Assignment of proceeds from Buyer to Seller

• The current insurance cover note or other evidence of insurance issued by the insurer explaining the strata corporation’s insurance coverage, coverage limits, expiration date(s), and deductibles.

Subject to the Buyer and Seller, on or before (date), entering into an assignment from the Buyer to the Seller for nominal consideration of all the Buyer’s right, title and interest in any funds paid by the strata corporation to the Buyer as a result of (enter the reason for the payment such as the return of money assessed by a special levy, including relevant dates.)

Buyer credit for special levy

If a special levy is approved by the strata corporation, or applicable section, after this Contract is entered into but before the Completion Date, the Seller will, on the Completion Date, credit the Buyer with the entire portion of the special levy that the Buyer is obligated to pay under the Strata Property Act.

Buyer credit for special levy – negotiate portion

If a special levy is approved by the strata corporation, or applicable section, after this Contract is entered into but before the Completion Date, the Seller will, on the Completion Date, credit the Buyer with _____% of the portion of the special levy that the Buyer is obligated to pay under the Strata Property Act.

Holdback for proposed levies

The Buyer and the Seller hereby irrevocably direct the Buyer’s Conveyancer to hold back a portion of the Purchase Price in the amount of $_____, (the “Holdback”) until (date) (the “End Date”). The Buyer’s Conveyancer will pay to the strata corporation, or applicable section, out of the Holdback any special levies (or similar levies charged by the strata corporation or applicable section) (“Levies”) that are levied and payable after the Completion Date and before the End Date. On the End Date the Buyer’s Conveyancer will pay any remaining balance of the Holdback to the Seller if the Levies are payable in full before the End Date. On the End Date the Buyer’s Conveyancer will pay any remaining balance of the Holdback as follows:

1. to the Buyer, that portion of the remaining balance of the Holdback required to pay any portion of the Levies payable after the End Date; and
2. to the Seller, that portion of the remaining balance of the Holdback, if any, in excess of the amount required to pay any portion of the Levies payable after the End Date.

Strata Huntsville, TX wife plan not registered when Contract signed

A strata plan for the Property, substantially and materially in the form provided to the Buyer before signing this Contract and attached as an addendum, must be fully and finally registered by the Seller in the Land Title Office on or before the Completion Date. If the Seller breaches this clause the Buyer may, at the Buyer’s option, terminate this Contract, and the Deposit will be returnable in accordance with the Real Estate Services Act.

Strata documentation to be provided

1. A Form B Information Certificate from the strata corporation, or applicable section, which includes the strata corporation’s rules, current budget, the developer’s Rental Disclosure Statement (if any), the most recent depreciation report (if any), and all other attachments referred to in the Form B, as may be applicable;
2. A copy of the registered strata plan, any amendments to the strata plan, and any resolutions dealing with changes to common property;
3. The current bylaws and financial statements of the strata corporation, and any section to which the strata corporation lot belongs;
4. The minutes of any meetings held in the past two years which includes strata council meetings, annual or special general meetings, and meetings of the executive of any section to which the Property belongs; and