Hello,
As some of you know, my husband and I purchased an OTP apartment mid last year. Construction has not started yet. Today I got a call from the REA saying that the developer would like to get our permission to extend the sunset clause and give them extra time to complete the apartment (2 years from now). As a "bonus", they are offering an upgraded oven and stovetop.
As much as I liked the apartment and floor plan, I am seriously considering rescinding the contract. I asked the REA if we would get our deposit back straight away. She said she thinks we'd have to wait until completion but will double check with the developer.
My question is - is there a legal basis for this? The deposit is in the REA's trust account so I'm not sure why the developer would even have a say once the contract between us no longer exists.
Thoughts?
Thanks
As some of you know, my husband and I purchased an OTP apartment mid last year. Construction has not started yet. Today I got a call from the REA saying that the developer would like to get our permission to extend the sunset clause and give them extra time to complete the apartment (2 years from now). As a "bonus", they are offering an upgraded oven and stovetop.
As much as I liked the apartment and floor plan, I am seriously considering rescinding the contract. I asked the REA if we would get our deposit back straight away. She said she thinks we'd have to wait until completion but will double check with the developer.
My question is - is there a legal basis for this? The deposit is in the REA's trust account so I'm not sure why the developer would even have a say once the contract between us no longer exists.
Thoughts?
Thanks