Real Estate

Woodbridge park towns

  • Last Updated:
  • May 22nd, 2017 7:01 pm
Newbie
May 13, 2017
15 posts
2 upvotes
question!! is a mortgage pre-approval letter a must? I remember them sayin 'IF you provide it then you can have that 25% down clause removed without a problem' but I am not a 100 percent sure if I NEED to provide it now or if I do not have to at this point?
Deal Addict
Feb 9, 2009
3411 posts
1030 upvotes
Zoey101 wrote:
May 15th, 2017 10:06 pm
question!! is a mortgage pre-approval letter a must? I remember them sayin 'IF you provide it then you can have that 25% down clause removed without a problem' but I am not a 100 percent sure if I NEED to provide it now or if I do not have to at this point?
You should call them as they would have the answer to this. Every builder has different rules.
Newbie
May 13, 2017
5 posts
Don't worry about the rent thing it happen to me with my condo and took 1 month only to register and they put the money towards my mortgage but this project will be registered by phase 2 and probably before phas 1 people are just bashing this project for no reasons and saying contract is bad it is a standard condo contract with lots of room for capping things with your lawyer and whoever said their lawyer isn't answering us well mine was communicating with their lawyers firm . dont be afraid you will get your balcony and everything remember it's a condo contract did you buy a middle unit back to back ?
Newbie
May 13, 2017
5 posts
It's always good to have mortgage letter for your self even , remember when doing closing they will help with your percentage down
Newbie
May 13, 2017
15 posts
2 upvotes
we got the interior back to back. what about you?

also, I guess I'll get a mortgage pre-approval but I wanna no if it is a must or not? I mean I am so overwhelmed already and this just seems like an add on! LOL

oh and I am in phase 3 :)
Newbie
May 13, 2017
5 posts
I got a park town , when did you buy for phase 3 ?

Maybe call tomorrow and ask if they want you to have a pre approval are the interior ones middle units ?
Deal Fanatic
User avatar
Jul 14, 2008
7312 posts
924 upvotes
Ontario
Jaja11 wrote:
May 15th, 2017 10:13 pm
Don't worry about the rent thing it happen to me with my condo and took 1 month only to register and they put the money towards my mortgage but this project will be registered by phase 2 and probably before phas 1 people are just bashing this project for no reasons and saying contract is bad it is a standard condo contract with lots of room for capping things with your lawyer and whoever said their lawyer isn't answering us well mine was communicating with their lawyers firm . dont be afraid you will get your balcony and everything remember it's a condo contract did you buy a middle unit back to back ?
1 month between occupancy and building registration sounds rare. Last condo I purchased it was closer to 8 months, and I would venture its likely closer to 6-12 months interim. So that is definitely something to keep in mind as nothing is going toward principal in that interim.

I don't see how anyone can guarantee the timing of its registration, especially considering the estimate is years away and the project is yet to be built. Just saying.
Newbie
May 13, 2017
15 posts
2 upvotes
interior meaning not end its in the middle but closer to steeles side. You are so lucky you got the parktown! that's what I wanted but when I went to purchase (this Saturday) those were way out of my budget. How much did you pay? if you don't mind me asking.
Jaja11 wrote:
May 15th, 2017 10:32 pm
I got a park town , when did you buy for phase 3 ?

Maybe call tomorrow and ask if they want you to have a pre approval are the interior ones middle units ?
Jr. Member
Mar 25, 2017
109 posts
58 upvotes
Zoey101 wrote:
May 15th, 2017 8:21 pm
It is a big decision that's why its so scary. I am not sure but do all builders have such 'sneaky clauses?' Also, from what I was told about the townhouses being built...we were given the date of august 2019 -- which I am fine with. I am also aware of the train tracks and I actually purchased away from the tracks..hoping it will make somewhat of a difference.

But the fact that I am being offered for example abalcony on the layout and not receiving it in the actual product is unsettling...but I am aware that a lot of things are promised nd do not happen...my brother just bought from the builders and he used to go check up on his site every week or so and he noticed that they were putting things that he requested to be changed so he went back to them and made sure they took care of that but obviously nothing is 100% as there are always some thinngs that wont be exactly as promised...I think that's for every builder not just Sierra group.

Also, something about the deposit money was mentioned that it is being deposited into builders account or something? I cant remember exactly what it was but whatever it was...is it a bad thing? what did your lawyer say??

I think the best thing to do is actually buy a resale home because you actually get to physically see it but sadly budgeting at the moment does not allow for that.

