Time and Space Condos (Pemberton) - Real Estate -

ignace said:
Hi, just received a email from Time and Space saying the are changing my unit number, my contract clearly said 822 and they are moving me to 862, I want to know your thought . Did someone receive similar email? Anyway I plan to fight back
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You get what you pay for...
 
ignace said:
Hi, just received a email from Time and Space saying the are changing my unit number, my contract clearly said 822 and they are moving me to 862, I want to know your thought . Did someone receive similar email? Anyway I plan to fight back
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It's not unusual to have numbers/addresses change before building registration when multiple towers are amalgamated in preparation for a single condo corporation. (which you want to share maintenance costs). Numbers are simply reordered to prevent duplicate or confusing number layouts. Your unit or unit location doesn't change.... just the number. Mine also changed. It happened to me before too, in a high end build on Bay I bought a few years back. (Definitely not related to the price you paid.)
 
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Yes. This is was in that disclosure package I mentioned above. The street address is also different. They want to run all four towers as a single corporation with a single management company. I don’t worry about the number – who cares? More importantly, they brought in Eddy Home Inc for leak detection monitoring which adds about $25 monthly per unit or more than 400K to the annual budget (to get started). And they “not believe that any of the revisions to the disclosure statement, whether individually or in combination, amount to material changes”.
 
Kama said:
Yes. This is was in that disclosure package I mentioned above. The street address is also different. They want to run all four towers as a single corporation with a single management company. I don’t worry about the number – who cares? More importantly, they brought in Eddy Home Inc for leak detection monitoring which adds about $25 monthly per unit or more than 400K to the annual budget (to get started). And they “not believe that any of the revisions to the disclosure statement, whether individually or in combination, amount to material changes”.
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Some thoughts here. First, according to the Urbantoronto database entry for this project, there are to be a total of 1582 units in the building. At $25 per unit per month, plus HST that would amount to approximately $535,000 per year - a bit less if the $25 per month includes HST.

Secondly. the main causes of preventable leaks is oveflows from blocked drains in condensation drip pans for the heating and air conditioning units. Overflow detection sensors are available for a one time cost of less than $100 installed when a bulk purchase is done on a building wide basis. That is a one time charge, not monthly. The sensors work by preventing the air conditioning from coming on when the drip pan is full or almost full. All the resident has to do is call property management to say 'My air conditioning is not working'. Elemental to get it figured out and resolved.

Other problems, such as burst pipes, residents falling asleep in a bath tub when water is running, and so on, would not be addressed by this solution - but such problems are quickly self-evident anyway, and do not need a $25 per unit per month monitoring solution.

Thirdly - the Board has the option, during the first year (and only during the first year) after turnover, to abrogate (cancel) contracts entered into by the developer on behalf of the condominium corporation. Some contracts cannot be cancelled quite as easily - telecoms contracts in particular - details are in the Condominium Act. It is of utmost importance that the newly elected Owners' Board, as soon as possible after the turnover, retain an independent condominium lawyer, and review all the ongoing contracts that had been entered into by the declarant (developer) on the condominium's behalf, and send proper notice of cancellation to those suppliers whose services you do not wish to retain. If this is not done within the first twelve months after turnover, you are stuck with the contracts for the full duration of their contract term.
 
Thanks, AHK. The 400K I cited is actually from the budget for the first year of operations the developer included and distributed in the disclosure package. I expect for the first 2-3 years the board will be controlled by the developer rather than by the residents, depending how many apartments are still owned by the developer (I am still getting offers from the brokers to buy in T&S). There will be no way to get out of that contract simply by the board vote (or any of the contracts). The board still has fiduciary duties but somebody, like HOA, still needs to oversee if it acts as supposed to.

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Received an email from the builder this week regarding amended disclosure. Anyone else got it? Thoughts?
 
Thanks Kama. I posted and was on the wrong forum.
I don't think we have much choice but to acknowledge receipt of the amended disclosure? Even if we disagree with the install of the Eddy home system. Is this something we should get a lawyer to look at or are these type of changes common during the course of construction?
 
I don’t know if it is common during construction. I just acknowledged receiving the docs and wrote to them that adding more than 400K annually to the budget looks like a material change to me, and I need to get legal advice on that, contrary to their statement. I also sent copies to the lawyer, but I don’t think that he needs to be involved at this point as the developer will amend / modify the agreement several times before the closing. The lawyer needs to look at the final package. But if you have extra cash to spend on a legal advice, it is really up to you. I skimmed through the agreement, and any material changes just let you to get out of this contract. If I would need to get out of this contract, I would probably try to sell assignment rights (it is cannot be done now without permission from the developer).
 
Good idea. I sent a copy to my lawyer as well just so his office could update the new address and suite number. Not going to pay him extra to review at this point. Thanks again.
 
Kama said:
Anyone got a request from the builder to select finishes?
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We're currently considering an assignment sale and we've been told we only have 3 weeks left to pick the finishes! This is for the south east tower, Princess Street address. I was shocked to hear this!
 
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