreement with Cresford to buy a condo in YSL since Feb 2019, and paid three times, using cheques. Over 150K. According to the contract, I have to pay 51K for the fourth time in May 2020.
At this time, there are lots of bad news about Cresford, regarding 3 Cresford condo sites enter receivership.
And there is nobody or machine in the site of 385 Young st (YSL site).
The main office of Cresford at 59 Hayden St Suite 200, Toronto, ON M4Y 0E7 often closed.
Could you please give me some advice if I should pay for the fourth time or wait for more information from Cresford?
Thank you
 
Hello everybody,
I have signed an agreement with Cresford to buy a condo in YSL since Feb 2019, and paid three times, using cheques. Over 150K. According to the contract, I have to pay 51K for the fourth time in May 2020.
At this time, there are lots of bad news about Cresford, regarding 3 Cresford condo sites enter receivership.
And there is nobody or machine in the site of 385 Young st (YSL site).
The main office of Cresford at 59 Hayden St Suite 200, Toronto, ON M4Y 0E7 often closed.
Could you please give me some advice if I should pay for the fourth time or wait for more information from Cresford?
Thank you
Hello. I understand why you are looking for information about this. However my advice would be to contact your realtor and your lawyer. It is not possible for someone to give you good advice without access to your purchase agreement, any other paperwork you signed or received, and any notices you have received from the developer, Tarion, etc. (if any). If it were me I would start with my realtor, but given that they are not legal experts, I would then consult with my lawyer. I realize this is an expense but it is critical to deal with this situation properly, as the cost and inconvenience of not dealing with it properly could be huge.
 

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