Purchasing from a receivership, what does this mean for me?

The project is stabilized and being professionally managed by a court appointed officer, in this caseKSV Advisory. KSV Advisory’s role is to protect the buyers’ interests, support strata, clear financialobstacles and oversee the sales and closing processes for the homes available.

Does the Sales & Closing process change in a Receivership sale?

No, the process will remain the same for the purchaser. A deposit will be due and held in trust uponsigning the contract. Once executed, purchasers will begin a seven-day rescission period during whichthey may terminate the contract at any time. The contract will specify the closing and possession dates. Purchasers will then proceed with thestandard conveyancing and closing process, assisted by their chosen lawyer or notary.

Will there be a clear title at the time of closing?

Your home purchase is even more secure than a “Regular Purchase”. All homes will be delivered with aclear title. Any lien or financial burden from the previous developer will be removed by the Court, beforeyou close on your new home.

Is my home still covered by warranty?

All homes will be finished and delivered to meet the standard outlined in the BC Housing ResidentialConstruction Performance Guide. The 2-5-10 warranty for your home remains in effect provided by WBI Home Warranty. The Warranty Coverage for all common areas began the date of the buildings first occupancy (December 1, 2023).

How does the receivership affect strata operations?

KSV Advisory is working closely with the Strata Corporation the receiver has paid all the unpaid stratafees that were delinquent and caused hardship for the strata.

Will I receive a Home Orientation/Possession Walk Through?

You will receive an orientation before possession to help you become familiar with your new home.On possession day, you will attend a key handover appointment. Any warranty items will be handledthrough WBI Home Warranty.

Who is the Owner/Operator the Hotel component within Highline?

The Hotel was acquired by an independent owner in 2024. It is currently under construction, expectedto be completed by Spring 2026; the hotel will be branded as Hyatt Place Metrotown. There are noshared amenities between the hotel and the condo building.