DEPOSITS ON NEW CONDOS
A slew of changes affecting the way developers handle purchase agreements, trust funds and much more took effect due to the passage of the Condominium Property Amendment Act and supporting regulations. These changes were introduced to tackle numerous issues faced by new condominium buyers, one of which was developers going bankrupt without adequate protection of the purchasers’ deposit.
Effective April 1, 2018, if a purchaser buys a new condominium in Alberta, their deposit must be held in trust while the condominium is being built. All trust funds must be held by a prescribed trustee, who must be a lawyer who is an active member of the Law Society of Alberta. That means, a developer must deposit the purchasers’ deposit into their lawyer’s trust account within 3 business days of receipt. Once the builder’s lawyer receives the deposit, they have 10 days to notify the buyer that the funds are in their trust account. Alternatively, a buyer may elect to get their own lawyer to hold the deposit in trust, given the developer approves. Again, the buyer’s lawyer has 10 days to notify the developer that funds are in their trust account.
However, Service Alberta states that purchase deposits that are covered under a Purchaser’s Protection Plan approved by the Minister of Service Alberta, or that are held as security in relation to the unit under another enactment, are not required to be held in a trust account. For example, deposits covered under a Protection Plan offered with Alberta New Home Warranty Program, Aviva Insurance Company of Canada, The Guarantee Company of North America and Travelers Insurance Company of Canada do not need to be held in a developer’s lawyer’s trust account. To confirm whether a builder has deposit protection from an approved Protection Plan, it is best for a buyer or their representative to reach out to the builder and get that confirmation in writing.
Lawyers can release a purchasers’ deposit from trust in any of the following circumstances:
- Title to the unit is transferred to a purchaser and the common property is substantially complete;
- The deposit money is secured by an approved Purchaser’s Protection Plan;
- The deposit money is secured by a security provided under another statute or regulation;
- The purchaser cancels the purchase agreement for a reason allowed under the Condominium Property Act;
- A condition imposed by the purchaser in the agreement has not been satisfied or removed in time, as allowed in the agreement;
- The developer terminates the purchase agreement according to that agreement;
- The purchaser and developer mutually agree to the release of the deposit;
- Money paid to a trustee in error; or
- Court order or where money is paid into court.
If you have any questions concerning the payment of deposits during a new condominium build, please don’t hesitate to contact Khemka Law or counsel of your choosing. If there’s a topic you’d like us to cover, please let us know! We are always here to assist you. Thank you for taking time to read this Thursday Tidbit.
Sincerely,
Pranav Khemka
Pranav Khemka, Barrister & Solicitor T: (403) 457-9577 | F: (403) 457-9578 E: pkhemka@khemkalaw.com
LEGAL: The Thursday Tidbit provides general information and does not constitute legal advice. Circumstances may vary and no lawyer-client relationship is established from the use and reliance of this information. You are strongly advised to seek any legal advice by directly contacting Khemka Law or counsel of your choosing. Khemka Law does not warrant or guarantee the quality, accuracy or completeness of any information found within this Thursday Tidbit.
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ALL LUXURY TOWNHOUSES & APARTMENTS
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All Luxury Calgary Condo Townhouses & Apartments for Sale with information updated daily.
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721 Aspen Meadows Hill SW in Calgary: Aspen Woods Row/Townhouse for sale : MLS®# A2186170
721 Aspen Meadows Hill SW Calgary T3H 0G4 
$999,900Residential- Status:
- Active
- MLS® Num:
- A2186170
- Bedrooms:
- 3
- Bathrooms:
- 4
- Floor Area:
- 3,238 sq. ft.
