Michelle C said:
Getting confusing now. If we have to file a claim through Tarion I cant see getting deposits back in 10 days. KSV certainly know how to play their cards right. They knew after court date last year what was coming and will drag out till April 25
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Its a bit confusing too with deposits, Meg has said that somehow Vandyk somehow took the deposits from the Trust , the letter is saying the deposits is protected by Trisura insurance policy.
I am just wondering if we will get back our full deposit or the partial?

Per KSV
The deposits were paid into trust to SR Law, but a portion of the deposits were subsequently released to Vandyk. Developers can get deposits released if they arrange for insurance to protect those deposits in the event that the deposits need to be returned for any reason. Vandyk had arranged for deposit insurance ($20k insured by Tarion and the rest insured by an excess condominium deposit insurance policy provided by Trisura). Accordingly, even though deposits were released, they are fully secured by insurance. Whatever is left of the original deposits is still held in trust by SR Law and has not been released to KSV. In terms of the return of the deposits, a deposit return protocol will need to be established between KSV, Trisura, and Tarion. Once the Court approves that protocol, homebuyers will be provided instructions on how to file a claim for their deposit back.
 
Thank you all for keeping this thread active and up-to-date. Your updates have been helpful and often the only source of information available on the doomed Uptowns situation.

I am a July 2017 purchaser and I have not yet received an amended APS neither by email nor mail.

I won't be accepting the new price regardless of the figure. My son was 9 years old (summer break before grade 5) when I initially entered the purchase agreement and he will be graduating high school in June of this year. I have been staying in a family member's basement since then...waiting year after year for closing details too afraid to sign a lease or make any moves...every decision or lack thereof...solely dependent on information from Vandyk and now KSV.

I just want my 15% deposit back so I can finally stop living in limbo. I'm sure others may be in similar or worse situations but I'm sharing my rationale on wanting out of this neverending saga.
 
gquest said:
They already asked for 862k for haven buyer of 2017...I'll say expect the same
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Absurd 😡 I had a feeling it would be ridiculous. Praying for a speedy resolution and return of our deposits...get us our letters already so we can SWIFTLY DECLINE
 
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Tarion protects up to 10% of total deposit? We paid 10% out of the 15%? I assume the entire deposit (10%) will be returned after termination?
 
random said:
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Tarion protects up to 10% of total deposit? We paid 10% out of the 15%? I assume the entire deposit (10%) will be returned after termination?
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That the deposit protection for a Freehold....but Tarion will give us back 10% of our deposit. If you paid more than 10%, you will have to collect the remainder through a secondary insurance
 
Thank you everyone keeping this thread updated because I haven’t heard anything myself. It’s helpful to read what you guys are posting. If it weren’t for you guys, I’d have no idea what’s going on! So thank you!
 
Three questions:

1.) At what point after declining the APS offer should we anticipate receiving our refunded deposits? / Is there a required amount of time?

2.) Has anyone from this forum declined their APS, and what was the response; if any?

3.) Given that some may have termination dates of April 2025, should those with this date expect to see the APS before then?
 
From Tarion Website

Deposits on condominiums​

There are two levels of deposit protection for purchasing a condominium unit. First, builders of condominiums are required by law (the Condominium Act) to place all deposits in trust – which means your deposit is fully protected. If your purchase agreement is terminated by the builder, your deposit must be returned to you in full within 10 days.

Second, if for some reason your deposit was not placed in trust, or it is not returned by your builder, Tarion provides deposit protection of up to $20,000.

What applies to us? I believe a trust account was what our deposits were written out to.
 
Whatsgoingon said:
Three questions:

1.) At what point after declining the APS offer should we anticipate receiving our refunded deposits? / Is there a required amount of time?

2.) Has anyone from this forum declined their APS, and what was the response; if any?

3.) Given that some may have termination dates of April 2025, should those with this date expect to see the APS before then?
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1. No required time, would depend if your end date is Apr25, then after Apr25 KSV goes back to court to get approval for returning deposits..could be months KSV will provide process.. if read previous messages your answers will be there.
2. I have not declined yet, waiting for response from my lawyer!! But you need respond via email as indicated in your letter.
3. Yes all those with termination dates Apr25 should receive by Mar25 , i would think!
 
Whatsgoingon said:
From Tarion Website

Deposits on condominiums​

There are two levels of deposit protection for purchasing a condominium unit. First, builders of condominiums are required by law (the Condominium Act) to place all deposits in trust – which means your deposit is fully protected. If your purchase agreement is terminated by the builder, your deposit must be returned to you in full within 10 days.

Second, if for some reason your deposit was not placed in trust, or it is not returned by your builder, Tarion provides deposit protection of up to $20,000.

What applies to us? I believe a trust account was what our deposits were written out to.
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Tarion and Trisura to return deposits.
 
Does this not apply as the timeline for returning of deposits?

For new condominium units, if a purchase agreement is terminated by the builder, the purchaser’s deposit must be returned in full within 10 days of the notice confirming the termination. As the funds are required to be held in a trust account, the purchaser can rest easy in knowing that their funds would be returned.
 
Whatsgoingon said:
Does this not apply as the timeline for returning of deposits?

For new condominium units, if a purchase agreement is terminated by the builder, the purchaser’s deposit must be returned in full within 10 days of the notice confirming the termination. As the funds are required to be held in a trust account, the purchaser can rest easy in knowing that their funds would be returned.
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Different situation .. Receivership , try asking KSV..
 
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