By Susan Pigg Business Reporter theStar.com
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 (a buyer), "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.
Nov 19/12 Full Story Here and Dec 4/12 Follow Up Here
Talon International Development Inc. was advised that after a thorough review of the matter, Ontario Securities Commission Staff have determined not to pursue regulatory action against Talon. (Full Press Release Here) The closing dates are December 13, 2012
Gazundering Defined Here
REMEMBER, if you are going to gezunder, do it before your 'subject tos' come off the contract!