3 BEDROOMS | 3 1/2 BATHROOMS | 3,238 SQ FT | CORNER TOWNHOME | DOUBLE ATTACHED HEATED GARAGE | ELEVATOR | Welcome to this stunning well-kept corner townhome with private elevator and over 3,200 sq ft of living space over three floors. This home features ash hardwood floors throughout, wide open staircases, large windows and numerous upgrades. Upon entering the main entrance, you will be greeted by a spacious foyer leading into the the bright living room and feature gas fire place surrounded by custom built-ins. The stunning kitchen with high ceilings and open-concept floor plan is the perfect area for entertaining with a central large marble island with seating, custom floor to ceiling cabinetry, WOLF gas range, Sub Zero Fridge and ASKO microwave. Enjoy the attached dining area and family room as well as the outdoor covered deck with bbq gas line and outdoor speakers for enjoying with friends and family. A convenient powder room completes this level. As you make your way upstairs you will be greeted by the spacious master retreat with luxurious 5-piece ensuite with standalone soaker tub, large fully tiled shower with bench seat, dual vanity and spacious walk in closet. Enjoy your own private south facing balcony off the bedroom. The second spacious master bedroom features a 4-piece ensuite and large windows opening onto the courtyard. Enjoy the convenience of the well-planned laundry on this level. The third floor loft features a bright versatile space for a family room, games room and/or office. Featuring a custom brick wall, large windows, wet bar with new Subzero wine fridge and bar fridge, and Juliet balcony, this area has it all! This level also boasts a spacious bedroom with feature brick wall and large window overlooking the courtyard as well as a 3-piece bathroom. Take the elevator directly down to the basement where you will find a custom dog wash, plumbing for an additional washer/dryer and access to your double attached heated garage with full insulation and epoxy flooring. This home also includes a sound system with controls and speakers in each room and all televisions are included and wired into sound system. Recent upgrades include a new hot water tank and water softener (2024), replaced central ac unit (2023) and furnace (2022). This spacious bright home includes it all and is ready for you to call it home today! Book your showing and be impressed! More detailsListed by RE/MAX First- Stewart J Lowe
- Real Estate Professionals Inc
- 1 (403) 850 0669
- info@calgarydreamhomes.com
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100 Royal Elm Green NW in Calgary: Royal Oak Row/Townhouse for sale : MLS®# A2163171
100 Royal Elm Green NW Calgary T3G 0G8
$998,500Residential- Status:
- Active
- MLS® Num:
- A2163171
- Bedrooms:
- 4
- Bathrooms:
- 4
- Floor Area:
- 1,846 sq. ft.
PANORAMIC RAVINE VIEWS | DEVELOPED WALK-OUT BASEMENT | Ravines of Royal Oak by Janssen Homes offers unmatched quality & design, located on the most scenic & tranquil of sites in the mature NW community of Royal Oak. This 4BR, 3.5 bath with over 2,700sf of developed living space (1,846sf RMS above grade) 2-storey, townhouse with fully developed walkout basement & double attached garage boasts superior finishings. Main floor open-concept-plan features grand kitchen with full-height cabinets, soft close doors/drawers & full extension glides, quartz counters, undermount Silgranit sink, plus S/S appliances including gas range with decorative back-splash & chimney hood-fan opening onto both dining area with access to rear balcony with panoramic ravine views & spacious living room with chic linear fireplace. Upper level includes roomy master retreat, luxurious 5-pce ensuite with heated tile floor, soaker tub, separate walk-in tiled shower, dual sinks, walk-in closet & extra built-in storage, full-size laundry room with sink & quartz folding table, an additional 4-pce bath, & two more bedrooms; one with spacious walk-in closet. Fully-finished walk-out basement adds an additional 852sf of developed living space with roomy rec space, 4th bedroom, 4-pce bath, and private back patio with lovely greenspace access. Double garage with additional full-length driveway for extra parking completes the package. Ravines of Royal Oak goes far beyond typical townhome offerings; special attention has been paid to utilizing high quality, maintenance free, materials to ensure long-term, worry-free living. Acrylic stucco with underlying 'Rainscreen' protection, stone, & Sagiwall vertical planks (ultra-premium European siding) ensure not only that the project will be one of the most beautiful in the city, but that it will stand the test of time with low maintenance costs. Other premium features include triple-pane, argon filled low-e, aluminum clad windows, premium grade cabinetry with quartz countertops throughout, 9' wall height on all levels, premium Torlys LV Plank flooring, 80-gal hot water tank, a fully insulated & drywalled attached garage that includes a hose bib & smart WiFi door opener, among other features. Condo fees include building insurance, exterior building maintenance & long-term reserve/replacement fund, road & driveway maint., landscaping maint., driveway & sidewalk snow removal, landscaping irrigation, street & pathway lighting, garbage/recycling/organics service. Bordered by ponds, natural ravine park, walking paths & only minutes to LRT station, K-9 schools, YMCA & 4 major shopping centres. A solid investment - visit today! Note - this is an interior unit - not an end unit - photos from a similar model in the complex. More detailsListed by RE/MAX Real Estate (Central)- Stewart J Lowe
- Real Estate Professionals Inc
- 1 (403) 850 0669
- info@calgarydreamhomes.com
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826 81 Street SW in Calgary: West Springs Row/Townhouse for sale : MLS®# A2184940
826 81 Street SW Calgary T3H 6B1
$883,999Residential- Status:
- Active
- MLS® Num:
- A2184940
- Bedrooms:
- 4
- Bathrooms:
- 3
- Floor Area:
- 1,680 sq. ft.
