Yes, I am waiting for a new purchase agreement before 13 March 2026.
Have you had any correspondence in regards to a new purchase agreement and from whom? I have absolutely no information on this.
No, I did not contact them.
What is the purpose of a New Agreement? Is that going to give us the option to terminate this Agreement and get our deposit back?
The new agreement will extend the outside occupancy date and may change the price. Yes, you will have one month to accept it or decline it. If you decline it, then they will return your deposit.
Change the price? Do you mean they will still increase the price because I bought it at the peak and I can't imagine them to further increase the price considering the real estate market conditions.
I don't think they will increase the price. Either they will keep the same price or decrease it, to make it an attractive offer for us.
If they keep the price the same how do they expect us to close on the property considering the appraisal values are coming in drastically lower?
This is not a builder-related issue. We do have the option to opt out, which is reassuring. That said, if we move forward with closing, a down payment of more than 20% may be required if market conditions remain the same.
It's my understanding that we have the option to opt out only if occupancy is not given by the Outside Occupancy date. However the way construction is going on full steam and there are still over 2 months to go, I am not sure where this is headed.
I do not think it can be completed before 13 March 2026. The court has already passed the Ancillary Relief order. We fall in the small subset whose outside occupancy is 13 March 2026.
I think a lot has transpired since the Court issued the Ancillary Relief Order on Oct 15th, 2024. Apparently 254 out of 287 Uptown APSs have been terminated so far based on increase in the purchase price. So there are only about 40 APSs outstanding with an Outside Occupancy date of March 13th, 2026 and which I believe don't fall under the price increase category.