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

Deanfeb said:
Jan 09 update from KSV link above important for people with Heartlake n Ravine.. Might be an issue with deposits. eg below of some lines..

The Receiver understands that the home buyer deposits for the Heartlake and Ravine Projects are
partially insured by Tarion as they relate to freehold homes rather than condominiums. The Receiver
understands that none of the deposits for these two Projects remain in the respective Companies’ bank accounts.
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As someone with inside knowledge of Vandyk and many of the projects in question, I can tell you that KSV is incorrect. Heartlake is a full condo project and all cheques were payable to the lawyer, in trust. I'd expect KSV to update this notice with the correct info that the funds are still in the lawyer's trust account.
 
brettbass61 said:
As someone with inside knowledge of Vandyk and many of the projects in question, I can tell you that KSV is incorrect. Heartlake is a full condo project and all cheques were payable to the lawyer, in trust. I'd expect KSV to update this notice with the correct info that the funds are still in the lawyer's trust account.
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probably portion of Hearlake projects are freehold. I have seen the ad, they had different kind of plannings ranging from staked townhouses to row townhouses. Probably few of the row townhouses are freehold ones. I am not sure. If any purchaser from Heartlake here in this forum. They need to reach out to KSV for the clarification.
 
SRAMP said:
probably portion of Hearlake projects are freehold. I have seen the ad, they had different kind of plannings ranging from staked townhouses to row townhouses. Probably few of the row townhouses are freehold ones. I am not sure. If any purchaser from Heartlake here in this forum. They need to reach out to KSV for the clarification.
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All homes at Heartlake are full condo. That was the way it was set up. And all deposits were made out to the lawyer, in trust. Deposits on freehold sales, like at The Ravine, are always made out to the builder directly.
 
brettbass61 said:
All homes at Heartlake are full condo. That was the way it was set up. And all deposits were made out to the lawyer, in trust. Deposits on freehold sales, like at The Ravine, are always made out to the builder directly.
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So does this mean Uptowns, Heartlake deposits are all safe still with the lawyer? And we won’t have problems getting it back?
 
jbaa1 said:
So does this mean Uptowns, Heartlake deposits are all safe still with the lawyer? And we won’t have problems getting it back?
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Their lawyer (SR Law) would be able to verify, but yes. Heartlake is a condo project so all deposits must remain in the lawyer's trust account until the project is completed or if an APS/the project is cancelled. There is only one instance of a condo project that I can recall where deposit funds in the lawyer's trust account went missing, and that was due to fraud on the lawyer's end.
 
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The Jan 31, 2024 date was only an outside date for which Vandyk could have entered into an agreement with another party to pay off their debts by that date. They would have had to provide a copy of that agreement to the receiver by Jan 8, 2024, but according to KSV, they did not. The properties are already in receivership.
 
brettbass61 said:
Their lawyer (SR Law) would be able to verify, but yes. Heartlake is a condo project so all deposits must remain in the lawyer's trust account until the project is completed or if an APS/the project is cancelled. There is only one instance of a condo project that I can recall where deposit funds in the lawyer's trust account went missing, and that was due to fraud on the lawyer's end.
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FYI, KSV corrected their notice to the homebuyers and now confirm Heartlake is condo and deposits are safe.
1000027492.jpg
 
brettbass61 said:
The Jan 31, 2024 date was only an outside date for which Vandyk could have entered into an agreement with another party to pay off their debts by that date. They would have had to provide a copy of that agreement to the receiver by Jan 8, 2024, but according to KSV, they did not. The properties are already in receivership.
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Will the courts make a decision tomorrow re cancelling project? I thought that is what Jan 31 date was for?
 
Michelle C said:
Will the courts make a decision tomorrow re cancelling project? I thought that is what Jan 31 date was for?
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I'm not aware of any deadline set for that type of decision.

For UPtowns, I'd actually expect the the receiver to complete the project - by hiring a construction company - as its the best way for the lender to recoup the highest amount of money possible.
 
brettbass61 said:
I'm not aware of any deadline set for that type of decision.

For UPtowns, I'd actually expect the the receiver to complete the project - by hiring a construction company - as its the best way for the lender to recoup the highest amount of money possible.
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If this is the case I hope we get an update very soon. There is another company on site doing cement repair work for last couple weeks
 
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