Condo buyers will get deposits back with interest
Purchashers deciding where to buy next
By Kris Scheuer
(Originally published Sept. 8 for Town Crier)
Silvio Arone wanted to move from Woodbridge to downtown Toronto at 1 Bloor St. East.
He paid a deposit of about $100,000 for his piece of the pie in the sky that was to be an 80-storey tower at Yonge and Bloor Sts.
The proposed 500-unit project by Bazis International is now defunct and law firm Robins Appleby and Taub is in the process of refunding depositors money.
“I made my way to the law office to hand in my form to recover my deposit a few hours ago,” Arone said Sept. 3. “I’ll get my cheque a week or so later.”
He works as a project manager for a builder, so he never panicked over his money.
“I wasn’t concerned,” Arone said. “I trust the Condo Act.”
The Act states a lawyer for the property owner must hold deposits, plus interest, in a trust account just in case a project doesn’t get built.
For Arone it was more a question of having his money tied up.
“Our initial deposit was made in November, 2007 almost two years ago,” he said. “I was in limbo.”
Now he’s looking to move into a condo that’s already built. He’s currently considering Islington and Bloor or midtown. Continue reading
Posted in Toronto News
Tagged 1 Bloor, 1 Bloor St, Bazis International, Condo Act, Corrado Di Rosa, Councillor Kyle Rae, deposits returned, Great Gulf Homes, Mike Rosenthall, Re/Max Realtron Realty, Realtor Garth Juriansz, refunds issued, Robins Appleby and Taub, Silvio Arone, Yonge and Bloor
Deposits held in trust will be refunded with interest
Many unit purchasers gave deposits in 2007 for now defunct project
By Kris Scheuer
(I wrote this for Town Crier Sept 3. Click here for UPDATE.)
Realtor Garth Juriansz in front of vacant site at 1 Bloor East. Photo by Kris Scheuer/Town Crier.
All purchasers of condo units at the proposed tower at 1 Bloor St. East should start to see their money back any day now.
Anna Cass of Royal LePage Your Community Realty told the Town Crier on Sept. 1 around 3:30 she received confirmation of the refunds about an hour earlier that day.
“The cheques just went in the mail,” said Cass, who purchased a unit herself and sold condos to numerous clients at the then-proposed 80-storey tower at Yonge and Bloor. “I spoke to the people who do the refunds.”
On Aug. 18 Bazis International announced they are selling the property at the southeast corner of one of Toronto’s busiest intersections. Great Gulf is buying the site with a closing date around Sept. 16.
Bazis had originally planned to build the tallest residential tower in Toronto. That project is now defunct, so lawyers working for Bazis International will be processing refunds after each purchaser signs release forms.
Cass said as a condo unit purchaser, she wasn’t concerned that her deposit wouldn’t be returned.
Re/Max Realtron agent Garth Juriansz agrees refunds were always secure.
“Getting their money back was never a question,” said Juriansz, who purchased a condo and sold 20 units for 1 Bloor.
That’s because the Ontario Condominium Act stipulates purchasers deposits must be held in trust accumulating interest, said Juriansz.
Lawyer Chris Jaglowitz also emailed to say the same thing.
“I was concerned my clients wouldn’t get their money back in time to do something else with it,” said realtor Juriansz.
“They want to use their money to invest or buy something else.”
The law firm Robins Appleby and Taub is in the process of issuing refunds to all purchasers who sign a release form first.
For more on this developing story, please click here for update.
Posted in Toronto News
Tagged 1 Bloor, 1 Bloor St East, 80-storey tower, Bazis International, condos, deposits returned, Great Gulf, Kris Scheuer, Lawyer Chris Jaglowitz, money held in trust, Ontario Condominium Act, Re/Max Realtron, Realtor Anna Cass, Realtor Garth Juriansz, refunds issued, Robins Appleby and Taub, Royal LePage, Town Crier newspaper, Yonge and Bloor