PAYOR’S PRE-AUTHORIZED DEBIT (PAD) AGREEMENT

PAYOR’S PRE-AUTHORIZED DEBIT (PAD) AGREEMENT
ELARA Property Management will accept your payments for your Condominium Corporation or Landlord. Monthly fees are to be paid through thePAD program, or commonly known as Pre-Authorized debit.

Another way to pay your monthly contributions is to mail in a cheque or money order to our office. When submitting a cheque or money order for your monthly contributions please ensure that you complete the following:
- Make sure that the Cheque or Money Order is made payable to your Condominium Corporation Number and NOT ELARA property Management Inc.
- Please ensure that the amount you are paying is the current amount that you owe to the Condominium Corporation or Legal Owner. If you are unsure you can contact our office at 587-416-5793 to inquire about this amount.
- Verify the date of the cheque or money order to ensure that it is not stale or postdated.
- In the memo line, please include your Unit number and Building number that the payment is being submitted for.
- Ensure that a signature accompanies the payment where required.
- If you are sending in postdated cheques for the calendar year, it is a good idea to also provide a note with these cheques indicating the intent of payment.
- Also, if you require a return receipt for the payment, please also include instructions that indicate this as well.
Following the above process will help ensure that your payment is being applied to the correct Property, Unit and account.
Contact Name*

First NameLast Name
Phone Number*
Please enter a valid phone number.
Email*
example@example.com
Property Name*
Legal Unit*
Company Name (If Applicable)
Address *

Street Address

Street Address Line 2

CityState / Province

Postal / Zip Code
Reasoning for filling out this PAD form?*

I am a new owner of a unit managed by Elara Property Management.My building is a NEW PROPERTY for Elara Property Management.I am an existing Elara Property Management owner wanting to update my banking information on file.I am a current owner with arrears owing.
Date of Possession*

MonthDayYear
Date
Date that Elara Property Management can start using my new banking information*

MonthDayYear
Date
I authorize Elara Property Management Inc. to pull any outstanding condo fees or rents owing since my possession date.*
I authorize Elara Property Management Inc. to pull the entire balance owing on my account.*
I would like to set up a payment plan to settle the arrears owing on my account.*
Account Number*
Transit Number (5 Digits)*
Financial Institute Number (3 Digits)*
Financial Institute Name*
Branch Address
Account Type?*

Personal UseBusiness Use
You, the Payor authorize Condominium Corporation No. blanks* to debit the bank account identified above on the 1st of every month or the next business day in the amount ofblank*.
VOID CHEQUE OR DIRECT DEPOSIT FORM*

Please upload a picture of your VOID cheque or Direct Deposit form.
Cancelof

You, the Payor, may revoke your authorization at any time (e.g. in writing or by phone), subject to providing 30 days’ notice. For more information on your rights to cancel a PAD agreement, contact your financial institution or visit www.cdnpay.ca.

You have certain recourse rights if any debit does not comply with this agreement. For example, you have the right to receive reimbursement for any debit that is not authorized or is not consistent with this PAD Agreement. To obtain more information on your recourse rights, contact your financial institution or visit www.cdnpay.ca.
CONDO CLIENTS:

FAILURE TO PAY CONDOMINIUM CONTRIBUTIONS OR SPECIAL ASSESSMENTS

The Board of Directors is tasked with budgeting for the needs of the Corporation. Budgets are typically a guess at what the future may hold. After the budget is set and the Condominium Contributions are calculated, the Corporation is to provide a copy of the annual budget as well as the Contributions due and payable for a particular Unit. At that point Unit Owners are responsible to ensure that their fair share is paid.

If a Unit Owner fails to pay their monthly Condominium Contributions, a Condominium Corporation has the right to conduct the following:
- Ask the Owner’s mortgage company to pay the outstanding amounts and add it to the Owner’s mortgage. The Corporation will normally try to contact the Owner before the mortgage company. Avoiding notices, statements and letters from your Board will result in this action.
- Require an Owner’s Tenant to pay the monthly rent to the Corporation to cover the unpaid Condominium Contributions. If an Owner rents out his or her Unit, then this is an option for the Corporation.
- File a caveat against the title to the unit at the owner’s expense. Caveats are a similar to a lien on the property and show that there is an interest by the Condominium Corporation which is registered against the title of the Unit.
- Charge interest to all arrears as stated in the Corporation Bylaws. The Condominium Property Act allows a maximum of 18% to be applied to all Contributions due and payable to the Condominium Corporation. The Corporation Bylaws must be clear and outline how and how much interest is to be applied for this to be enforced.
- A Condominium Corporation can sue the Owner(s) for all outstanding contributions, interest and its full legal fees.
The last process after all other avenues have been exhausted is for the Condominium Corporation to conduct a legal foreclosure on the title to the Unit. This process can get extremely costly, and result in the loss or forfeit of a home.
Signature*

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