drewp
Active Member
All of your deposits should be made out to the builders lawyer in trust. I hope no one has been making them out to the builder?
All of your deposits should be made out to the builders lawyer in trust. I hope no one has been making them out to the builder?
The interest is paid at the prescribed rate according to the condo act. I believe the prescribed rate is 2% below the bank rate which presently is 0.25%. In other words, no interest. It cannot be a negative number. Alternatively, it may be 2% below prime which is 3% I believe, which would result in 1% interest from the time the deposit payment is made to present.
Perhaps someone could confirm.
Sorry Xenosblitz, but if I am correct with my first assumption, you and the rest of us will be getting "no interest" on our deposits.
drewp, the question was not as to who the deposit cheques should be made payable to.
Question was as to what happens to the interest on the deposit cheques.
Is the purchaser entitled to interest on deposit paid into a lawyer's trust a/c? I was told that the interest on amounts in a lawyer's trust account always goes to the Law Society of Upper Canada and not to the purchaser.
Any thoughts?