B.C. doctor forfeited $275k deposit on Trump tower condo after abandoning deal
CBC News
14 September 2017
A West Vancouver woman who changed her mind about buying a $2.7-million
Trump tower condo won't be getting her hefty deposit back, despite
arguing in the Supreme Court of B.C. that she didn't fully understand
all the details of the purchase.
Lydia Chen put $275,290 down for the three-bedroom unit in November 2013. She backed out of the deal more than a week later.
The developer, West Georgia Development Limited Partnership, said she
forfeited the deposit in doing so. Chen sued the company for the money
in October 2014.
The 64-year-old argued she was entitled to her deposit because the
developer hadn't give her a proper opportunity to understand a
disclosure agreement she signed when she made her offer.
In July, a B.C. Supreme Court justice ruled that she had, in fact, had enough of a chance.
Offer in an afternoon
Chen, an ophthalmologist who lived in the British Properties, went to a
sales presentation for the tower around noon on Nov. 3, 2013. Court
documents said the doctor was interested in the Trump tower because of
its downtown location and "spectacular" views.
Chen stayed at the sales event for about an hour, going over details with Lily Korstanje, who was leading the event.
After leaving the presentation for lunch, Chen decided to make an offer
on an "exclusive" unit. She went to the bank, withdrew the 10 per cent
deposit and returned to the sales event before 5 p.m.
Korstanje and Chen went over a disclosure statement and purchase
agreement, with the developer highlighting key points as they went.
A disclosure statement has detailed information on everything a seller
knows about a property that a prospective buyer would want to know.
Strata condo statements can contain information about factors ranging
from potential structural issues to parking stalls.
During the meeting, Chen signed a document stating she'd read the
disclosure statement and that she would have a week to change her mind.
The buyer opted not to call a real estate agent to sit in the meeting.
Court documents said Chen spent less than three hours with the
developer before making her deposit and that she ultimately decided not
to go ahead with the purchase, because the unit "did not meet her
needs."
In her notice of civil claim, Chen admitted she'd had enough time to
"read" the disclosure statement but not enough to properly "understand"
the document.
Supreme Court Justice Robert Sewell rejected that argument.
Chen also said the statement didn't include all of the facts about the
unit, some of which contributed to her change of heart. Sewell didn't
accept that reasoning either.
The 63-storey Trump tower has more than 200 units ranging in price from
$619,000 to $6.7 million. The condos sold out in May 2016.
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