Stress from home sale....
- Thread starter rgkv
- Start date
The wait, to see if they back out, lots of time done on or the day before closing...
What do you mean BS... I got an extended closing date on purpose, Was on a big job when I sold and knew I would not have time to look... I also had a short rental agreement wrote in too...
28,000 vacant homes in Toronto and the City thinking of introducing another tax to owners of these homes, how low can we go.
They are contemplating this tax because owners have been holding their vacant houses and condos off the market, at first to get the highest price possible when the prices were soaring up, then waiting for the market to stabilize in the current situation, and don't forget those people who put their homes on Airbnb.28,000 vacant homes in Toronto and the City thinking of introducing another tax to owners of these homes, how low can we go.
All combining to keep these homes off the market which not only caused a supply shortage for home sales but also for home rentals, driving rents through the roof.
It will be interesting to see how the terms of such a tax will be written and applied.
Meanwhile some (many, most?) of the big houses on Palmerston have been converted to rooming houses (illegal?). One person said there are 10 of them living in one house.
This is commonplace for homes that are located in close walking distance or easy transit access to Colleges and Universities. It is tougher to get a mortgage on these properties as lenders and insurers do not lend against unlicensed rooming houses. Real estate agents would always advertise of the income potential of these homes but such comments are normally lacking in listings now.
If they are foreign buyers they will probably close as they don't want to walk away from $60k. But if prices have dropped at least 3X that amount, who knows. If in fact they are foreign buyers with no ties to Canada, you may be out of luck trying to sue them (speak with your lawyer to be sure). Have you purchased your home yet and if so when is it closing relative to the closing date of your current home. You certainly may face legal action if you cannot close on the property you have purchased.
What if he bought a property to close at the same time? If he can't carry both properties that could be a problem
Have not purchased yet, that was another reason I wrote in the rental agreement knowing I would not be looking yet for another home
Who said it is guaranteed you get the deposit,,, I believe both parties must agree to it otherwise it can sit in the realtors hands for a very long time till settled in court
That is a good thing if you have not bought yet. If your sale is now FIRM and the buyer does not close on schedule closing date and has not discussed extending the date, the deposit is yours to keep.
They were going to use the hydro or water data if a house is vacant to determine if home owner should be hit with the 'vacant homes tax'.
Vancouver already implemented 1% of property value if a home is vacant for 6 months and a $10K fine for those who don't comply - this might follow the same model if it goes into play in Toronto.
