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 Post subject: What do we do next?
PostPosted: Thu Jul 01, 2004 2:55 pm 
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Joined: Thu Jul 01, 2004 2:14 pm
Posts: 292
Hello Neighbors!

Before I start I just want to thank Rick for all of his help and for this great site!

We purchased lot 193L (A Lindbrook Semi) and since this is my first home buying experience I have a bunch of questions that I was hoping you guys could answer.

On Sunday we didnt get a formal offer, and we were told that we would be getting a call within 2 weeks. My question is what do we do during this meeting? I read the following:

"The Agreement for Purchase is completely in Mattamy's favour. Before you walk away with it the sales people will tell you NOT to bother trying to ask for any changes because they won't make any. Actually they do suggest 1 or 2 very minor things that they say you should/can change but nothing else."

What kinds of things should we be looking to add the the Agreement for Purchase? Is this where we add the upgrades? I know that we have to spend at least 7000 to have the upgrades added to the mortgage, but I didnt think we did that until our meetings at the design center. Also have any of you guys had Mattamy throw in any upgrades?


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PostPosted: Thu Jul 01, 2004 3:35 pm 
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Joined: Thu Jul 01, 2004 5:46 am
Posts: 4498
Location: Tothburg, Winter Cres.
Congrats on your new house!!

I have to put a disclaimer that we've never bought a new house either, and any advice I give could be wrong so please don't rely soley on what you read here because it could be wrong.

It's my understanding that they'll be calling us shortly to arrange appointments for the purchase agreements. When we get the purchase agreement we will have 7 days to then have it reviewed by our lawyer and to also get financing locked down ( I think ).

You are right in that you do not have to add/decide upgrades at the meeting where you get your purchase agreement, actually I don't think you could even if you wanted to. Upgrades come later at the design center (there are 2 types of upgrades, structural & non structural, visit the design center on Saturday! Ask them questions! They are very nice & helpful).

I don't know if people will have any luck in getting mattamy to throw in upgrades considering the line-up/demand :-( But please still try it doesn't hurt.

I did ask someone who bought a mattamy home already in the past what their lawyer did, they replied saying....

"Our lawyer put a cap on how much Mattamy can charge us at closing for any unforeseen problems relating to hydro/water/etc. The lawyer also changed the clause that states that Mattamy can force us to move in earlier if the house is ready. This is important because if you don't delete this clause, Mattamy can force you to move up your closing date, and if you have a home that you're selling in conjunction with this purchase, you could be in some financial trouble. I think there were some other minor changes, but I can't remember them offhand. "

...but that was a past purchase, so the purchase agreement may be different, I don' t know. Honestly I've never seen what Mattamy's purchase agreement looks like. When I get it though I will read it carefully and we already have a couple lawyers we've been referred too, but haven't picked one yet. I think the standard rate is around $700 to $800 for the lawyer (that includes looking at the purchase agreement and also all the legal work in closing). Someone also said that when you get the Purchase Agreement from Mattamy they can also recommend lawyers for you if you ask (which sounds a bit odd to me from a conflict/interest standpoint? dunno). You will need a lawyer to help close things for you anyways, so most of them will help review the purchase agreement with you and they include that cost in their package I think, it's usually not extra.

So what's next?
(1) Lawyer
(2) Bank
(3) Visit design center, think about structural upgrades first.

Btw see if you can get a upgrade or something thrown in! Doesn't hurt to negotiate. But with the big line-up and demand, Mattamy may not move much or at all.


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PostPosted: Thu Jul 01, 2004 7:40 pm 
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Joined: Thu Jul 01, 2004 10:25 am
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Location: Greensburg Elev B, Robson Cres
I would always say, it can't do any harm in asking, you have nothing to loose anyway.

This will be the first house that we buy strictly by ourselves and any info would be great.

Tim


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PostPosted: Fri Jul 02, 2004 8:10 pm 
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Joined: Thu Jul 01, 2004 5:46 am
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Location: Tothburg, Winter Cres.
Today (Friday July 2nd) we received a letter in the mail from Mattamy. It's one of the copies of the Reservation form that we signed on Friday June 25th along with an initialed site plan highlighting our selected lot. At the time we signed 4 copies, but Mattamy didn't have a "authorized signing officer" to sign on Mattamy's behalf, so the sales person (Robert) let us know that this would be done sometime early this week and we could either pick it up or it would be mailed to us.

For people who did the reservation form on Saturday or Sunday, did you get a mattamy signed copy back the same day? Or did they also say someone would mail it back to you later?

I also called Mattamy today just to ask if there was any news on the Purchase Agreement meeting yet. They said not yet but that we'd be contacted before July 15th.


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PostPosted: Fri Jul 02, 2004 9:09 pm 
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Joined: Thu Jul 01, 2004 10:25 am
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Location: Greensburg Elev B, Robson Cres
We had our same lot location and reservation form in the mail today. I thought it was funny that they would send it to us, while they had already given it to us last week.

We were hoping that we could sign tomorrow, since we will be on vacation all next week and don't want to loose our lot!


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PostPosted: Fri Jul 02, 2004 10:39 pm 
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Joined: Thu Jul 01, 2004 9:33 pm
Posts: 517
Location: Lot #20 - The Mayberry, Elevation B (4 bdrm)
We received the same copy of the reservation in the mail today aswell. And yes, we did already receive that on Friday when we first signed it and picked our lot.

Though, they say they're going to start calling soon, so thats good at least.

Tim & Sandra - you guys should be fine, even if you are on vacation next week - its says your lot is "reserved" until July 15th - so you won't loose it! I'm sure you could fight that one anyways, since you were on vacation and were willing to sign this past week, but couldn't because they were delayed! (Besides, you have hundreds of people in line, and an original group from the first night that wouldn't let Mattamy give your lot away!) So, I wouldn't worry, your hard work waiting in line will be worth it soon!

Have a nice vacation guys!

P.S. Where are ya going?

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 Post subject: Congrats
PostPosted: Sat Jul 03, 2004 9:37 am 
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Joined: Fri Jul 02, 2004 8:00 am
Posts: 220
Hi Magellan,

Glad to see there is a nother semi owner on the site! I believe we are across the street from you (116L , springridge elevation A)!

michelle


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