Member Deposit

  1. Paying the Deposit
    2. Members must pay a member deposit to the co-op. Members must pay the deposit before moving into their unit.

  2. The Amount of the Member Deposit
    3. All members have to pay a member deposit of $1250.00, in spite of if they receive a subsidy or not.

  3. Returning the Member Deposit
    4. The co-op will return the member deposit 30 days after the member leaves the unit permanantly. Before returning the deposit, the co-op can deduct any amount which the member owes because:

    • the member did not give enough notice
    • the unit was not left in the condition stated in section 5.9 of the Occupancy By-Law
    • the member owes money to the co-op, or
    • the member did not pay the last month's housing charge.
    • the member did not pay the last month's hydro bill

  4. Interest on the Member Deposit
    5. The co-op will not pay interest on the member deposit