proposed unit in excess of the amount actually assessed against the unit. 1998, c. 19, s. 80 (8).
Municipal taxes payable(9)
If the portion of the monthly occupancy fee that the purchaser has paid on account of
municipal taxes attributable to the proposed unit is insufficient to pay the amount actually
assessed against the unit, the declarant may require the purchaser to pay the difference between
the two amounts. 1998, c. 19, s. 80 (9).
Sections 149, 150, 151, 165, 166 and 167 and Part VII of the
do not apply to interim occupancy and monthly occupancy fees charged under this
section. 2000, c. 26, Sched. B, s. 7 (6); 2006, c. 17, s. 248 (4).(11)
Spent: 1998, c. 19, s. 80 (11).(12)
Spent: 1998, c. 19, s. 80 (12).
Money held in trust81. (1)
A declarant shall ensure that a trustee of a prescribed class or the declarant’s
solicitor receives and holds in trust all money, together with interest earned on it, as soon as a
person makes a payment,
(a) with respect to reserving a right to enter into an agreement of purchase and sale for the
purchase of a proposed unit;
(b) on account of an agreement of purchase and sale of a proposed unit; or
(c) on account of a sale of a proposed unit. 1998, c. 19, s. 81 (1).
Subsection (1) does not apply to money received,
(a) on account of the purchase of personal property included in the proposed unit that is
not to be permanently affixed to the land; or
(b) as an occupancy fee under subsection 80 (4). 1998, c. 19, s. 81 (2).
If a person has paid money to reserve a right to enter into an agreement of purchase and
sale for the purchase of a proposed unit and subsequently enters into such an agreement with the
declarant, the declarant shall, on entering into the agreement, credit the money received to the
purchase price under the agreement, despite any provision of the agreement. 1998, c. 19,
s. 81 (3).
Upon receiving money that is required to be held in trust under subsection (1), a trustee
of a prescribed class shall hold the money in trust in a separate account in Ontario designated as a
trust account at a bank listed in Schedule I or II to the
(Canada), a trust corporation, a
loan corporation or a credit union. 1998, c. 19, s. 81 (4); 2002, c. 8, Sched. I, s. 7 (1).
Upon receiving money that is required to be held in trust under subsection (1), the
declarant’s solicitor shall hold the money in trust in a trust account in Ontario. 1998, c. 19,
s. 81 (5).