The purpose of SYR is to provide confidence to both the Homeowner and the Contractor in what has otherwise been always a “handshake deal” where there has been losers on both sides.

SYR is an independent arms length third party who has no interest in the outcome of the project. Our purpose is to ensure that the terms of the Original Agreement are performed by both parties.

SYR charges a fee of $199.00 plus HST per transaction on all withdrawals and deposits. Fees incurred are billed on a monthly basis and deducted from advances.

SYR only accepts wire transfers or Bank Drafts. You will need to provide a copy of the Bank draft and deposit slip upon completion. SYR Banks with The Toronto-Dominion Bank. Upon deposit, we will confirm the amount received and said funds will be held in Trust by SYR’s solicitors.

SYR adheres to the terms agreed to by the Homeowner and Contractor. Upon a Milestone being completed, a Joint Release Direction will be signed by both the Homeowner and the Contractor and SYR will release the agreed to percentage to the Contractor by way of a Cheque. Cheques are drafted and mailed or available for pickup by the Contractor within 24 hours.

A Milestone can be anything agreed to by the Homeowner and the Contractor. Typically the Contractor will provide the Home Owner with stages that can be converted to Milestones. Upon a Milestone being reached, either party can execute the Joint Release Direction which will automatically be provided to the other party. Upon all parties signing the Joint Release Direction, SYR will advance the monies for that Milestone to the Contractor.

This is the total cost of the renovation as per the Contractor Agreement.

This is the amount of money required by the Contractor to commence the project. Renovation Deposits can be made in Stages if agreed to by yourself and the Contractor.