Money held in trust by developer, which was forced to sell condo project
(Source: Globe and Mail)
The long-suffering condo buyers of 1 Bloor East are getting their money back.
Buyers were sent release forms last week to have their deposits returned. The money has been held in trust for months by lawyers for Bazis International, the developer which was recently forced to sell the 1 Bloor East property.
They are expected to see their money returned by Sept. 11.
It remains unclear what Great Gulf Homes intends to do with the site.
They are expected to take ownership later this month.
Read Kate Hammer’s full article “1 Bloor East buyers to regain deposits” in the Globe and Mail (September 8, 2009).
Further Reading on this subject? Click ‘here‘.