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Emerald City Phases 1 to 3 including Dream Tower
Sheppard Ave. East & Don Mills Road, Toronto
Developer: ELAD Canada
Website: dreamtower.ca/

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Thread: Emerald City Condos (ELAD Canada) - Real Estate -

  1. Default

    Quote Originally Posted by animatrix View Post
    Newbuyer,

    Are you still in the 10 Day cooling period? I'm curious to know what your lawyer found...let us know. Thanks.
    Yes I am, animatrix.

    I will see him today, and I wil tell you guys what he found out. This way we can help each other with informations.


  2. Default

    Quote Originally Posted by newbuyer View Post
    Yes I am, animatrix.

    I will see him today, and I wil tell you guys what he found out. This way we can help each other with informations.
    That's good...good luck with that...hopefully nothing too serious.

  3. Default

    Hi Newbuyer,

    I don't have a lawyer to go over the purchase agreement. But my friends who purchased condos before helped me went though them and they said it was a typical agreement. Can you tell me what areas your lawyer doesn't like?

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    Quote Originally Posted by Solaris View Post
    My thoughts on the 735 sq.ft. Daffodil suite:

    PROs
    1. ZERO defined hallway space wasting no sq.ft., the entire living area flows as one continous space (assuming the island has no upper cabinetry above it)
    2. living/dining, bedroom, den are all great size typically unseen in condos nowadays, of course this is attributed by the size of the unit (and the price you are paying for it)
    3. as long as you are on or above the 5th floor, the direct west views will be enjoyed for years to come with no blockage of west views


    CONs
    1. I myself do not like balconies that are 'recessed' into the building, rather I desire a balcony that 'sticks out' of the principal building footprint such that you can get multi-directional views and the 'free floating' feeling from the balcony ... but I also hear some people fear this 'unprotected' feeling, so it really depends on personal preference
    2. what's with that odd division of space in the laundy + guest closet?? the closet space is next to useless ... make sure you get mirror sliding doors for that wide 4-panel sliding door section ... it will make the space feel even larger
    Thank you so much for your comments Solaris. I myself in fact is one of those people afraid of floating balcony because I am afraid of height, I feel that balcony attached to a concrete wall is much safer. That's why the floor I picked is just a bit over 5th floor :P

  5. Default

    Quote Originally Posted by probey View Post
    Hi Newbuyer,

    I don't have a lawyer to go over the purchase agreement. But my friends who purchased condos before helped me went though them and they said it was a typical agreement. Can you tell me what areas your lawyer doesn't like?
    Emerald said they can refer you to one if you don't have one, but it's probably better to have a lawyer not associated with them at all.

  6. Default

    Quote Originally Posted by probey View Post
    Hi Newbuyer,

    I don't have a lawyer to go over the purchase agreement. But my friends who purchased condos before helped me went though them and they said it was a typical agreement. Can you tell me what areas your lawyer doesn't like?
    Ok. These are some areas that he doesn't like:

    -In the purchase agreement, there is no clause that protect the buyer when the HST in
    effect on July 2010. Basically, the original agreement says the buyer could be ask to
    absorb the 8% PST and then would have to get a refund from the government. That is ten of
    thousands on top of your purchase price. How long the government will give you the
    refund? Nobody knows because everything is still up in the air.

    -He thinks the levys, development charges, and etc should be absorb by the builder. He
    also thinks $1,500 max for water meter installation is too much. He will make some
    changes on the capping numbers.

    -He suggests to put a clause where if the builder delays the construction over a certain
    time, the buyer should have an option to walk out of the deal.

    -The builder should also issued something in writing under my name that the deposit in
    excess of $20,000 will be cover by the condominium act, since Tarion only covers
    $20,000.

    I don't remember the other things but he will be drafting a format amendement to the deal today so I can bring it to the sales office. He also will fax one to the builder's lawyer.

    What do you guys think about it? The thing that I'm really worried is the HST part. To be honest with you, I can't afford another $20k tax on top of the purchase price plus closing cost. It could be a deal breaker for me if they can't absorb it.

  7. Default

    Quote Originally Posted by newbuyer View Post
    Ok. These are some areas that he doesn't like:

    -In the purchase agreement, there is no clause that protect the buyer when the HST in
    effect on July 2010. Basically, the original agreement says the buyer could be ask to
    absorb the 8% PST and then would have to get a refund from the government. That is ten of
    thousands on top of your purchase price. How long the government will give you the
    refund? Nobody knows because everything is still up in the air.

    -He thinks the levys, development charges, and etc should be absorb by the builder. He
    also thinks $1,500 max for water meter installation is too much. He will make some
    changes on the capping numbers.

    -He suggests to put a clause where if the builder delays the construction over a certain
    time, the buyer should have an option to walk out of the deal.

    -The builder should also issued something in writing under my name that the deposit in
    excess of $20,000 will be cover by the condominium act, since Tarion only covers
    $20,000.

