MY SECURITY DEPOSIT
Community Developers/Builders are required to provide substantial securities to local and regional municipalities prior to commencing any site development work. These securities are not released to the Developer/Builder until the community is assumed by the Municipality. This may take anywhere from 5 to 10 years from the date of closing. Until then, the community is maintained by the developer/builder.
Builders, in turn, obtain a nominal amount of money at closing, known as Security or Damage Deposits, to ensure that Homeowners satisfy their Purchase & Sale obligations with respect to maintaining municipal trees and allowing access to their property by various approval authorities until the community is assumed by the Municipality. In addition, homeowner Security/Damage Deposits are held as security against damage by the Purchaser (or typically by their fence, pool, landscaping contractors...doing work for them) to things such as drainage, curbs, sidewalks and roads both within and in front of their property lines.
In order to track the source of damage (by either builder or homeowner), curbs, sidewalks, roads and grading are inspected at key stages of the community and building program by both consulting engineers and regional/municipal representatives.
It is important that homeowners pay special attention when work is being done in and around their home to ensure damage to municipal trees, boulevards, curbs, pavement and other infrastructure works is prevented. If damage occurs as a result of Homeowner activity, the repair work will be deducted from the damage deposit.
Purchaser's Security/Damage deposits are NOT the same as what is commonly referred to as 'mud deposits'. These are paid by the Builder directly to the Municipality for building permit purposes and has no relationship to the return of Homeowner Security/Damage Deposits.
ASSUMPTION STATUS OF COMMUNITIES:
All prior communities have been assumed by the local municipality.
Requesting Security Deposits for Assumed Communities
Please download the Security Deposit Request form, complete the required information and mail the original signed form to our Head Office.