Sapphire Tower cost investors $28 million dollars in bad debts. Sapphire (planned) and 1 King West (completed) are two projects gone belly up this past week, taking with them a lot of investor’s money that was not properly protected. Doubt if they will ever see their hard-earned bucks back. So here’s what I want you to do when you’re purchasing a property:
1. Select a Realtor and ask to sign a Buyer Representation Agreement with them. This agreement details the relationship and responsibilities of each side, enabling a committed relationship between you and your Agent.
2. Select a Lawyer which fits the team. If you do not have one, your Agent can recommend one, or look at UrbanRealty’s affiliates here. We believe our Affiliates are the best in the business.
3. NEVER conduct a transaction without the watchful eyes of your Realtor and lawyer. DO NOT take any chances and DO NOT give anyone money without having a second and third opinion. That also applies to downpayments, where you SHALL NEVER sign checks unless they are dircted to a TRUST ACCOUNT.
If you have a death wish, then keep writing checks to people and organizations you do not know and have no control over. If you with to survive, be sure that your deposits go only to Trust Accounts – no excpetions.