    I don't remember the other things but he will be drafting a format amendement to the deal today so I can bring it to the sales office. He also will fax one to the builder's lawyer.

    What do you guys think about it? The thing that I'm really worried is the HST part. To be honest with you, I can't afford another $20k tax on top of the purchase price plus closing cost. It could be a deal breaker for me if they can't absorb it.
    I'm not fully aware of all the regulations so I have my questions in respond to your concerns. So if for whatever reason the builder cannot continue, you're telling me you cannot get ALL your deposits back?

    I'm not aware of any delay of construction will allow the buyer to walkout. Is this common in most purchase agreements?

    I would like to know more about this HST and at what point am I paying for it. I also heard a lot of recent rising prices was a reflection of HST, but if it's part of the initial condo cost, perhaps the builder should amend the agreement to reflect that so you won't need to pay an additional tax afterward.
    Last edited by animatrix; 2009-Jul-27 at 17:40.

  8. Default

    Are you guys aware the unit, Daffodil no longer exist? I just learned they are planning to change the unit/layout completely and I have no ideas to what. The lady said it could be a 2 bed or the same 1+1, but different layout. I asked her what about the people who purchased that unit and she said they will have to accept the changes or change a different unit....strange.

    She did say they will know by next week or so with the new layout.

  9. Default

    Quote Originally Posted by animatrix View Post
    Are you guys aware the unit, Daffodil no longer exist? I just learned they are planning to change the unit/layout completely and I have no ideas to what. The lady said it could be a 2 bed or the same 1+1, but different layout. I asked her what about the people who purchased that unit and she said they will have to accept the changes or change a different unit....strange.

    She did say they will know by next week or so with the new layout.
    Nobody contact me for the change, I think I need to go down to the sales office in person to talk to them. And if they really do make the changes, how are they going to deal with the price difference? I hope the change will only be a good one.

  10. #40

    Default

    Nobody contact me for the change
    Not surprising as they have your money and they don't want to lose it.
    got some ice to sell you

  11. Default

    Quote Originally Posted by maestro View Post
    Not surprising as they have your money and they don't want to lose it.
    Hi maestro, usually how buyers deal with this? Just accept the changes or are there any other alternatives?

  12. Default

    Quote Originally Posted by animatrix View Post
    I'm not fully aware of all the regulations so I have my questions in respond to your concerns. So if for whatever reason the builder cannot continue, you're telling me you cannot get ALL your deposits back?

    I'm not aware of any delay of construction will allow the buyer to walkout. Is this common in most purchase agreements?

    I would like to know more about this HST and at what point am I paying for it. I also heard a lot of recent rising prices was a reflection of HST, but if it's part of the initial condo cost, perhaps the builder should amend the agreement to reflect that so you won't need to pay an additional tax afterward.
    No, if the builder cannot continue than you will get your money back. I don't know when you are going to get it back though.

    I don't know what is the standard, but when my lawyer see that the builder can delay the construction as long as they want, he wants a clause to protect my rights in case when it happens I can decided whether continue to wait or cancel the agreement. You need to know that you will be putting over than $40,000 as a deposit for at least 2-3 years. Do you still want to wait when they delay the construction 1 year later?

    Regarding HST, the prices that you see right now are GST included only. When the HST takes effect in July 1,2010 the builder could ask you to pay the 8% PST of the purchase price. Now, if you purchase $300k unit, you are looking to pay $24,000 in tax on top of your closing cost. I know I won't have that kind of money. You then claim a rebate 75% of your 8%. You will get the 6% back to you. When do you get it? I don't know. Right now everything is still in the air. We don't know how the HST will be implemented. There could be different scenarios. You can simply deduct the 6% from the 8% at the time of closing and then just pay the difference, or you have to pay full 8% and wait for the refund of the 6%, or else. We don't know how this tax is going to work. I can not take chance. If the government ask the buyer to pay first 8% PST then refund the 6% later, that is the money that I won't have. If I can't pay the tax, it means I can't close then I'm screwed.

  13. Default

    Quote Originally Posted by maestro View Post
    Not surprising as they have your money and they don't want to lose it.
    True, but it would be nice if they had contacted the buyers to let them know.

  14. Default

    Quote Originally Posted by probey View Post
    Hi maestro, usually how buyers deal with this? Just accept the changes or are there any other alternatives?
    I think when you sign the agreement, you accepted whatever they could do to your unit as long as it doesn't vary greatly in sizes. If you read the fine prints, they say the builder have the right to change the layout whether you like it or not.

  15. Default

    Quote Originally Posted by maestro View Post
    Not surprising as they have your money and they don't want to lose it.
    the way I see it, probey doesn't have many choices. Whether the builder contact him or not, he still can not back out from the agreement.

    Probey, did you get an assignment inserted to your purchase agreement? If you did, worse come to worse you can sell it to someone else.

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