Return of Security Deposit

Return of Security Deposit

Property Owners — South Village, Woodstream, Greely Orchard, Water’s Edge, Cedar Lakes, and Lakewood Trails

Upon the closing of your new property, you may have noticed that a security deposit of $2,000.00 (or more in newer developments) was collected as per Paragraph 15 of Schedule “C” of the Agreement of Purchase and Sale (Paragraph 57, Water’s Edge; Paragraph 58, Cedar Lakes; and Paragraph 52, Lakewood Trails). This deposit is collected and held until the completion of the installation of the culvert and all grading and other legal and contractual requirements are met.

Once the works are completed please refer to the following:

1. Homeowners are asked to contact Sunset Lakes Developments (SLD) to request inspection of the property;
2. Requests can be made by downloading a copy of the Application for Return of Security Deposit form found on our website.
3. Please complete and sign the form and return to SLD.
4. Once your application has been received, the inspections will be arranged.
5. A City Inspector will determine whether or not requirements have been completed to the satisfaction of the City. Property owners may also be required to purchase and submit a Private Approach Permit to the City of Ottawa.
6. Please note that for owners in Water’s Edge, Cedar Lakes and Lakewood Trails stamped asbuilt drawings from a surveyor or engineer must be submitted as per the requirements of the subdivision agreement.
7. Upon notification of release and by the receipt of a complete and signed application, SLD will process the return of security. Note that the cost of rectifying any defaults may be deducted from the security deposit.

Click below to download checklist: 

• Application for Return of Security Deposit Checklist

Assignment of Security Deposit

From time to time, home-buyers who were not the original purchasers of the lot from the developer, request the return of the $2,000.00 (or more in newer developments) security deposit collected on closing.  Please note that the contractual obligation to repay is with the entity who first purchased the lot.  That person is the party with which the developer has a contract and a binding legal obligation to repay the deposit money.  If the lot is subsequently conveyed, in order for the refund to go to the new owner, there must be a written assignment, release or direction from the original owner directing the vendor to refund the deposit to the named subsequent purchaser or his/her assignee.  Please note that we require written evidence of this assignment and the transfer of title is not sufficient without a direct written assignment of the deposit refund.

Click below to download form: 

• Assignment of Security Deposit Form

 

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