Legacy, Ultra, Yorkland @ Heron's Hill Condos (Monarch Homes) - Real Estate

Seesus said:
Hey Newbuyer. Just curious how much is one exposed in terms of risk factor if the installation fee is not capped !? Mine aint capped and i am worried if they are going to charge me a furtune and make me short of my downpayment :( It can only be capped ofcourse prior to cool down period ends but is there anything that can be done after - if a cap wasnt established. Just am concerned more about the amount of risk in $$$ i am now exposed to because of this CAP not being set on my agreement !?
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I dont think you can change the agreemnet once it is established.
However, monarch is a reputable builder. They are not going to damage their reputation for a few thousand dollars.
 
Seesus said:
Hey Newbuyer. Just curious how much is one exposed in terms of risk factor if the installation fee is not capped !? Mine aint capped and i am worried if they are going to charge me a furtune and make me short of my downpayment :( It can only be capped ofcourse prior to cool down period ends but is there anything that can be done after - if a cap wasnt established. Just am concerned more about the amount of risk in $$$ i am now exposed to because of this CAP not being set on my agreement !?
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i'd speak to your real estate lawyer to get a peace of mind.

albertwong1 said:
I dont think you can change the agreemnet once it is established.
However, monarch is a reputable builder. They are not going to damage their reputation for a few thousand dollars.
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you'll be surprised. Corporations don't last forever regardless of their reputation (e.g., Lehman Brothers).
 
argos said:
you'll be surprised. Corporations don't last forever regardless of their reputation (e.g., Lehman Brothers).
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If theres a third party coming in for installation for meters, should that not be a standard clause or charge to all buyers. Why would one be charged more than the other -I am also looking at the max anyone knows that one could be charged for installation of meters !!! assuming the closing costs are around 2-3 % of purchase price, I am wondering how much of a difference can this make on the closing cost !? if the charges arent capped !
 
i think this is more for a peace of mind. Providing that there are a lot of money given out at the time of closing. No one want suprises. If one cannot close because of the stupid metering cost. It would be really sad.:(
 
Seesus said:
Hey Newbuyer. Just curious how much is one exposed in terms of risk factor if the installation fee is not capped !? Mine aint capped and i am worried if they are going to charge me a furtune and make me short of my downpayment :( It can only be capped ofcourse prior to cool down period ends but is there anything that can be done after - if a cap wasnt established. Just am concerned more about the amount of risk in $$$ i am now exposed to because of this CAP not being set on my agreement !?
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i think they can charge you as much as they want as long as its reasonable. I'm not sure exactly. I don't think you can do anything right now. I'm sorry. I wish i can be more helpful. You might want to look for a lawyer.
 
For your reference ... In my case, I've ask the builder (and they agreed) to cap the fees + levies (including meter installation costs) to $3,000
 
Argos, after seriously considering what you said. I finally came to a decision that I will opt out of the sales agreement. I think the floorplan is really bad and there is no good way to put any furnitures. Also, the heating up from the west window will seriously increase the hydro bills. I guess that is why they offer 20k off for the 665.

Since the price included HST already, there is no different to buy the unit now or when the construction is finished.

I may just wait for the construction of Emerald City to be finished and buy those left overs with a big slashed price. That way, I dont need to pay for the phantom mortgage and I am in a better position to negotiate the price and meter installation fee.

Personally, 8' or 9' ceiling doesnt matter that much to me ( I am short). But I guess it will affect the value of the unit.
 
Solaris said:
For your reference ... In my case, I've ask the builder (and they agreed) to cap the fees + levies (including meter installation costs) to $3,000
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Hi Solaris, so did you get it before the cool off period ended? It is from Emerald City, right? I think they are charging too much for everything. When you think about how much money you need to pay at once at closing, it really is scary. I am sure David Miller will think of sth worse soon to squeeze the juice out of us.
 
My meter installation fee + levies cap for Emerald City is $5000 and the sales rep stands really firm on this (maybe my negotiation skill is bad :p).
 
albertwong1 said:
Hi Solaris, so did you get it before the cool off period ended? It is from Emerald City, right? I think they are charging too much for everything. When you think about how much money you need to pay at once at closing, it really is scary. I am sure David Miller will think of sth worse soon to squeeze the juice out of us.
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Nope ... my fees capping amendment related to Tridel's Solaris project (as my name suggest :D)

but I think the $$ amount that your fees are capped at is set by each builder, so I guess your case the builder wants $5000
 
Rocky said:
Doesnt it say "shortly before closing" and as for Legacy closing in 2010 i would assume its kinda early for that call aint it ;)
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Nope, it also say "Your Personal Care Consultant will call you after you firm-up and they will be available throughout your experience to answer questions and keep you informed." It's not really a big deal if they call me or not since my agent keeps me informed when I ask him (not for this project but couture btw)...I was just hoping Monarch wasn't full of BS when they put that on their website.
 
Alex S said:
Nope, it also say "Your Personal Care Consultant will call you after you firm-up and they will be available throughout your experience to answer questions and keep you informed." .
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You are correct, My bad, None ever called me from Monarch at all though !!! hmmm wondering what else would be BS besides this on their website !!
 
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