I'm not sure if that option or any other similar option would be available at this point. The contract we signed has so many fine prints that I'm just getting to read them now. If you would like to speak with a litigation lawyer please be my guest. Talking to some people with similar past experience I think we just need to wait until the builder makes its move. Possibly faulting on the contract or asking for certain price increase on top of the contract. They might bring the option of canceling the contract and return our money with no interest if we do not accept the higher suggested prices. Let's see. Do we have a lawyer in here who could shine some light on the situation?Does anyone know what our options are at this point? Is it a good idea to start inquiring about getting our $ out with legal guidance?
Options for purchasers are limited but you can imagine how things will develop:Does anyone know what our options are at this point? Is it a good idea to start inquiring about getting our $ out with legal guidance?
In fairness, many developers apply for "soil remediation permits' long before they have all the right paperwork for excavation ones. This is legal and allows them to do some excavation before all their ducks are lined up. Though Greenland did excavate a new pond, their ducks never flew!This is not the shoring permit for the foundation.
This is a permit related to soil remediation. Not the same. This work has been completed, as can be seen by the use of the term 'Inspection' in the Status.
Ok, I had posted this in a different thread and it was then transferred to here.Sorry, it’s a bit complicated and confusing to get through all this thread…
Could anyone tell me what could we expect in the situation with the Lakeside residence project?
It appears that it will inevitably be terminated. Is it correct (or most likely)?
If so, when could we expect to get our deposits back? The contract states that the latest date of closing is Apr 2027. Is it expected that they would keep the money until the very possible date? Or is it in their interest to release the funds sooner?
By the rule they are supposed to pay some interest on the deposits. If I understand it correctly, the interest is calculated as ‘prime minus 2%’. Is this correct?
Sorry, too many questions, but I think it is important.
I appreciate any suggestions.
Good questions, some of my thoughts below posted earlier.Ok, I had posted this in a different thread and it was then transferred to here.
I read all these and now have just one question: if that Whatsapp group which many people had joined is alive and active and I should join it as well or it is OK to look for any updates about the matter in this thread.
Please let me know.
Options for purchasers are limited but you can imagine how things will develop:
- Case A: Greenland got all the permits and approvals eventually, the condo gets fully constructed and occupied (but significant delayed).
- Case B: Greenland asked for higher prices and whoever disagree got cancellation on their APS, while complaints can be made against Greenland through HCRA, Adi Group case was a typical example that the developer pay fine ($60k) to HCRA and fractional compensation to all purchasers (around $2M for all). The LAT decision can be found here: https://obd.hcraontario.ca/static/media/13954.NHCLA.DEC.fdbb8ef9.pdf
- Case C: Greenland failed to get all the permits and approvals then purchasers wait until a date to apply for refund of their deposit from Harris Sheaffer LLP (trust), while the previous Covid 19 added more uncertainties to this case and I believe the original 2026 date will be postponed to a later date.
- Case D: Greenland sold their project including APS to a new developer and the company usually asking for more similar to Case B.
My contract stated same as yours, April 2027. However, the Covid - 19 outbreak back in March 17 2020 (announcement date by Gov. of ON) had given most developer a natural excuse to delay this date, as Covid-19 is classified as "force majeure" event.If so, when could we expect to get our deposits back? The contract states that the latest date of closing is Apr 2027. Is it expected that they would keep the money until the very possible date? Or is it in their interest to release the funds sooner?
But I really doubt that it is in their interest to keep the project on hold (and as such our money) as long as possible without moving in any direction.There is no way deposits can be returned before this date, unless the developer terminate at their end first.
In simple term, it is the central bank's base rate, commercial bank (rbc, td, etc.) charge a markup on top of that rate. US Federal Reserve is doing it and BoC doing it too to prevent CAD collapsing (slightly already, as there is a 25bp difference)And also: what is
The trust holding it will pay the interest, if I am not mistaken. In this case - Harris Sheaffer LLP.I’m really interested in who is really paying interest on returning deposits in case of the project cancellation - the developer from their pockets or the bank where deposits were kept.
I doubt they have approvals, as a result - they can't construct or to receive a stop work order.But I really doubt that it is in their interest to keep the project on hold (and as such our money) as long as possible without moving in any direction.