I have been following your posts and you seem to have decided to stay with them...was it the 25% down payment clause removed that made you stay or the fact that you have been offered the assignment clause?
I don't know about all builders but many builders have sneaky clauses to favour them so the purchasers can't sue them. This is why you need a real estate lawyer. I was given November of 2018 date; bought it at Phase #1. Condo developers generally keep the purchaser's money in a trust and they wouldn't get it until closing. This way, if the builder goes bankrupt you get all your money back as it is held in a trust. Since Sierra won't be holding your money in the trust, you are only guaranteed of $40,000 of your deposit if the builder was to go bankrupt and that is highly unlikely. They told me they would use it "for construction" but there is nothing that is stopping the builder from buying a yacht for himself. This is just a worst case scenario. Yes, for me 25% down payment was indeed above my reach as I'm a first time buyer and also a recent student. That was the big turn off for me. I requested for 15% down payment to start my negotiating and hoping they will allow me to comply with 20% but they were fine with 15%. On the document if you had put yourself as an "investor" then you are stuck with 25% requirement. They asked me to send a pre-approval letter which I already had and they brought it down to 15%.

I was told that even though this is a "Condo" on paper it is not same as those high-rise condos and therefore chance of this "condo " being delayed like One Bloor (8 years ? ) is very low. Generally when they are building low rise houses the builders will use the deposit for the construction so basically the builders are following that procedure. I also took some risk such as not knowing the size of my backyard, which isn't listed and builder will adjust the size based on their desire. Most of the horror stories happen among high-rise condo projects when builders start building them after selling 50% of the units and intentionally delay the construction till they can sell them all out while trying to get approval to add more floors. Google "L tower" and "One bloor" and look how long they have taken. One bloor is still under construction even after 10 years.

Go over the occupancy law with your lawyer, he'll explain it much better.
Newbie
May 13, 2017
15 posts
2 upvotes
Thanks for your reply. I have family that r realtors and have bought from builders they went over the contract n told me not to worry about it. But for peace of mind go thru with a lawyer. Which I will do today...

So what were the next steps? Lawyer contacts he builders regarding capping of fees? An I go in and sign off on it?

I'm so nervous!!
worldpositive wrote:
May 16th, 2017 12:44 am
I don't know about all builders but many builders have sneaky clauses to favour them so the purchasers can't sue them. This is why you need a real estate lawyer. I was given November of 2018 date; bought it at Phase #1. Condo developers generally keep the purchaser's money in a trust and they wouldn't get it until closing. This way, if the builder goes bankrupt you get all your money back as it is held in a trust. Since Sierra won't be holding your money in the trust, you are only guaranteed of $40,000 of your deposit if the builder was to go bankrupt and that is highly unlikely. They told me they would use it "for construction" but there is nothing that is stopping the builder from buying a yacht for himself. This is just a worst case scenario. Yes, for me 25% down payment was indeed above my reach as I'm a first time buyer and also a recent student. That was the big turn off for me. I requested for 15% down payment to start my negotiating and hoping they will allow me to comply with 20% but they were fine with 15%. On the document if you had put yourself as an "investor" then you are stuck with 25% requirement. They asked me to send a pre-approval letter which I already had and they brought it down to 15%.

I was told that even though this is a "Condo" on paper it is not same as those high-rise condos and therefore chance of this "condo " being delayed like One Bloor (8 years ? ) is very low. Generally when they are building low rise houses the builders will use the deposit for the construction so basically the builders are following that procedure. I also took some risk such as not knowing the size of my backyard, which isn't listed and builder will adjust the size based on their desire. Most of the horror stories happen among high-rise condo projects when builders start building them after selling 50% of the units and intentionally delay the construction till they can sell them all out while trying to get approval to add more floors. Google "L tower" and "One bloor" and look how long they have taken. One bloor is still under construction even after 10 years.

Go over the occupancy law with your lawyer, he'll explain it much better.
Newbie
May 13, 2017
15 posts
2 upvotes
What did they cap your fees at? My lawyer said it should be anywhere from 2000-5000? But sales rep gave me a huge number!

Also did u guys go with the renting ac and heat or purchasing furnace?


I must say it sounds ridiculous to me that furnace isn't added in that he purchase price
Jr. Member
Mar 25, 2017
109 posts
58 upvotes
Zoey101 wrote:
May 16th, 2017 3:37 pm
What did they cap your fees at? My lawyer said it should be anywhere from 2000-5000? But sales rep gave me a huge number!

Also did u guys go with the renting ac and heat or purchasing furnace?


I must say it sounds ridiculous to me that furnace isn't added in that he purchase price
Check your inbox.
Newbie
May 13, 2017
15 posts
2 upvotes
Guys I just want to say, that I was having a lot of negative thoughts about the purchase but got in touch with the builders regarding capping fees. I communicated with Rob Kansun; first via email and then via phone (as he was open to answering questions over phone discussion). He was EXTREMELY nice and took the time to go through my concerns and I must say I felt far more at ease after speaking to him!!

And on a side note, I am NOT one of Sierra's people posting a good response to lure you guys there way. It doesn't matter to me weather you guys choose to go with the deal or not; I don't get paid a penny!!

But after reading such negative responses, I just feel that I should share my experience which was a positive one.

Do not just base judgements on your experiences that you had with the sales agents--the gentlemen are older (nice but can be sarcastic) but thats generally how old people are LOL.

