The buyer acknowledges and agrees that the deposit holder (Sutton Group Realty Systems Inc., Brokerage) disclose that the depositors funds may be held in a variable interest rate account "in trust" or term deposit, at the current rate of prime less 2.75%. Any interest paid to the buyer is calculated on the next average daily credit balance at the rate of 1%. For all purposes of this notice, the terms " banking days" or "business days" shall mean any day, other then Saturday, Sunday or statutory holiday in the province of Ontario. Should the amount of interest calculated be more then $75.00 the deposit holder shall pay to the depositor the interest accrued on the successful completion of this transaction; otherwise the deposit holder will retain it. The buyer agrees that this schedule forms part of the terms of the trust. No interest shall be paid to the buyer unless the buyer provided the deposit holder with a social insurance number for use on the T5 forms on or before closing of this transaction. Any interest cheques issued by the deposit holder and not negotiated within six (6) months following completion of the herein transaction shall be forfeited to the deposit holder.
Our Sutton Sample Clause is a little simplier:
The deposit holder advised that the real estate trust account in which the deposit for this transaction shall be placed may attract interest at a variable rate, calcuated using the Bank of Canada prime rate, minus between 2.75% and 3.25% depending on the combined total of all monies in the real etstate account for the same period. If the interest on the deposit amounts to $75.00 or more, it shall be paid to the Buyer following completion of this transaction, otherwise it shall be retained by the deposit holder.
The Buyer acknowledges that no interest shall be paid to the Buyer unless the Buyer provides the deposit holder with a valid Social Insurance Number for use on the required Revenue Canada T5 forms no later than ten (10) days following completion.
Any interest cheques issued by the deposit holder and not negotiated within SIX (6) months following completion of the herein transaction shall be forgeited to the deposit holder.
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For agents that Interboard Listings to Hamilton or Oakville Boards that do not have an upload feature simply add the following line to the Broker comments section of your listing:
"visit SuttonSchedules.com for our Schedule B".
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