Real Estate

Urbancorp Neighbourhoods Of Leslieville (50 Curzon St)

  • Last Updated:
  • Apr 28th, 2016 2:08 am
Tags:
None
Deal Guru
User avatar
Jul 5, 2001
10109 posts
12727 upvotes
Toronto

Urbancorp Neighbourhoods Of Leslieville (50 Curzon St)

If anyone is a purchaser at 50 Curzon, please PM me. We are looking for more people to discuss our options with respect to the project. Thanks!
18 replies
Penalty Box
Mar 27, 2004
10493 posts
9009 upvotes
Toronto
There is an article about urbancorp in yesterdays globe and mail. My advice is avoid any urbancorp condo at all cost. Horrendous builder.
Full-time Realtor
Newbie
Mar 31, 2016
1 posts
HI,

I just made an account and am not sure how to PM you. But my husband and I are purchasers of 50 Curzon (sadly enough). At this point we feel we have no options are are just waiting...
Deal Guru
User avatar
Jul 5, 2001
10109 posts
12727 upvotes
Toronto
AshtonB056820 wrote: HI,

I just made an account and am not sure how to PM you. But my husband and I are purchasers of 50 Curzon (sadly enough). At this point we feel we have no options are are just waiting...
Hi, I sent you a PM. If you cannot access it, just click on my name "9394" and choose "Private Message"
Deal Expert
May 30, 2005
49009 posts
10302 upvotes
Richmond Hill
AshtonB056820 wrote: HI,

I just made an account and am not sure how to PM you. But my husband and I are purchasers of 50 Curzon (sadly enough). At this point we feel we have no options are are just waiting...
So what exactly happened?
Tons of things for sale!
Silver Coins and Numismatics | Heatware
Deal Addict
May 9, 2003
2188 posts
1682 upvotes
What will happen to all of the preconstruction deposits?
Deal Expert
User avatar
Mar 9, 2007
15620 posts
13284 upvotes
Think of the Childre…
bizzyseller wrote: What will happen to all of the preconstruction deposits?
Most likely gone. No refund.

WOULD SOMEBODY THINK OF THE CHILDREN!!!
Deal Addict
Jul 23, 2014
1298 posts
503 upvotes
Toronto, ON
bizzyseller wrote: What will happen to all of the preconstruction deposits?
I believe the Tarion warranty will reimburse the deposit up to a certain amount.
Deal Addict
User avatar
Sep 16, 2012
3280 posts
489 upvotes
Mississauga
Has not this company had a reputation for shady deals and basically not respecting contracts they sign with clients when it comes to there various projects, will be interesting to see how these plays out, i see a lot of law suits being filed by people potentially effected by this.
Deal Addict
Mar 28, 2011
2143 posts
2602 upvotes
Toronto
Jon Lai wrote: Why would they be gone? Aren't the deposits held in trust by the lawyer?
Yea they should be in trust so all is safe but one time for another project the lawyer for the builder released the funds and ppl tried to sue her to reclaim unsuccessfully

Tarion covers only $20k for condo and $40k for house

http://www.tarion.com/warranty-protecti ... ction.aspx
Deal Guru
User avatar
Jul 5, 2001
10109 posts
12727 upvotes
Toronto
Had a great meeting tonight.
Deal Addict
Mar 16, 2006
2499 posts
991 upvotes
Looks like deposits are covered by Tarion. However, are deposits still covered if appeal to the Licence Appeal Tribunal is lost?

Following clearly shows you are still protected.

If Urbancorp's registration gets revoked, what happens to the home I purchased? What about my deposit?

Home buyers and homeowners remain protected to the limits of Ontario's new home warranty, and Tarion will step in to fulfill the warranty obligations if Urbancorp fails to do so, or if their registration gets revoked. The warranty includes deposit protection, delay compensation and construction warranties that can last up to seven years on a new home.
Deal Guru
User avatar
Feb 2, 2014
11233 posts
3350 upvotes
Toronto
Cheapo-Findo wrote: Most likely gone. No refund.
They are held in a trust account, so they are safe from the bankruptcy (that's the main point of a trust account).
Kevin Somnauth, CFA
Principal Broker/Owner - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Deal Addict
Jul 19, 2007
1258 posts
122 upvotes
Ontario
Deposits for condos are required to be held in a trust account per the Condo Act.

However, for freehold homes (non-condo projects) there is no law that requires deposits to be held in a trust account. That's why purchasers for Urbancorp's 8 bankrupt free-hold home projects should be very concerned and hope that a new developer buys out the project in the restructuring process.

The news coming out of Israel is concerning but they're calling it fraud for bilking investors out of US$48 million dollars.

Top

Thread Information

There is currently 1 user viewing this thread. (0 members and 1 guest)