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Can a developer use my deposit to construct and market the development units?

April 26, 2017construct deposit Developer Development market units

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Can a developer use my deposit to construct and market the development units?

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A. Deposits must be held in trust in British Columbia by a real estate brokerage, lawyer, or notary public, and so generally cannot be used to construct and market the development units. See section 18 of the Act. However, if authorized deposit insurance has been obtained, the trustee may release a deposit to the developer for the developer’s own purposes. See section 19 of the Act.