293 Wellington Street, Napenee

Teska develops Plans of Subdivision that create building lots in desirable rural areas in Ontario. Lots vary in size depending on the requirements of the Municipality and the layout of the land. Roads are built to Municipal standards. Utilities are often buried in the roads. Some developments are well treed, other close to water; all have park-like settings and feature amenities such as children’s play area, horseshoe pit, BBQ and picnic area. Our concept provides a financial plan that will greatly assist customers in getting construction financing.

Project situated at 293 Wellington Street in the prestigious Sandhurst Shores area of Greater Napanee, Ontario. Spanning over 11 acres, our meticulously planned site is in proximity to Lake Ontario.

The property is efficiently serviced with hydro, natural gas, municipal water & sewer. Strategically located 15 minutes from Napanee Centrum and 20 minutes from West Kingston.Teska presents an exclusive development featuring 20 estate lots, each approximately 1/2 of an acre. A gracefully designed crescent road, accessible through two entrances off Wellington Street, will seamlessly navigate the community, culminating in a serene cul-de-sac at the North end. Our vision includes a meticulously crafted park, hosting a children’s play area, recreational structures, horseshoe pits, a half basketball court, and a Gazebo equipped with BBQs and picnic tables.

The construction of exceptional homes will be entrusted to S&S luxury Homes, renowned for their outstanding craftsmanship. Explore the refined collection of home designs at MSignatureHomes.ca, where owners can select from a variety of models to be built on their chosen lots. Enclosed, you will discover a preliminary site map and artist sketches illustrating the thoughtfully designed exterior elevations.

Lots will be available for reservation in the spring of 2024, with construction of infrastructure upon plan of subdivision approval slated to commence in the spring of 2025.For further information at Teska please contact Mr. Tim Siva (647 762 1740), Mr. Said Mohammadi (416 565 3008) or Mr. Stephen Tunks (613 257 9751) at teskadevelopment.com or call our main number at 647 424 2233.

After you have selected a lot and settled with our Sales People on the price, Teska offers you a Reservation Agreement.The Terms are 10% of the lot purchase price at the time of signing the Reservation Agreement. The Customer then has one year (the choosing period) to decide on the house they want and the builder they want. Teska has several builders that we can recommend, however, customers can engage their own builder should they wish. A one year extension can be provided for a fee.

At end of the choosing period Customers convert their Reservation Agreement to an Agreement of Purchase and Sale and a closing date is determined. Customers would provide a 25% down payment upon signing the APS (the Reservation Fee is converted and forms part of the down payment thus requiring the Customer to provide only another 15% to close. Upon closing Teska will provide a VTB, Vendor Take Back, mortgage for the balance of the Sale, 75%.

This VTB will contain provisions for Teska to postpone the mortgage in favour of your construction financing company. This means that you are providing the full value of the lot as equity towards your home, which will reduce or eliminate your requirement to provide additional cash toward your home construction. Customers can assign the lot to the builder and Teska will wait to have VTB paid out until completion of the home and you move in. Usually paid out from the finished home mortgage.

Should a Customer wish to retain the lot for future building, Teska will hold the VTB for two years with no interest. An extension (after the first two years) on the VTB can be up arranged for up to three years at 4% per year, with monthly, interest only, payments.