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Evidence of compliance

(6)

Within 10 days of the payment of the money under subsection (1), the declarant shall

provide to the person who paid the money written evidence, in the form prescribed by the

Minister, of compliance with subsection (1) and one of subsections (4) and (5). 1998, c. 19,

s. 81 (6).

Duration of trust

(7)

Despite the registration of a declaration and description, the person who holds money

in trust under subsection (1) shall hold it in trust until,

(a) the person holding the money in trust disposes of it to the person entitled to it, where

the disposal is done in accordance with this Act and an agreement that the person who

paid the money has entered into with respect to the proposed unit; or

(b) the declarant ensures that security of a prescribed class is provided for the money,

except if the money has been received under clause (1) (a) and has not been credited to

the purchase price under the agreement. 1998, c. 19, s. 81 (7).

Interest

82. (1)

The declarant shall pay interest at the prescribed rate to the purchaser on all money

that a person pays on account of the purchase price of a proposed unit or that the declarant credits

to the purchase price of a proposed unit. 1998, c. 19, s. 82 (1).

Money released from trust

(2)

The interest is payable on the money even if, under clause 81 (7) (b), the declarant

provides security of a prescribed class for the money. 1998, c. 19, s. 82 (2).

Calculation

(3)

The interest shall be calculated from the day the person pays the money received until

the day the proposed unit is available for possession or occupancy in accordance with the

purchaser’s agreement of purchase and sale with the declarant. 1998, c. 19, s. 82 (3).

Time of payment

(4)

The interest shall be paid to the purchaser by way of payment or set-off,

(a) on the day the declarant delivers to the purchaser a deed to the proposed unit that is in

registerable form, if the declarant so elects; or

(b) on the day the proposed unit is available for possession or occupancy in accordance

with the purchaser’s agreement of purchase and sale with the declarant, otherwise.

1998, c. 19, s. 82 (4).

Compound interest

(5)

A declarant who elects to pay the interest to the purchaser on the day of delivering to

the purchaser a deed to the proposed unit that is in registerable form shall, on that day, pay

interest to the purchaser at the prescribed rate on the interest that the declarant is required to pay

under subsection (1). 1998, c. 19, s. 82 (5).

Calculation

(6)

The declarant shall pay the interest payable under subsection (5) from the day the

proposed unit is available for possession or occupancy in accordance with the purchaser’s

agreement of purchase and sale with the declarant until the day of payment. 1998, c. 19, s. 82 (6).