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Old 2009-06-15, 01:25 PM
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sunsu sunsu is offline
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Default Anyone having trouble getting back their security deposit?

We bought a new home back in 2006 from Starlane that required a $1000 security deposit. We were told by our lawyer during closing to expect the deposit back within 1 year. It has been 3 years now and the builder is taking their time reimbursing us. We called them several times only to get the excuse that it will be ready next year...

Anyone experience this? Is this normal? Is there any action we can take?

This is absolutely the worst builder we've had experience with and we have worked with 2 other builders already, which never required this deposit.

thanks.
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Old 2009-06-15, 01:32 PM
homie27 homie27 is offline
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what's the deposit for?

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Originally Posted by sunsu View Post
We bought a new home back in 2006 from Starlane that required a $1000 security deposit. We were told by our lawyer during closing to expect the deposit back within 1 year. It has been 3 years now and the builder is taking their time reimbursing us. We called them several times only to get the excuse that it will be ready next year...

Anyone experience this? Is this normal? Is there any action we can take?

This is absolutely the worst builder we've had experience with and we have worked with 2 other builders already, which never required this deposit.

thanks.
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  #3  
Old 2009-06-15, 01:49 PM
joejack joejack is offline
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Default Grading Deposit

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what's the deposit for?
I believe it's the grading deposit.
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Old 2009-06-15, 01:56 PM
rgauvin rgauvin is offline
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Originally Posted by joejack View Post
I believe it's the grading deposit.
what is a grading deposit? I paid no such deposit when I bought my new house.
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Old 2009-06-15, 02:31 PM
patrob patrob is offline
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Funny that you ask as I just called my builder today asking about it We paid a $500 grading deposit back in Dec. 06 & still waiting for our money

In our previous house bought in 1998 from Aspen Ridge, we did not pay a grading deposit.
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Old 2009-06-15, 02:38 PM
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BrianT BrianT is offline
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I'm surprised that the builder didn't just roll it into your down payment?
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Old 2009-06-15, 04:32 PM
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GregS GregS is offline
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Grading has to do with the lay of the land and how water run-off will happen when it gets too wet.

Grading may take a few years worth of seasons to properly evaluate.

Once the grading has been assumed by your municipality, your builder is to return the deposit you would have paid as part of your closing costs.

Not all municipalities require one, but I think you will find that most will.

It took 2.5 years before I got mine back.

Contact your municiple planning office to find out if your specific area has been assumed by the municipality.

And as always, this is NOT the place to complain about your builder. Please use Tarion and your lawyer for that.

Thanks.
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Old 2009-06-15, 05:30 PM
oakvillehomeowner oakvillehomeowner is offline
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you may also find that the builder pays a deposit to the municipality, and that you pay a deposit to the builder. there's no reason the builder can't give you your deposit back before they get their deposit back (other than cashflow) and as some of you have found out, in some instances the builder is in no hurry to return the deposit to you, even after he's had his returned by the municipality.
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Old 2009-07-28, 02:06 PM
generalinq generalinq is offline
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It's normal. It takes time to get it back..even more than 3 years sometimes. As the other poster mentioned, not all builders ask for it. I paid $1200 with Starlane. BUT..here's the magic BUT..you have to FAX your builder a letter saying you want the security deposit back when it's available. Keep the proof of FAX. Every builder requirements for requesting it may be different so contact them and ask them what you need to do. A friend I know totally forgot to request theirs and after over 10 years asked for it and got it back.
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Old 2009-08-15, 04:40 PM
mech2008 mech2008 is offline
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Quote:
Originally Posted by generalinq View Post
It's normal. It takes time to get it back..even more than 3 years sometimes. As the other poster mentioned, not all builders ask for it. I paid $1200 with Starlane. BUT..here's the magic BUT..you have to FAX your builder a letter saying you want the security deposit back when it's available. Keep the proof of FAX. Every builder requirements for requesting it may be different so contact them and ask them what you need to do. A friend I know totally forgot to request theirs and after over 10 years asked for it and got it back.
Good to know. So how long it takes for the return cheque after you sent fax?
Thx.
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