Welcome to this exquisite 3-Bedroom End Unit Townhome, perfectly situated in the vibrant West District. This thriving neighbourhood is surrounded by parks, pathways, and top-notch shopping, combining convenience with a sense of community. This elegantly designed residence features 3 spacious Bedrooms, 2.5 Bathrooms, and an attached double heated Garage. On the main floor, a versatile Flex Room awaits, ideal for a home office or additional living space. Inside, you'll be greeted by sophisticated finishes, including sleek wide plank flooring and soaring ceilings that enhance the open-concept layout. The kitchen is a culinary dream, equipped Height Cabinetry, Soft-Close Doors, a Gas Range, Fridge, Built-in Microwave, and a convenient pantry. The expansive Eat-Up Bar, adorned with stunning Quartz Countertops, is perfect for casual dining or entertaining guests. Retreat to the Owner's Suite, a private oasis featuring a generous Walk-in Closet and a stylish 3-piece Ensuite Bathroom. The upper floor also offers two additional Bedrooms, a chic 4-piece Main Bathroom, and the convenience of upper-floor Laundry. Bright, airy, and move-in ready, District Towns present a sophisticated lifestyle where you can truly thrive. Don’t miss your opportunity to own this remarkable home! View our photo gallery of similar homes. More detailsListed by RE/MAX Real Estate (Central)- Stewart J Lowe
- Real Estate Professionals Inc
- 1 (403) 850 0669
- info@calgarydreamhomes.com
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8163 8 Avenue SW in Calgary: West Springs Row/Townhouse for sale : MLS®# A2184936
8163 8 Avenue SW Calgary T3H 6B1
$852,900Residential- Status:
- Active
- MLS® Num:
- A2184936
- Bedrooms:
- 4
- Bathrooms:
- 3
- Floor Area:
- 1,843 sq. ft.
District Towns by TRUMAN – Experience upscale living in this stunning 3-Bedroom Townhome, ideally located in the growing and vibrant West District. Surrounded by parks, pathways, and premium shopping, this dynamic neighborhood offers both convenience and community. This beautifully crafted residence features 3 spacious Bedrooms, 2.5 luxurious Bathrooms, and an attached Double Heated Garage. On the main floor, you'll find a versatile Flex Room perfect for a home office. Inside, elegant finishes abound, including sleek wide plank flooring and soaring ceilings that enhance the open-concept design. The Kitchen is a culinary masterpiece with Full-Height Cabinetry, Soft-Close Doors, Gas Range, Fridge, Built in Microwave, and a convenient Pantry. The large Eat-Up Bar, accented with Quartz countertops, is ideal for casual dining or entertaining guests. The Primary Suite is a private oasis, boasting a generous walk-in closet and a 3-piece Ensuite. The upper floor also includes two additional Bedrooms, a stylish 4-piece Main Bathroom, and the convenience of an upper-floor laundry. Bright, airy, and move-in ready, District Towns offer a sophisticated lifestyle where you can truly live better. Don’t miss your chance to own this remarkable home! Photo Gallery of Similar Home* More detailsListed by RE/MAX Real Estate (Central)- Stewart J Lowe
- Real Estate Professionals Inc
- 1 (403) 850 0669
- info@calgarydreamhomes.com
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75 Greenbriar Place NW in Calgary: Greenwood/Greenbriar Row/Townhouse for sale : MLS®# A2136393
75 Greenbriar Place NW Calgary T3B 6J1
$789,900Residential- Status:
- Active
- MLS® Num:
- A2136393
- Bedrooms:
- 3
- Bathrooms:
- 4
- Floor Area:
- 1,987 sq. ft.
Meet the Madison floorplan, by Alliston at Home in Hudson West! This property boasts 2 Large Master Bedrooms on the upper level. The 3rd bedroom is located on the ground floor walk out level. This end Unit has an oversized double car garage, a covered deck and a cozy patio area. The home is loaded with extras, including a gourmet kitchen with built in appliances, enhanced ensuite bathroom, glass railing, upgraded lighting package and showcases stylish finishes throughout. Low condo fees make this home an affordable option. Don’t miss the opportunity to make the Madison yours! Hudson West is ideally located in the NW with easy access to the Trans Canada Hwy, Stony Trail ring road, and downtown. Minutes away from the Bow River and Trinity Hills shopping centre and walking distance to the new Calgary Farmers market. An ideal spot for those looking to work in the city and play in the mountains. More detailsListed by KIC Realty- Stewart J Lowe
- Real Estate Professionals Inc
- 1 (403) 850 0669
- info@calgarydreamhomes.com
Data was last updated January 20, 2025 at 10:05 PM (UTC)
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