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PostPosted: Mon Feb 08, 2016 8:37 pm 
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I recently signed an agreement for a Mattamy townhouse. I took my agreement to my lawyer for review during the 10 day cooling off period. My lawyer emailed the proposed changes to the sales rep yesterday. I only have two more days until the ten days are up. My question is, what if the sales rep does not get back to me/my lawyer within the remaining time?


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PostPosted: Mon Feb 08, 2016 10:15 pm 
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crazyfurniture wrote:
I recently signed an agreement for a Mattamy townhouse. I took my agreement to my lawyer for review during the 10 day cooling off period. My lawyer emailed the proposed changes to the sales rep yesterday. I only have two more days until the ten days are up. My question is, what if the sales rep does not get back to me/my lawyer within the remaining time?


Did Mattamy say you have a 10 day cooling off period? When i bought last November they said all sales will be firm and binding from day 1 of signing, no cooling period, no "subject to approved financing" that's why a lot of people who registered and came on the first day backed out.

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PostPosted: Mon Feb 08, 2016 10:45 pm 
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Gjeny wrote:
crazyfurniture wrote:
I recently signed an agreement for a Mattamy townhouse. I took my agreement to my lawyer for review during the 10 day cooling off period. My lawyer emailed the proposed changes to the sales rep yesterday. I only have two more days until the ten days are up. My question is, what if the sales rep does not get back to me/my lawyer within the remaining time?


Did Mattamy say you have a 10 day cooling off period? When i bought last November they said all sales will be firm and binding from day 1 of signing, no cooling period, no "subject to approved financing" that's why a lot of people who registered and came on the first day backed out.

It's not up to Mattamy. All new build sales have a 10 day cooling off period through the CPA.


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PostPosted: Tue Feb 09, 2016 8:55 am 
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The cooling off period applies only to condos.

The standard Mattamy sales agreement has a period for financing and lawyer review. That is probably what you are referring to. Your lawyer should be advising you on how to proceed - but generally if the proposed changed are important to you and Mattamy doesn't respond in a timely fashion, you have the right to walk away. Look carefully at your dates however - if you don't notify them during this conditional period, the deal becomes firm (unlike most resale offers where you must sign additional paperwork to 'firm up' a purchase.)

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PostPosted: Tue Feb 09, 2016 12:16 pm 
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New builders like to confuse buyers who don't know the process.

Read over the papers you signed. In most cases, buyers submit an "offer" to the builder (this is confusing to some people because the seller is presenting them with forms to sign, so it seems like they're agreeing to something offered by the seller).

Nothing can happen until you receive a signature from the builder and you have an accepted offer.

You can add your own "subject to lawyer review" clause in your offer, they can't stop you from doing so, but if they receive an offer from someone who just agrees to their pre-written offer, the builder will likely accept that instead (why wouldn't they? They wrote the offer so they don't have to argue anything).

To over-simplify: you can walk in there with an offer written entirely on your own, have it say "I would like to buy lot#4 for $5 closing on March 2, subject to me selling current house and closing costs capped at $3." and hand it to the sales staff. You'd never hear from the builder again if you did that, but that's what's actually happening.

You're also well within your rights to cross out anything you don't like on their forms. I'm not suggesting there is anything hidden in there that requires crossing out, but that's how the process works.

To be fair, I only added the lawyer review because I don't like to sign anything without being able to read it (after learning that the hard way a long time ago) and capped closing costs the rest of the agreement seemed ok.

If everyone would get on board with scratching out that stupid water tank rental thing though, that would be great. That's only in there because they know in this market there are 10 other people who don't know how this works and will just agree, so I knew we had no chance at winning that one and we just begrudgingly agreed.


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PostPosted: Tue Feb 09, 2016 7:44 pm 
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Mattamy finally replied and rejected everything my lawyer proposed. It's either take it or leave it. Most of their models are sold out. I guess Mattamy knows they have a long list of potential buyers in line behind me so why would the comply with my requests. Oh well. It was worth a shot anyway :(


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