Town Of Asquith,  Lunn Street Lot Purchase Summary

This document is a summary of purchase procedures and obligations only.  It has no legal effect and purchasers should look to the Lot Purchase Agreement and sale and transfer documents to review legal rights and obligations.

Lot price for the Lunn Street properties has recently been lowered to  $30,000.00 plus GST.  A water/sewer hookup fee of $6,500.00 is included in the $30,000.00 purchase price.  There are also currently tax incentives available for people building on these lots.  For the first year, 100% of the municipal taxes are waived, for the second year 75% of the municipal taxes are waived and for the third year, 50% of the municipal taxes are waived.

Lots may be purchased by depositing a 25% non-refundable down payment, and by entering into a Town of Asquith Lot Purchase Agreement with the Town, covering all terms of the sale.

The purchaser will be responsible for paying applicable property taxes from the date of purchase.

Because of the nature of the Lot sale transaction, Purchasers are required to obtain legal counsel, at the purchaser's cost, to complete the sale transaction.  The Purchaser will also be responsible for certain legal costs incurred by the Town, all of which is explained on the Lot Purchase Agreement.

Possession date cannot occur any later than 6 months from the date the Lot Sale Agreement is entered into.

GST is payable on the purchase price of the lot either at the time of transfer for mortgage purposes or along with payment of the final balance, whichever is earlier.  If you are a registered company you must remit directly to Revenue Canada, and provide your company's GST registrant number to the Property
Coordinator (C.A.O.).  For information on GST rebates, contact Revenue Canada.

The Purchaser must obtain a building permit for the construction of a residential dwelling within 12 months of the date of possession, and Construction of the dwelling must commence within 12 months of the possession date.  Construction cannot commence without an approved Building Permit.  Failure to take out a Building Permit and start construction within the timeframe will result in the lot being returned to the Town for resale.  The Purchaser must have the residential dwelling complete within 24 months of taking possession of the Lot, or the Town of Asquith may exercise its right to purchase back the lot, and the price sold, less the 25% deposit, and legal and other costs as set out in the Lot Sale Agreement.

The Agreement is not assignable and the Town will take steps to have the lot returned for resale if any of the conditions of the Agreement are not met.  The 25% non-refundable deposit will be retained by the Town.

The only person(s) who may apply for a building permit are:
a)  The registered owner of the property where construction is occurring, or
b)  A Tradesperson/Contractor approved by the Town of Asquith.

Building plans for a dwelling on the lot must conform to the National Building Code and the Town of Asquith's Zoning Bylaw and Building Bylaws.

The dwelling to be constructed must comply with the minimum requirements set out in the Town of Asquith's Building Restrictive Covenant Agreement forming part of the purchase package and to be registered against title to the Lot.

There shall be no occupancy in the dwelling until a final building inspection has been completed - water will not be turned on to the residence until this inspection is successful.

The Town of Asquith has introduced tax incentives for those developing on town-owned serviced lots within the next year.  Individuals who develop on these lots will be owing 0% municipal taxes in year one, 25% municipal taxes in year two, 50% municipal taxes in year three, and 100% municipal taxes in year four.

LUNN STREET SUBDIVISION

There are seven lots for sale in the 600 block of Lunn Street.  Six of the lots are 62.3' frontage and 113.25' flankage.  The last lot is 101.3' frontage and narrows down to 25.9' at the back of the lot.  All of these lots are for sale at Thirty Thousand dollars, plus GST ($30,000.00 + GST).  Tax incentives apply to these lots.  These lots face the Sports Grounds.