Toronto King West Life Condominiums | ?m | 25s | Plaza | Gabriel Bodor

Not exclusive use..

This is incorrect for King West Life. I checked my purchase and sales agreement (in addition lawyer did not note any point regarding 'exclusive use'). You do 'own' the parking spot that you receive with the unit. You cannot sell it to somebody who does not live in the building however so it is in a sense tied to the unit.


cdr108 said:
It's in their Purchase and Sales Agreement ... it's been that way in other Plazacorp projects like Wellington on the Park and West Harbour City ...

Don't know why they do 'exclusive use' as opposed to 'selling' them but that's how the other projects were done.
Click to expand...
 
The parking spot (and locker) being available only for sale to other owners is normal. I thought the "exclusive use" thing sounded odd. If anyone knows why a developer might do that, do tell!
 
Gooner said:
This is incorrect for King West Life. I checked my purchase and sales agreement (in addition lawyer did not note any point regarding 'exclusive use'). You do 'own' the parking spot that you receive with the unit. You cannot sell it to somebody who does not live in the building however so it is in a sense tied to the unit.
Click to expand...


I stand corrected ... I haven't been to KWL so I couldn't be sure but I was at WHC and Welllington on the Park - they are exclusive use.
 
simuls said:
The parking spot (and locker) being available only for sale to other owners is normal. I thought the "exclusive use" thing sounded odd. If anyone knows why a developer might do that, do tell!
Click to expand...

It prevents parking spots from being sold to individuals who are not residents of the building.
 
But why do that, when a simple clause that states it MUST be sold to an owner is easily accomplished? Is there a monetary incentive for the builder? It still doesn't make sense to me.
 
simuls said:
But why do that, when a simple clause that states it MUST be sold to an owner is easily accomplished? Is there a monetary incentive for the builder? It still doesn't make sense to me.
Click to expand...

I am not sure I am following you. There is now 'exclusive' thing at KWL. In the agreement there is simply a clause stating you cannot sell the parking to somebody who does not own a unit in the building (which according to others is fairly standard)...
 
If your APS says that the parking spot is "exclusive use", you can not sell that parking spot as you don't own it, if your APS says that the parking spot is "owned", you can sell the parking spot but your restriction is that it can only be sold to another owner in the same building. In previous days, developers sold parking spots as "exclusive use", but in more recent times, developers sell parking spots as "owned".
 
littlemonkey said:
If your APS says that the parking spot is "exclusive use", you can not sell that parking spot as you don't own it, if your APS says that the parking spot is "owned", you can sell the parking spot but your restriction is that it can only be sold to another owner in the same building. In previous days, developers sold parking spots as "exclusive use", but in more recent times, developers sell parking spots as "owned".
Click to expand...

Thanks for the info! As i said im sure its "owned" according to the APS....

Anybody have updates?
 
Designer for KWL was in the metro today. Little bit of advertising for this project. Good sign?
 
Anyone have any details of how sales are going for this project?

Any guesstimates on when a project such as this might have the plug pulled if sales aren't up to snuff? Or does that depend on too many variables to make a prediction?
 
You must log in or register to post here.

Back
Top