Ai Surety Bonding offers insurance for deposits that exceed the TARION warranty protection of $20,000 for condominium homes and $40,000 for freehold homes as well as projects such as condominium conversions and commercial condominiums.
Condominium Deposit Insurance is paid as a one-time premium or on an annual basis when deposits are released from a trust. The cost depends on the size of the facility, the duration of construction security being offered, and financial strength of the developer. Besides the annual premium, you may expect to pay legal costs associated with the set- up of the trust account and/or the mortgage, a legal opinion with regard to title and corporate matters.
Approval for an excess deposit insurance facility may be given at the same time the TARION bond is approved. Generally, an excess condominium deposit insurance application can be processed in a reasonable time frame and terms and condition letter can be sent for your acceptance in a period of 2 to 5 days as long as you deliver all necessary documents and materials.
See also: Developer Surety
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