Brampton UPtowns at Heart Lake | ?m | 4s | VANDYK

Hi,any one has any information about Vandyk HighgroveII Mississauga project.as by NOW we should have clear direction about the project cancellation and about the Next deposit payment,So far no update from solicitor.
Just my thoughts:
  • Vandyk is no longer in play here and KSV is not obligated to follow the APS cancellation clause. This clause is for the builder to decide if they want to cancel the project or not. KSV is not a builder, hence this clause is mute.
  • Your outside occupancy/completion date is all that matters to KSV i.e. KSV have enough time to decide the fate of the project for the best interest of the lenders. Unfortunately, buyers are at the bottom of any consideration.
  • That said, I think Highgrove is already for sale. You'll have to wait for KSV to find a buyer for the project and the new builder will decide if the APS is worth retaining or simply cancel and return deposits.
  • Deposit payment in this situation in tricky. If you stop your deposit payment, it could be interpreted in various ways. It is best your lawyer, if you have one, to consult with KSV on this.
 
Just my thoughts:
  • Vandyk is no longer in play here and KSV is not obligated to follow the APS cancellation clause. This clause is for the builder to decide if they want to cancel the project or not. KSV is not a builder, hence this clause is mute.
  • Your outside occupancy/completion date is all that matters to KSV i.e. KSV have enough time to decide the fate of the project for the best interest of the lenders. Unfortunately, buyers are at the bottom of any consideration.
  • That said, I think Highgrove is already for sale. You'll have to wait for KSV to find a buyer for the project and the new builder will decide if the APS is worth retaining or simply cancel and return deposits.
  • Deposit payment in this situation in tricky. If you stop your deposit payment, it could be interpreted in various ways. It is best your lawyer, if you have one, to consult with KSV on this.
Thanks a lot for the thaughts, so far i have contacted at least 3 solicitors,include one with realstate litigation expertise,but no clear directions ,and mixed suggestions are to contact Tarion,and Trustees, as solicitors are Not taking too much interest in this deal as they aware that any finiancial gain is far away...very helpless and painfull situation for buyers with a hafty deposits.
 
Thanks a lot for the thaughts, so far i have contacted at least 3 solicitors,include one with realstate litigation expertise,but no clear directions ,and mixed suggestions are to contact Tarion,and Trustees, as solicitors are Not taking too much interest in this deal as they aware that any finiancial gain is far away...very helpless and painfull situation for buyers with a hafty deposits.
April or May we should get some conclusion
 
Thanks a lot for the thaughts, so far i have contacted at least 3 solicitors,include one with realstate litigation expertise,but no clear directions ,and mixed suggestions are to contact Tarion,and Trustees, as solicitors are Not taking too much interest in this deal as they aware that any finiancial gain is far away...very helpless and painfull situation for buyers with a hafty deposits.
Is high grove deposits secure ? Did you contact the lawyer holding it ?
 
Is high grove deposits secure ? Did you contact the lawyer holding it ?
Secure...Not sure,Secure when we get deposit Back in our hands Only. but trustee can issue you a Form4, for an un deniable proof of deposits cost $84 for to get it.
 
Secure...Not sure,Secure when we get deposit Back in our hands Only. but trustee can issue you a Form4, for an un deniable proof of deposits cost $84 for to get it.
Did lawyer who is holding your deposit confirm they have it still?

Uptowns I believe they’ve confirmed they still have it, and has not been distributed to VANDYK.
 
Just really hope we do hear back soon like before the summer..we were first time homebuyers - who ended up renting and now purchasing a pre owned townhome. Hoping for good news from KSV (as in we get our deposit back guaranteed)
 

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