A buyer's deposits on a proposed condominium unit are held until the unit is available for occupancy. Under s. 82 of the Condominium Act, 1998 and O. Reg. 48/01, at what rate must the declarant pay interest on those deposits?
Correct Answer
A) The prescribed rate: 2% per year below the Bank of Canada bank rate
Section 82(1) of the Condominium Act, 1998 requires the declarant to pay interest at the prescribed rate on all money paid on account of the price of a proposed unit. O. Reg. 48/01, s. 19(3) sets that rate at 2% per year below the Bank of Canada bank rate at March 31 for April to September, and at September 30 for October to March.
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A buyer reviewing a status certificate asks what the condominium's reserve fund may be spent on. Under the Condominium Act, 1998, what is the permitted purpose?
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A buyer's lawyer requests a status certificate and pays the fee on May 1. The corporation never delivers it. After closing, the corporation claims the seller owed $3,000 in common expense arrears and demands it from the buyer, who relied on the silence. What is the effect under s. 76 of the Condominium Act, 1998?