Procedure For Selling Or Purchasing Resale Properties In The Blue Mountain Village
- At least 5 business days prior to the confirmation of a firm purchase and sale agreement pertaining to a property in the Village core, Historic Snowbridge, Rivergrass, Monterra Ridge, Mountain Springs Resort, Mountain Walk, Winter Green, Cachet Crossing or Chateau Ridge, a Status Certificate Request Form must be completed by the purchaser’s representative to the Blue Mountain Village Association (“VA”) to provide the necessary documents that pertain to the transaction. The request will include the name, address, telephone number of the potential purchaser and their legal counsel, as well as, the anticipated closing date and purchase price. This information will remain confidential.
- Click the following link(s) for the Status Certificate Request Form. Editable word document or PDF form. Once the form is completed, either fax to (705) 443-5547 or email to [email protected]
- A cheque payable to the VA for $30. (plus HST) for the Status Certificate, Members’ Guide and related discovery documents must be received prior to provision of these discovery documents.
- The VA will prepare for the purchaser’s representative:
- Status Certificate, in triplicate which contains disclosure information regarding the VA and the status of the property;
- Most recent VA Annual Report including audited financial statements;
- Copies of any correspondence sent to Members during the current fiscal year;
- VA Members’ Guide which outlines the organizational and financial structure of the VA and its functions; including the General Bylaw and Blue Mountain Village Association Act; and
- Membership Information Form which is required for to complete the member’s registration.
On Or Prior To Confirmation Of A Firm Purchase And Sale Agreement:
- The Status Certificate, Membership Information Form, Members’ Guide, Annual Report and copies of any VA member correspondence must be delivered to the purchaser.
- The purchaser must sign the acknowledgement on the first page of the Status Certificate confirming receipt.
- Any changes in closing date or other information previously provided to the VA must be advised.
- If the closing occurs after one month from issue of the Status Certificate, the VA will provide a Status Certificate Update at no charge for delivery to the purchaser if requested.
- The purchaser’s legal counsel must promptly deliver the following to the VA immediately upon closing:
- A cheque payable to the VA for the Entry Fee referred to in item 3 of the Status Certificate together with applicable HST;
- A copy of the land transfer tax affidavit to evidence the purchase price amount upon which the Entry Fee is based and to confirm name registered on title to the property. (Note: While the purchaser is primarily liable to pay the Entry Fee, the vendor is jointly and severally liable for it. Therefore, the vendor legal counsel must ensure that on closing the fee is paid.);
- Any unpaid Basic or Rental Royalty Fees noted on the Status Certificate will have to be resolved between the vendor and purchaser prior to closing and an adjustment made on the Statement of Adjustments with remittance forwarded to the VA for the outstanding amount(s);
- One signed copy of the Status Certificate acknowledging receipt; and
- Completed Member Information Form.
- The Basic Fee (plus HST) referred to in paragraph 2 of the Status Certificate is payable in equal quarterly installments in advance within 5 days of the first day of January, April, July and October.
- If the transaction involves an Undeveloped Lot, the Basic Fee is not payable until the home being built has been substantially completed. The purchaser must arrange to have the VA notified of substantial completion and have the plans delivered to the VA office so that the square footage can be calculated for determining the Basic Fee.
- If the unit is rented, a 2% Rental Royalty fee is payable monthly in arrears by the 15th of the next month. If the unit is in the BMR rental program, it is the responsibility of the owner to pay 1% and it is the responsibility of the rental manager to pay 1% of all revenue generated from the rental of the unit. The manager is responsible for remitting the full 2% Rental Royalty Fee to the VA on behalf of both parties. (Note: Blue Mountain Resort and Westin Trillium House charge this fee as a Village Amenity fee to the paying guest; therefore, relieving both parties of this fee.) If the unit is not in a rental program, it is the responsibility of the owner to remit the full 2% Rental Royalty fee to the VA.