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. Continue reading →
