Q: As I am currently in the market looking to buy a condominium how do I benefit from making a purchase that includes the Sirius Value Protection program?
A: When buying a condominium that includes the Sirius Value Protection buy back program you will automatically be enrolled. This program affords you the benefit of protecting the value of your purchase, as well as giving you the opportunity to exit the program, for any reason, during a specified period of time. Upon exiting the program your will receive a cash bonus.
Q: Can you define the specific benefits that I will receive if I choose to buy from a participating developer offering the Sirius Value Protection program?
A: When buying a condominium that includes the Sirius benefits you will automatically be protected from any loss of value to your unit over the longer-term, but you will also be able to benefit from appreciation in the value of your unit by choosing to exit the program, which entitles you to receive the bonus.
Q: How long does the program last and when am I eligible to receive the cash bonus?
A: The Sirius buy back program lasts for a period of eight years but you are eligible to exit at any time after you close on your unit.
Q: Will buying a condominium with the Sirius Value Protection program cost me more than without one that does not include the benefits you provide?
A: No. There is no additional cost to you. The developer absorbs the cost associated with the program.
Q: If the market depreciates over the term of the program and my unit loses value when are you required to buy back my unit and what will you pay me for it?
A: If after eight years you are still in the program, we will buy back your unit for exactly what you paid for it.
Q: When do I have to make a decision as to whether or not I will exit the program and take the cash bonus, or elect to choose my buy back option?
A: You can exit the program at any time and for any reason you choose but you have to make a decision to do so, or elect to have us buy back your unit, by no later than the sixth year.
Q: When are you required to buy back my unit should I experience further loss of value?
A: Sirius is not required to buy back your unit until the end of the program, which is eight years in length.
Q: What are the other reasons why I might exit the program and choose to receive a bonus?
A: You would normally choose to exit the program should you experience appreciation in the value of your unit, which will happen as the market and economy begin to improve. You may also just want to put some cash in your pocket to pay some bills, go on vacation, or simply put it in the bank.
Q: Why do I have until year six to decide if I want you to buy back my unit and what are the advantages to waiting until then?
A: The reason we give you six years to decide is because the main benefit of the program, which is to protect the longer-term value of your unit, does not kick in until year eight. By giving you those six years you are able to plan accordingly whereby you can make the right decision. You may choose to exit the program for cash or just stay put until as close to year six as you wish.
Q:Once I make a decision requiring you to buy back my unit will I still be able to sell if market conditions improve, or if I choose to accept an offer to sell?
A: Yes. You are always free to sell at any time. By offering you the two electives that come with the Sirius program you will always be able to benefit from market appreciation while at the same time have Sirius take any depreciation risk should the value of your unit be worth less that what you paid for, come year eight.
Q: If I decide to exit the program for any reason after I close will I still have the option of making the elective for you to buy back my unit?
A: No. Once you have made the decision to exit the program for a cash bonus you will no longer be enrolled and thus will not be able to choose the option for us to buy back your unit.