Toronto Aura at College Park | 271.87m | 78s | Canderel | Graziani + Corazza

Exodus said:
i thought that purchasers were not allowed to list for sale, advertise for sale, offer for lease, offer for sale, sell, lease, transfer not less than thirty days prior to closing. (as read from the contract)

and secondly, if investors have purchased a unit in Aura would they would have made much money thus far?
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This has come up many times here, and also on the real estate subforum....the key point is that for any condo which is not yet built and registered, you may have signed an Agreement of Purchase & Sale, and you may have paid a deposit, but until the deal closes - i.e., until the condo is built and registered, YOU DON'T OWN IT YET...in other words, you cannot sell or lease out what you don't yet own..(have title on)...

Sometimes builders will allow you to assign your Agreement of Purchase & Sale to a third party, but this is at the builder's discretion, and even if they do allow it, they will charge you a substantial administrative fee to do so - usually several thousand dollars....

Any such assignments need to be carefully understood by both you and your lawyer...hope this helps..
 
yyzer said:
until the condo is built and registered, YOU DON'T OWN IT YET...in other words, you cannot sell or lease out what you don't yet own..(have title on)...
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Truthfully you dont own your house or condo (unless you have paid the full purchase price in cash) if you have a morgage, even though your a title holder your morgage company/institution pretty well have an invisible lean on your property and own it untill the day you pay it in full, or sell it, in which the financial institution is going to be paid out of the proceeds of the sale before you see anything. Regardless, your mortgage is going to be paid off as part of the sales process.
 
Automation Gallery said:
Truthfully you dont own your house or condo (unless you have paid the full purchase price in cash)....
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I think the OP that asked whether purchasers have the green light to resell their units, was referring to reassigning the title agreement to someone else. In regards to this, here are a couple of main points that were mentioned in the contract:

-must obtain consent of builder once 80% of units must have been sold
-all units of same type, style or model must have been sold
-payment of $4500 for administration fee
 
Truthfully you dont own your house or condo (unless you have paid the full purchase price in cash) if you have a morgage, even though your a title holder your morgage company/institution pretty well have an invisible lean on your property and own it untill the day you pay it in full, or sell it, in which the financial institution is going to be paid out of the proceeds of the sale before you see anything. Regardless, your mortgage is going to be paid off as part of the sales process.
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The keyword is titleholder. Semantics but, the corporation of the City of Toronto has a permanent lean on almost every property.
 
Automation Gallery said:
Truthfully you dont own your house or condo (unless you have paid the full purchase price in cash) if you have a morgage, even though your a title holder your morgage company/institution pretty well have an invisible lean on your property and own it untill the day you pay it in full, or sell it, in which the financial institution is going to be paid out of the proceeds of the sale before you see anything. Regardless, your mortgage is going to be paid off as part of the sales process.
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The lien that your mortgage company has is hardly invisibile!!!! It is registered on title and is there for anyone to see (expressly for the purpose of making sure they get paid first!).
 
well as 1 bloor has stalled, this becomes the biggest project in the city now.

Anyone know whats the status.
 
Well for one the units were cheaper so a lot more got bought by regular folk...

If they desperate to sell units I would imagine they would be advertising now...
 
lordmandeep said:
Well for one the units were cheaper so a lot more got bought by regular folk...

If they desperate to sell units I would imagine they would be advertising now...
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Aura has never been big on advertising. i can count on one hand, how many times i've seen ads for this condo in the condo guide.
i doubt most people know about the promotion of selling furnished executive suites at no extra costs. this is because it's only advertised via email for those that signed up on their website. canderel definately needs to work on their marketing campaign.

even one bloor has advertisements in every single edition of the condo guide, and that project is at a standstill
 
Exodus said:
i doubt most people know about the promotion of selling furnished executive suites at no extra costs. this is because it's only advertised via email for those that signed up on their website.
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i saw an advert for that promo recently in ones of those condo mags ... can't recall which one ... up to $10,000 worth of furnishings and design consult.

IIRC the design firm doing the furnishing is 'hauz' based in Montreal ... ???

BTW, I disagree with the statement that Aura has not been big on advertising. They too have been in many editions of condo gude, condo life, etc.
 
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Johnzz said:
Spoke to an agent yesterday, shovels ready to dig end of August 09.
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?? Are they starting after dinner?:D
Only kidding.
What he probably meant by 'end of Aug.9'. was to fluff you off on your way with a smile on your face and hope in your heart ...

Rule no.1 to remember. What a builder's agent tells you isn't worth the paper it's written on.
Hope it turns out to be true though. Canderal has an excellent reputation, but these are difficult days for condo builders in Toronto.
Most of the 'pigeons' have flown away.
 
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