Snyder Blog: Legal Updates & Overviews

tahmed / Friday, March 23, 2018 / Categories: Uncategorized

Amendments to the Condominium Property Act: New Deposit Rules Effective April 1, 2018

Effective Sunday, April 1, 2018, if someone is buying a new condominium from a developer in Alberta, the buyer's purchase deposit must be held by an Alberta lawyer while the condominium is being built. The lawyer must be active, practicing and insured, and the lawyer and law firm must be approved by the Law Society of Alberta to operate trust accounts.

The developer must deposit the buyer's purchase deposit funds into the lawyer's trust account within three business days of receiving the funds. Once the lawyer receives the deposit, the laywer has 10 days to notify the buyer that the funds are in the trust account.

Alternatively, a buyer may get their own lawyer to hold the deposit, with agreement from the developer. The buyer's lawyer must then notify the developer, within 10 days of receiving the deposit, that the funds are in the lawyer's trust account.



The interactions that occur between individuals, businesses, and various levels of government are connected to laws that continually expand and undergo change. This constant flux and the broad range of laws that might apply to you can make it difficult to: (1) understand the laws that apply to your situation; and (2) stay up to date with changes that impact you. We are here to help.

Expansion and changes to the law happen with the introduction of new legislation, revisions to legislation, and new Court decisions that clarify or change the law. Whether you are an individual with a personal matter or find yourself dealing with a business issue or dispute, being knowledgeable and up to date on the law is important.

The lawyers at Snyder & Associates understand this importance for our clients, and take time out of their schedules to prepare articles and briefs for our clients that:

  • Provide updates for recent changes to the law.
  • Give useful summaries of how the law works in a particular area.

Some of these articles and briefs are posted here for public access.