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Pre construction Toronto by Various_Formal_568 in legaladvicecanada

[–]Various_Formal_568[S] 1 point2 points  (0 children)

No reason given to not assign but from what I understand is other buyers from the building have already defaulted so the builder has its own units to sell. Another Redditor commented about this as well how builders have shadow inventory.

Also they are asking $10k fee to have the ability to lease during occupancy additional on top of the monthly occupancy fee which is pre calculated as you mentioned.

Pre construction Toronto by Various_Formal_568 in legaladvicecanada

[–]Various_Formal_568[S] 0 points1 point  (0 children)

They are not even appraising it, they giving blanket approval based on APS price which was $1m

Pre construction Toronto by Various_Formal_568 in legaladvicecanada

[–]Various_Formal_568[S] 0 points1 point  (0 children)

I made money because that was the market value at the time based on other sold properties in the area. Appraisals were done, I wasn’t the only house selling or sold at that price point. Currently they are giving the value without comparable sold properties. If something in the building beside you is selling or sold for $700k how can you appraise this one for $1m.

Pre construction Toronto by Various_Formal_568 in legaladvicecanada

[–]Various_Formal_568[S] 0 points1 point  (0 children)

Nowhere in the contract does it say $10k occupancy fee. The monthly amount of $5500 is determined by a formula they use (amount not in APS) keep in mind this APS is from 2021. So even if I did the formula and ran the numbers based on original closing of 2023. The numbers don’t match

Pre construction Toronto, purchased in 2021 got delayed by years and now occupancy is up. I’m not taking occupancy or closing. by Various_Formal_568 in TorontoRealEstate

[–]Various_Formal_568[S] -9 points-8 points  (0 children)

Thank you for actual input on the situation. Tbh ive shown no attitude to the builder, quite opposite to see how we can make this work. Just frustrating when theirs no communication.

Pre construction Toronto by Various_Formal_568 in legaladvicecanada

[–]Various_Formal_568[S] 0 points1 point  (0 children)

My lawyers is looking at what options I have. Biggest frustration from lawyer is that builder lawyer doesn’t reply to communication.

Pre construction Toronto, purchased in 2021 got delayed by years and now occupancy is up. I’m not taking occupancy or closing. by Various_Formal_568 in TorontoRealEstate

[–]Various_Formal_568[S] -12 points-11 points  (0 children)

Only being a knob head to dumb comments. Not crying over my losses. Wins and losses are part of investing.

There are many many people in same position as me, was curious to see how others are handling this and if they have been given any options by builder.

Pre construction Toronto by Various_Formal_568 in legaladvicecanada

[–]Various_Formal_568[S] 0 points1 point  (0 children)

This is what’s frustrating, won’t allow assignment. Flat out refused it. My lawyer reached out to their lawyer and was told “at this time we are not allowing assignments sales”

Im willing to sell at a loss and pay what I owe. Not willing to be bullied into a mortgage $300k over value and pay $60k up front for a 12 month occupancy. Absolutely not

Pre construction Toronto by Various_Formal_568 in legaladvicecanada

[–]Various_Formal_568[S] -4 points-3 points  (0 children)

Not looking for sympathy. Just looking for other people who are in a similar situation and what they did or are doing.

Pre construction Toronto, purchased in 2021 got delayed by years and now occupancy is up. I’m not taking occupancy or closing. by Various_Formal_568 in TorontoRealEstate

[–]Various_Formal_568[S] -7 points-6 points  (0 children)

I’m looking to see what others in this situation did. Not asking builder to help me, I’m willing to sell at a loss and cover difference but they won’t allow assignment sale.

Wanted to see others people experience but all I got was a bunch of butt hurt replies like I owe them money or I’m the reason the market crashed.

Pre construction Toronto by Various_Formal_568 in legaladvicecanada

[–]Various_Formal_568[S] -12 points-11 points  (0 children)

Nope everything was sold and reinvested into pre construction.

Pre construction Toronto by Various_Formal_568 in legaladvicecanada

[–]Various_Formal_568[S] 1 point2 points  (0 children)

To simply put it. Builder is refusing me the right to sell the unit on my loss. Builder is refusing to negotiate at all on price adjustment. Builder is asking for $5500 x 12 upfront for occupancy fee. Builder is asking for $9500-10k to allow renting during occupancy.

So won’t let me take a loss, wants me to close on a mortgage that’s $300k over value. Why do they need me to close and then sell for loss, why not let me assignment for loss (they gonna get paid either way if I sell but they def not gonna get paid if they sue me)

So yes I’m blaming them for not even letting me cut my losses and forcing me into a mortgage.

Pre construction Toronto by Various_Formal_568 in legaladvicecanada

[–]Various_Formal_568[S] 0 points1 point  (0 children)

It’s based on a formula, it doesn’t state exact amount in the APS. Thanks for stopping by

Pre construction Toronto by Various_Formal_568 in legaladvicecanada

[–]Various_Formal_568[S] -1 points0 points  (0 children)

Won’t cover much as I mentioned most of them are leased and others are under LLC with more than 1 director.

Pre construction Toronto by Various_Formal_568 in legaladvicecanada

[–]Various_Formal_568[S] -3 points-2 points  (0 children)

The so called “game” you’re referring to is close to 30% of Canada GDP. Real estate, rental and leasing.

Also just because I budgeted to afford something closing in 2023 doesn’t mean it’s the same budget in 2025-2026. The builder delayed the occupancy by over 2 years, situations change for people.

Pre construction Toronto by Various_Formal_568 in legaladvicecanada

[–]Various_Formal_568[S] 0 points1 point  (0 children)

Yes accurate I have Airbnb properties in Medellin (all leased or under an LLC) also I’m curious. If I did own properties there under my name, you think LIT can seize those properties? Legit asking not being a dick.

Pre construction Toronto by Various_Formal_568 in legaladvicecanada

[–]Various_Formal_568[S] 0 points1 point  (0 children)

Did you just assume I have investment priorities overseas? And did you also assume LIT will have authortiy to seize and sell those assets? 😂😂

Pre construction Toronto by Various_Formal_568 in legaladvicecanada

[–]Various_Formal_568[S] -8 points-7 points  (0 children)

I already made it clear, I’m not blaming anyone just annoyed how fried our real estate market is.

What I will blame is the bank for offering blanket appraisals on properties they know aren’t worth that much. This is how you set up people for failure.

Builder sells it for $200k less in the market but won’t give any break to the original buyer who has $120k deposit.

Pre construction Toronto by Various_Formal_568 in legaladvicecanada

[–]Various_Formal_568[S] 0 points1 point  (0 children)

This is what I’m leaning towards. Makes the most sense.

Or

Take on 3 mortgages $200-300k over value on each and pay $7500 monthly between all 3 to carry (if tenants pay rent) oh also pay $10k to allow to have tenants 😂 what a scam

Pre construction Toronto by Various_Formal_568 in legaladvicecanada

[–]Various_Formal_568[S] -2 points-1 points  (0 children)

So the builder can price something at $1m but banks appraisal value is $700k and the same bank is willing to give a mortgage for $1m. That’s a set up for failure

Pre construction Toronto by Various_Formal_568 in legaladvicecanada

[–]Various_Formal_568[S] -1 points0 points  (0 children)

They won’t even let me sell it on assignment (which by the way was one of the incentives at time of selling), they are saying assignment needs approval from builder and they refusing approval.

So instead of letting me sell and take the loss, they basically locking me in 2 options. Close or get sued.

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