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Tue Nov 20, 2012, 01:21 PM

More problems curse Trump's Toronto hotel and condo project. Dozens of purchasers who regret

their investment want to get their deposits back. Seven are being sued by the developer to close their $500,000 deals.


snip

Dozens of purchasers of suites in the 65-storey luxury hotel are now trying to get deposits back and renege on final payments averaging over $500,000.

Other buyers, some too frightened of the legal ramifications to walk away from deals penned up to seven years ago, say they are finding themselves in a crippling Catch-22 — unable to sell the units or secure mortgages on balances due to Talon Nov. 29.

“One mortgage company asked me, ‘How could I give you a mortgage on a property that is losing money every single day?” said one devastated buyer, a blue-collar worker who borrowed the $175,000 down payment from his immigrant parents and owes $750,000 at month’s end.
snip

Most were caught up in the get-rich-quick mentality of Toronto’s booming condo market and intended to flip the units or use them to generate retirement income.



http://www.thestar.com/business/article/1289698--trump-tower-developer-suing-7-disgruntled-investors-to-close-deals-they-now-regret




A lot of money to lose but I have little sympathy for anyone who buys into anything Rump is invovled with.










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Reply More problems curse Trump's Toronto hotel and condo project. Dozens of purchasers who regret (Original post)
snagglepuss Nov 2012 OP
underseasurveyor Nov 2012 #1
louis-t Nov 2012 #2
snagglepuss Nov 2012 #3
louis-t Nov 2012 #4

Response to snagglepuss (Original post)

Tue Nov 20, 2012, 01:25 PM

1. Money and profit meant more than integrity and character.

So F them. Suck it up trump suckups.

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Response to snagglepuss (Original post)

Tue Nov 20, 2012, 01:39 PM

2. If there was no clause in the agreement that says

"If you cannot get a mortgage you are entitled to your deposit back", then these people who bought are fools.

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Response to louis-t (Reply #2)

Tue Nov 20, 2012, 01:45 PM

3. I had no idea that some agreements have such a clause. It's shocking that someone who is

clearly not wealthy would not have gotten legal advice prior to making the deposit on such a huge investment.

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Response to snagglepuss (Reply #3)

Fri Nov 23, 2012, 03:56 PM

4. Standard contingency in our purchase agreements.

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