All Deposits Paid: The parties acknowledge that the Assignor is selling the subject property based on the Assignor's contractual rights under an Agreement of Purchase and Sale with the Builder (Name Builder) and Assignor warrants that all deposits have been paid, together with all obligations satisfied, in according with the terms with the builder up to the present time, there being no money owning for any extras or upgrades ordered.
Conditional Upon Financing: THIS OFFER IS CONDITIONAL for seven (7) business days following acceptance of this offer upon the Buyer or his Agent being able to arrange satisfactory financing, otherwise this offer shall become null and void and the deposit money shall be returned to the Buyer in full without interest or deduction. This condition is included for the benefit of the Buyer and may be waived at his sole option.
Conditional Upon Builder Approval: This AGREEMENT IS CONDITIONAL for Fifteen (15) days upon the Assignor providing to the Assignee a signed written consent (by Seller/Builder) to an assignment to the Assignee of the Agreement in Schedule C, failing which this offer shall be null and void with the deposit returned to the Assignee. The Assignee agrees to provide a mortgage pre-approval, photocopy of I.D. and Social Insurance Number to the Assignor as required by the Builder to obtain the written consent of an assignment.
Conditional Upon Solicitor Approval: THIS OFFER IS CONDITIONAL upon the approval of terms hereof and approval of the terms and conditions of the Builders Agreement by the Buyer's solicitor. Unless the Buyer gives notice in writing delivered to the Seller within seven (7) business days following acceptance of this offer, that this condition is fulfilled, this offer shall be null and void and the deposit shall be returned to the Buyer in full without interest. This condition is included for the sole benefit of the Buyer and may be waived at his option by notice in writing to the Seller within the time period stated herein.
Builders Agreement: The Assignor shall provide a full copy of the Builders Agreement to the Assignee within Two (2) business days following acceptance of this offer.
Assignment Closing Date: The closing date of November 20th, 2019, refers to the date for completion of this assignment from the Assignor to the Assignee and on such date, the Assignee will pay to the Assignor's solicitor in trust a certified cheque as a further deposit of $25,000.00 to be released to the Assignor upon the completion of the assignment consented to by the Builder. The Balance of the proceeds due to the Assignor will be paid to the Assigner's lawyer in trust by certified cheque upon final closing with the builder.
Assignmee's Undertaking: On the assignment completion date, Assignee and Assignee's lawyer will provide a written undertaking to the Assignor not to complete the purchase with the builder unless such certified cheque for the balance due to the Assignors is first delivered (on the final closing day with the builder) to the Assignor's lawyer to be held in escrow pending written fax confirmation that the purchase from the builder has been completed.
Assignor Shall Provide: On or before the completion date of the assignment, the Assignor will provide:
1. Pre-delivery inspection documents including Tarion warranty certificate, and any deficiency list
2. Disclosure documentation including draft condominium documents and sketch for layout of the unit
3. Any keys, access security cards or remote controls
4. any written notices to or from the builder since the original agreement with the builder was signed
5. Undertaking that no money is owned for extras or upgrades, that all deposits have been paid as required by the builder's agreement and that copies of any amendments or written notices which might affect the builder's agreement have been provided to Assignee.
Assignee shall provide: Upon completion date of the assignment, the Assignee will provide:
1. If applicable, a series of post dated cheques and any other items to satisfy occupancy.
2. A personal undertaking to the Assignor to provide a copy of the final statement of adjustments (upon final purchase closing of the condominium) to the Assignor's solicitor and to provide a certified cheque to the Assignor delivered to the Assignor's solicitor for the appropriate portion of interest credited in the final closing adjustments which reasonably applies to the deposits held by the builder prior to the assignment completion date.
Current Payments: The Assignor warrants that they are current will all payments and obligations to the Developer and agrees to transfer the Assignor's rights, title and interest in the Developer's Agreement to the Assignee for the consideration herein:
Interim Occupancy Fee: The Assignee understand that the monthly interim occupancy fee shall not exceed $1500 per month to the builder, Assignor agrees to pay any difference between the time of occupancy and final closing date with the builder.
Final Closing: The Assignee will pay all final closing costs and adjustments to the Builder on final closing.
Commission Payable: Assignor agrees and acknowledges that the real estate commission to the Listing Brokerage shall be payable at time of assignment closing.
Builders Administration Fee: The Assignor shall be responsible for the Builder's administration and processing fees (Assignment fees) together with any other applicable fees, including the Builder's solicitor fees in consideration of an Assignment of Agreement.
The Property has never been rented out or occupied, and the Assignor and Original Assignor have not taken any action or step that would jeopardize or otherwise disentitle the Assignee to any HST rebates that may be available with respect to this Assignment or to the transaction contemplated in in the Purchase Agreement.
OR
Assignor represents and warrants that they have taken no step or action, including but not limited to renting out or occupying the property, that could jeopardize the ability of or disqualify the Assignee from claiming any rebates of HST under the New Housing Rebate, New Residential Rental Property Rebate, or such other rebates of HST as may be available from time to time.
The Builder Deposits shall be paid on acceptance of this Assignment and upon receipt of the consent or approval of the Assignment by the Builder/Seller (if acting for Assignor) OR on Interim Occupancy closing of the property as specified in the Purchase Agreement (middle ground) OR on final closing of the Purchase Agreement (if acting for Assignee).
The remaining balance due under this Assignment together with any adjustments shall be due on acceptance of this Assignment and upon receipt of the consent or approval of the Assignment by the Builder/Seller (if acting for Assignor) OR on Interim Occupancy closing of the property as specified in the Purchase Agreement (middle ground) OR on final closing of the Purchase Agreement (if acting for Assignee) ("the closing date") provided that the Builder/Seller's consent to the Assignment Agreement has been received by the Assignee or their solicitor.
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