My advice would be; go through your agreement with your lawyer and whatever you do not understand, email Sierra group or call and speak to them and have your issues addressed. Make an informed decision!!

Good Luck! :)
Newbie
May 17, 2017
4 posts
2 upvotes
Hey guys,

I purchased a unit in Phase 2 and also wanted to share my experience.
I had always followed this forum since it initiated and also had so many mixed feelings when I read some of the other posts. I never felt like I needed to post here as much as I do now.

I was extremely excited about this development as I knew in advance about it, as I currently live across the street on the south side in the older community. We had received letters from the City Of Vaughan about the zoning proposal and from our local Toronto councillor Vincent Crisanti. My wish was to purchase a home here in the future so we can be close to our work, friends, and family.
That wish came true, but with so many mixed feelings in the process.

My wife and I originally had an appointment for phase 1. Unfortunately, we were not able to get in as they had overbooked their appointment slots and sold out in 2 hours. They re-assured my wife and I that we would get an appointment for phase 2. They claimed that all person/s that had an appointment after they sold out, would get an appointment for phase 2.
At first I didn't believe them, but it was a pleasant surprise to receive a phone call from them to confirm my phase 2 appointment.

They day of our phase 2 appointment, it was not a zoo like atmosphere compared to phase 1. It had some structure and didn't seem like an auction. Nevertheless, it still wasn't a remarkable experience for buying our first home. When we were called out our number, we didn't have much time to think about it. We were asked about our unit preference and was told the price. We were torn between 2 models as we had done our homework before going in, it was a matter of our budget. We had some questions that the sales rep was not able to answer. I understand that they are sales reps and may not know everything about the project as they don't directly work for Sierra. I felt like there should have been some direction or guidance about questions and concerns. Some purchasers may have not had questions or cared about certain aspects of the project, but as we are first time home buyers, we had some questions. My wife and I made one of the biggest decision of our lives and decided that we would sign the agreement and then have a lawyer look at it.
We did walk out of the sales office on April 8 excited about our first home and future.

We had our lawyer look at it and I had shared some of the concerns that my wife and I had and also some of the concerns that I read here. I told her that people had claimed that it was a horrible agreement.
My lawyer re-assured us not to worry as she will provide us a full report of her findings and address our concerns. What made us feel at ease was that she already had knowledge about this project through a previous client that purchased in phase 1. She kept claiming that it is a standard agreement and there is nothing really surprising that she can recall. The firm that she works for also represents a reputable condo builder so she has a lot of experience in agreements and knows what to exactly look for.

After a day of providing our lawyer with the agreement, we were given a report and had a telephone conference with our lawyer. She told us exactly what she was going to seek the builder to amend in the agreement and mentioned that there is noting abnormal about the agreement. Our lawyer would also try to get some other sections amended that were based on our concerns, but felt that it would not be accepted.
She told us to think about it and let her know ASAP about having the amendment request sent to Rob at Sierra. We did not have much time as it was Easter weekend coming up.
My wife and I thought about it for a day and decided that we would go through with it. Our lawyer had no issues with communicating with Rob at Sierra. He got back to her within the day of her amendment requests and had finalized all the amendments on the Thursday before Good Friday. All we had to do was go in on the Monday which was the final day of our cooling period to sign all the amendments.

Some of our requests were rejected and some of them were already what our lawyer had expected due to her previous dealings with Sierra from her client that purchased in phase 1.
The biggest shock to my wife and I was the capping costs. We wished that it was much lower than what Sierra had agreed to. As our lawyer said, it is a sellers market right now and unfortunately, builders and not budging much these days with amendments. We went in on Monday to sign the final amended parts of our agreement.

I was able to go to the City of Vaughan's website and read all the relevant documents about this approved zoning proposal. ( https://maps.vaughan.ca/planit )
I must say that it is not an easy development compared to others. There is much more to it then what one would expect. Ill give you an example. Do to the high noise level that is based on the noise level study that was carried out. It is recommended that Sierra put rooftop noise screens on the mechanical equipment (A/C units) that are located on the roof of the Senior's residence and the plaza. Hopefully, Sierra follows the recommendations that were suggested on the various studies that were carried out to have this development approved by the City of Vaughan. It is a pretty interesting read and suggest you guys to read it, if interested.
I also found it interesting That Sierra tried to sell the property/development early last year. It made me wonder if it had to do with the complexity of having this development built. After reviewing various offers, Sierra decided that they would continue to build the development. ( http://www.cbre.ca/AssetLibrary/Woodbri ... _Towns.pdf and https://fortressrealdevelopments.com/pr ... ing-court/ )

As you have all read, it was a roller coaster ride on purchasing our unit. My wife and I are not worried and are excited about living in our new home.
I am in no way trying to bash other's opinions or defend the builder. I just wanted to share my views and the homework that I did about purchasing in this development.

Whether you purchased at Woodbridge Park, or at another development, or still seeking your ideal home, I wish everyone all the best.

Cheers!
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