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Several investors who ordered new condos within Toronto, Ontario, from the particular builder and signed deals prior to December 31st, 2007 are now willing to cash out.
Rather than closing the deal with the designer, some of the original purchasers would be willing to designate their agreements associated with purchase and sale to the new consumer. An assignment is where a new original buyer offers the purchase contract to an alternative buyer before the final of the property. The Assignor is the seller and the assignee is the buyer who buys your ?FLIP? / purchase contract from the original buyer which bought the property from your builder.
Here below are important points relating to ?Flip? and the reasons why substantial conserving can be had by purchasing the agreement of buy and sale closed between the original purchaser and the builder.
1. If the agreement while using builder was signed Just before December 31, 3 years ago there is NO Toronto Land Transfer Tax to the assignee, only Ontario Property transfer Tax can be payable. The assignee helps you to save thousands of dollars as the Toronto Real Estate Condo Agent, based upon the price, can add up to a large sum of money
2. Builder deals signed prior to June 19, Last year were subject merely GST and NOT HST
3. GST transitional rebates of 2% (if builder offer was signed just before May 2, ?06) or 1% (if designer deal was closed prior to October Thirty, 2007) are available to Assignee because GST in the builder price was reduced from 7% to 6% then reduced from 6% for this 5%.
4. In all chance, the assignee will receive the credit for the interest on deposits from the builder on final closing which can be a substantial sum of money.
5. Some builders furnished incentives to the clients who originally bought from the builders and these are usually inherited by the assignee.
Some. Parking and Locker prices have greater substantially -even more than condominiums- in the last few years.
Thus buying a ?FLIP? is good for both buyer and the seller. Consumer gets the benefit of taking on the very favourable purchase commitment and the seller will save you money as he doesn?t need to close the deal with the builder.
About Nawel Okay Seth & Trail Blazers Realty
Nawel K Seth is the broker of Record involving Trail Blazers Realty and owner of images ?CondoShop? and ? CondoMasters? in Canada.. He specializes in condominium sales and has been in real estate Brokerage industry for virtually 40 years. He retains multiple Post scholar degrees from esteemed University of Greater toronto area and can be attained through any of their websites.
Trail Blazers Realty, the developer of the website www.FlipCondos.ca and www.LuxuryCondoHomes.ca has its offices in Markham, GTA Toronto, Ontario, Canada.
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