Purchasers Deposit Insurance

Under the Alberta/British Columbia Condominium Property Act, condominium developers (Residential or Commercial) must ensure that a trustee holds all deposits paid by a purchaser in the developers’ lawyer’s trust account until the purchaser assumes ownership of the condominium unit. The trustee may release the deposits to the developer if the deposits are insured under a government-approved purchaser protection program.

PURCHASER’S BENEFIT

Purchaser’s Benefit from this service providing them financial protection for their deposit in the event the developer fails to deliver the condominium unit to the purchaser in accordance with the purchase agreement.

DEVELOPERS BENEFIT

Developers Benefit from this service by using purchasers’ deposits as a low-cost and easily accessible source of financing for the construction of the condominium project, lowering their overall financing costs and increasing the project profitability.

By taking advantage of our Deposit Insurance Program you are able to utilize purchasers deposits instead of them being held in trust. There is Powerful Savings Involved When Accessing The Use Of Purchasers Deposits which can be used to replace some of the construction financing at a considerably lower rate.