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Five Years of No Condo Fees!!

May 19, 2024

Purchaser(s) that sign an agreement of purchase and sale (including agreements with condition(s)) for a qualified property in the 49 Royal Dornoch community prior to June 28, 2024 at 11:59 p.m. can choose to have five years’ worth of monthly condominium fees paid for by the Vendor (up to a total of $15,000 and no more).   The Vendor, on behalf of the Purchaser(s), will pay the monthly condominium fee to the condominium corporation and the Purchaser(s) will not have to make this payment (up to a total of $15,000).

Alternatively, the Purchaser(s), at the time the agreement of purchase and sale is signed, may choose to reduce the total purchase price by $15,000 in lieu of having the Vendor pay the monthly condominium fee.   In the event the Purchaser(s) selects the price reduction the $15,000 price reduction will be shown on the Price Schedule in the agreement of purchase and sale.

As of May 19, 2024 the monthly condominium fee is $220.  Five years’ worth of monthly condominium fees is $13,200 (60 months x $220).  In the event the condominium Board of Directors decides to increase the monthly fees the Vendor will continue to pay the monthly fee up to a total value of $15,000.   Upon reaching a total value of $15,000 the Vendor will cease to make the monthly condominium payment on behalf of the Purchaser(s) and the Purchaser(s) acknowledges this stoppage in payment prior to 60 months is acceptable.

The Purchaser(s) acknowledges that they will have to make the required payment to the Condominium Reserve Fund at the time the transaction closes (this payment is three months’ worth of condominium fees).   The Purchaser(s) acknowledges the Vendor will make the first monthly condominium payment starting in the full month following the closing date of the transaction.   For example, should the transaction close on the 9th day of a month the Purchaser will pay the value of the monthly condominium fee from the 10th day of the month to the last day of the month (this value will be reflected on the closing documents for the transaction).  Commencing on the first day of the month following the closing of the transaction the Vendor will pay five years’ worth of condominium fees (up to a total value of $15,000).

This offer is null and void after June 28, 2024 and no consideration (financial or otherwise) will be given to the Purchaser(s) after June 28, 2024.  

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St. Thomas, Ontario N5P 4B9

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