Exit Levy definition
Exit Levy means the contribution or levy payable by a Member or the transferor of an Erf or Unit to the Association upon Alienating an Erf or Unit, provided that an exit levy shall only be payable in respect of arm’s length transactions where the transferor and transferee are not connected persons and provided further that the Developer shall be exempt from paying the exit levy, and provided further that, except for the 5 residential Units in Portion A, no exit levy shall be payable in respect of Portions A (the Village Facilities) and B (the Frail Care and Memory Centre and the Medical Consulting Rooms) in the Estate.
Exit Levy means the contribution or levy payable by a seller or transferor of an Erf upon the Alienation of an Erf, provided that an exit levy shall only be payable in respect of an arm’s length transactions where the transferor and transferee are not connected persons and provided further that the first purchasers who purchased their Erven from the Developer shall be exempt from paying the Exit Levy.
Exit Levy and “Alienation” shall have the meaning as defined in the Constitution.
Examples of Exit Levy in a sentence
The Purchaser furthermore acknowledges that the AHOA will be entitled to withhold its consent as referred to in Clause 15.3 of this Agreement, until the AHOA is satisfied that the amount of the Exit Levy will be paid to the AHOA on the date of transfer of the Property.
More Definitions of Exit Levy
Exit Levy means the exit levy payable by the owners of sectional title units to the Organisation on the sale of their units as defined in the sale agreement governing the purchase of their units;
Exit Levy means a one-time levy payable to the Association, which was introduced for the benefit of Members, to deter speculative acquisitions within the development. Such levy will, subject to the exceptions hereunder, be payable by any Member, other than the Developer, on the sale of an Erf or Unit where the financial consideration payable by the purchaser is lower than the Determined Value for that property. Such levy will be equal to 50% (Fifty Percent) of the difference between Determined Value and the sale consideration and will be payable upon registration of transfer of ownership of the property into the name of the transferee. Should commission be payable on a particular sale, the
Exit Levy means the Levy payable by a Transferor to the Body Corporate as determined in rule 25(11);
Exit Levy means an amount equal to 1% (One) of the gross selling price or the market value of the Property, whichever is the higher amount, payable by the Purchaser to the AHOA as a levy stabilization fund, in the instance of the Purchaser selling the Property at any time, before or after the Transfer Date, or in the instance of the transfer of the Property from the Purchaser to any other person or entity for any reason whatsoever;