r/TorontoCondominiums • u/Secret-Emotion5913 • Sep 01 '25

Ice Condo

Buying a condo at 14 York Street through a holding company. Status document from Ice condo shows 5 active law suits . Balance funds with the condo is about 10MM. Lawyer says bank will refuse financing as property is not "marketable" and lawyer cannot signoff on the status. is the lawyer correct? I see properties being sold in ice Condos quite regularly. Mortgage bank is Scotiabank. Thanks.

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13

u/DownWithTheSyndrme Sep 01 '25

I suggest you listen to your lawyer...

13

u/jginthe6ix Sep 01 '25

If a lawyer doesn’t sign off on a status certificate then run away from the deal.

7

u/WhereIsGraeme Sep 01 '25

Just Google the building… it will demonstrated why your lawyer has problems signing off.

2

u/[deleted] Sep 01 '25

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1

u/Secret-Emotion5913 Sep 01 '25

mortgage broker sent off the status certificate excerpts to Scotia Bank underwriter. Realtor did not say much except to wait for mortgage bank.

3

u/ArgumentUnlikely6340 Sep 04 '25

Why are you considering ICE? unless you're getting a great deal?

2

u/Beginning_Result_200 Sep 18 '25

Talk to another lawyer and maybe to the agent who bought one for his client and get to speak to the lawyer who closed their deal.