Hello, I just wanted to let people know that this building (the Sutton) is involved in a litigation for "alleged construction defects, misrepresentations, breaches of obligations and other alleged actions or inactions". The result of this is that it will be very difficult for anyone to get a loan approved by a mortgage bank, because banks are usually walking away from such situations. We have been... [more]
Hello,
I just wanted to let people know that this building (the Sutton) is involved in a litigation for "alleged construction defects, misrepresentations, breaches of obligations and other alleged actions or inactions". The result of this is that it will be very difficult for anyone to get a loan approved by a mortgage bank, because banks are usually walking away from such situations.
We have been caught in a bad story. We made an offer for an apartment. At the contract signature, our attorney informed us of this situation (on which the seller's broker, Regan Connolly, neglected to inform us previously). We really wanted the apartment and were confident that we could get a loan so we went ahead with the contract. 2 months later, after many back and forth with the bank, our loan did not get approved only because of the building litigation.
Now the seller's attorney refuses to give back our 10% deposit, which is unlawful. We are stuck with not enough downpayment to purchase another apartment, even if our bank fully approved us for a loan. And our level of stress has tremendously increased.
Maybe we got unlucky and dealt with the wrong people, but I would advise to use caution if you plan on buying property in this building.
Best,
had
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