Go Back   BuildingHomes.ca - Building your community! > General > Building and Construction

Building and Construction General topics of building a home and the home construction industry.


Reply
 
Thread Tools Display Modes
  #1  
Old 2011-03-12, 02:32 PM
jane22 jane22 is offline
Member
Regular User
 
Join Date: Nov 2009
Location: Ontario/Ottawa
Posts: 80
Default Delayed beyond firm closing date?

Hi All,

I received notice that I will not be closing by my original firm closing date of June 6th, 2011 and that my extended delay closing date is Feb 6, 2012.

As they are only just breaking ground and installing sewers and fire hydrants, I will assume I will be receiving the full $7500 from delayed closing reimbursements.

I am concerned that the builder will close on homes that were scheduled to close after me, before I do. I can see from a business standpoint, why pay unit "Z" delayed closing costs, if we just push someone who has already reached the max eligible payout and finish unit "Z" on time.

So to someone who has any knowledge on this, does the above happen? I want to close as soon as possible and hope there is some kind of rule that prevents others jumping before me, but I don't imagine there is such a thing.

On a side note, I don't believe $7500 is a big penalty to the builder, or provides much encouragement for the builder to get the home closed asap. Once the customer has hit the max, why hurry and get the home done?
I will hit the max after 50 days, but they are potentially delaying me roughly 240 days.

Hopefully the home will be ready well before Feb 6, I'm not sure how long it takes to build a ~ 1300sq ft town.

Thanks for any info you guys have!

ps: do I have to report the $7500 on my annual taxes, and pay taxes if any payment is received?
__________________
Original closing date Oct 7th, 2010
New Firm closing date June 6th, 2011
Extended closing date Feb 6th, 2012
Delayed beyond Extended closing to April 12 2012.

Finally within reach!


Reply With Quote
  #2  
Old 2011-03-12, 10:24 PM
GregS's Avatar
GregS GregS is offline
Administrator
 
Join Date: Sep 2003
Posts: 4,183
Default

The $7500 may not be a huge payout, but it does count against their Tarion record which is available to see online.
__________________
--
We do everything for
Audio - Video - Data - Security
For Your Home - For Your Condo - For Your Office

http://www.phand.ca/
Reply With Quote
  #3  
Old 2011-03-14, 09:50 AM
newhomeowner20092009 newhomeowner20092009 is offline
Senior Member
Regular User
 
Join Date: Nov 2009
Location: Ajax
Posts: 503
Default

Does it? I have been looking at my builder on Tarion and it shows them to have a clean record, when I know that other neighbors have been paid out due to the same delays as the person above? Have they maybe not updated their site yet?
Reply With Quote
  #4  
Old 2011-03-14, 10:42 PM
GregS's Avatar
GregS GregS is offline
Administrator
 
Join Date: Sep 2003
Posts: 4,183
Default

It's possible. You can always contact Tarion and ask them directly.
__________________
--
We do everything for
Audio - Video - Data - Security
For Your Home - For Your Condo - For Your Office

http://www.phand.ca/
Reply With Quote
  #5  
Old 2011-03-15, 09:05 PM
Hometech Hometech is offline
Senior Member
Regular User
 
Join Date: Feb 2010
Posts: 234
Default

Quote:
Originally Posted by newhomeowner20092009 View Post
Does it? I have been looking at my builder on Tarion and it shows them to have a clean record, when I know that other neighbors have been paid out due to the same delays as the person above? Have they maybe not updated their site yet?
They only report what Tarion pays on behalf of the builder, not what the builder pays. How would Tarion know what a builder pays to its purchaser?
Reply With Quote
  #6  
Old 2011-03-16, 08:43 AM
newhomeowner20092009 newhomeowner20092009 is offline
Senior Member
Regular User
 
Join Date: Nov 2009
Location: Ajax
Posts: 503
Default

But isn't it the "Tarion" rules that justify what the builder has to pay out to the purchaser?
Reply With Quote
  #7  
Old 2011-03-17, 05:59 PM
good2know's Avatar
good2know good2know is offline
Senior Member
Regular User
 
Join Date: Sep 2010
Location: Ottawa
Posts: 5,787
Default

yes it is but they don't report delayed closing counts or compensation paid - the stats are not representative of a builders performance in many ways
Reply With Quote
  #8  
Old 2011-03-17, 10:34 PM
BartBandy BartBandy is offline
Senior Member
Regular User
 
Join Date: May 2010
Location: Ontario/Nobleton
Posts: 1,661
Default

Is there any point at all to Tarion? Or, as I suspect, have they accomplished about as much for home buyers as Stephane Dion accomplished for the Liberals?
__________________
Reply With Quote
  #9  
Old 2011-03-18, 08:26 AM
good2know's Avatar
good2know good2know is offline
Senior Member
Regular User
 
Join Date: Sep 2010
Location: Ottawa
Posts: 5,787
Default

over the years and many purchases we have found the Tarion processes very helpful - imagine if the builders were not accountable to any standards / quality of work
Reply With Quote
  #10  
Old 2011-03-18, 09:36 PM
Hometech Hometech is offline
Senior Member
Regular User
 
Join Date: Feb 2010
Posts: 234
Default

Quote:
Originally Posted by newhomeowner20092009 View Post
But isn't it the "Tarion" rules that justify what the builder has to pay out to the purchaser?
Your builder might offer you something in lieu of cash, like a house to live in while yours is being finished. To some people a place to live is more important that a being reimbursed for their out of pocket expenses.
Reply With Quote
Reply

Bookmarks

Tags
delayed closing

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump

Similar Threads
Thread Thread Starter Forum Replies Last Post
Firm Closing Date deadline???? SHARKMAN1 Ottawa 15 2011-02-04 12:31 PM
Delayed Closing Date DanThaMan Milton 11 2010-11-22 06:46 PM
Closing date delayed? seriously Brampton 9 2010-07-12 06:41 PM
lots of posts talked about closing date delayed from sun dial, bonmot Burlington 7 2010-05-10 01:04 AM
PDI and delayed closing VolgaOwner Burlington 4 2009-06-16 01:02 PM



All times are GMT -4. The time now is 07:17 AM.



Copyright © PHAND Corporation
This document may not be used elsewhere without the expressed written consent of PHAND Corporation.
*** There is no association between this website and any builder. ***

Powered by vBulletin® Version 3.8.10
Copyright ©2000 - 2019, vBulletin Solutions, Inc.