Quote:
Originally Posted by zzibradleyizz
I am curious what the lawyer would be able to do for you in the event a builder goes bankrupt. I purchased a new condo in 2012 from Valmont at Aspen Stone, Unity Builders Group (UBG) and they filed for bankruptcy protection 5 months after I signed my purchase agreement. The development sat untouched for over a year and I literally couldn't do anything. Couldn't cancel my contract or get my deposit back as everything was tied up in the courts. UBG failed to restructure and they sold the development to a new developer, who then demanded more money ($10,000) or they would cancel my contract. I paid it since the condo was still worth more then the revised purchase price.
I learned a valuable lesson that the courts will protect the developers and not care about the purchasers. Just not sure what the difference would of been if I hired a lawyer to review the contract from the beginning. Would love to have someone chime in so I can better prepare myself for the future.
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I think that builder bankruptcy is covered under Alberta New Home Warranty...the builder performance something or other. I've heard the National Home Warranty doesn't have as good a policy as Alberta. Might not help you in this case but that is really the only recourse you have in a bankruptcy. Sorry about your situation but sounds like you have a nice place in a great part of the city.