What weird times we live in.. As people lined up to buy Olympic Village suites at firesale prices others are being sued for not wanting to complete their pre-sales agreements. A few years ago the lawsuits against pre-sale buyers went not only for their deposits, but for the difference in sales price of the unit as well. Fortunately for OV presales buyers they only seem to be going after the deposits, which are generally less than $100k.
In one of the lawsuits just filed, Port Coquitlam resident Cordelia Lins and her husband had put down $50,090 in May of 2008 for a unit they originally agreed to buy for $500,900. Problems with records make it difficult to determine the assessed value. Ms. Lin said she couldn’t say anything about the lawsuit because she was “in negotiations.”
Vancouver resident Gee Lim, who paid the largest deposit for a unit he originally agreed to buy for $1.4-million, did not answer his phone. He originally agreed to buy his unit in April 2008. Last July, the province’s land-assessment authority valued that unit at only $1.172-million.
The third buyer, who also put down his deposit in April 2008, has no phone listing at the Richmond address provided in the suit. Tian Qi had agreed to pay $516,000 for his unit in the Kayak building that is now being marketed. It was assessed at $504,000 by B.C. Assessment Authority last July.
Please note these are different cases than the six buyers who sued over building deficiencies, most of those cases have been settled. Read the full article over at the Globe and Mail