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

Hello everyone.
Does anyone have any idea as to what is going on? Yesterday was supposed to be a big day. I keep checking KVS.
Thanks
 
SRAMP said:
I don’t have hope. If it goes to new builder or if they amend the price. It would be definitely new contract. That means new closing date. In that case builder does not need to worry about sales. Since they would have enough time for sales and completion.

Only thing I am waiting for is the deposits. If they provide deposits soon. I would move on with my money.
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A buddy of mine who’s in real estate showed me a unit / development that closed, 9 years from purchase date lol
 
SRAMP said:
I don’t have hope. If it goes to new builder or if they amend the price. It would be definitely new contract. That means new closing date. In that case builder does not need to worry about sales. Since they would have enough time for sales and completion.

Only thing I am waiting for is the deposits. If they provide deposits soon. I would move on with my money.
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Me too take cash n run
 
nicolephillipe said:
Hello everyone.
Does anyone have any idea as to what is going on? Yesterday was supposed to be a big day. I keep checking KVS.
Thanks
Click to expand...
Essentially all Vandyk projects are in receivership. The deadline of yesterday was no longer in play when they missed the previous Jan 8, 2024 deadline.

What would you like to know?
 
brettbass61 said:
Essentially all Vandyk projects are in receivership. The deadline of yesterday was no longer in play when they missed the previous Jan 8, 2024 deadline.

What would you like to know?
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Explain why deadline is no longer in play? Missed deadline? You would think the courts would have sympathy for the 300 buyers that we are waiting for our money
 
Michelle C said:
Explain why deadline is no longer in play? Missed deadline? You would think the courts would have sympathy for the 300 buyers that we are waiting for our money
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The order was, vandyk should get into a payment agreement with the creditors before Jan 8 and make payment or have an executed contract by Jan 31. KSV didn't get any notice from vandyk about having a payment plan with the creditors, by Jan 8, then Jan 31 deadline for payment/execution doesn't matter.

Next step is to for KSV to seek the court approval for sales plan.
 
gquest said:
The order was, vandyk should get into a payment agreement with the creditors before Jan 8 and make payment or have an executed contract by Jan 31. KSV didn't get any notice from vandyk about having a payment plan with the creditors, by Jan 8, then Jan 31 deadline for payment/execution doesn't matter.

Next step is to for KSV to seek the court approval for sales plan.
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Correct...court approval to either sell OR build the project.

Also these January dates only applied to Heartlake, Lakeview DXE, and Ravine. Uptowns was in receivership as of November 14, 2023 due to the lenders' argument that it was crucial to take control of the construction site right away.
 
brettbass61 said:
Correct...court approval to either sell OR build the project.

Also these January dates only applied to Heartlake, Lakeview DXE, and Ravine. Uptowns was in receivership as of November 14, 2023 due to the lenders' argument that it was crucial to take control of the construction site right away.
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Thanks for explanation, hopefully KSV will move quickly.
 
brettbass61 said:
Correct...court approval to either sell OR build the project.

Also these January dates only applied to Heartlake, Lakeview DXE, and Ravine. Uptowns was in receivership as of November 14, 2023 due to the lenders' argument that it was crucial to take control of the construction site right away.
Click to expand...
how long do these next steps usually take?
 
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