Real Estate in Toronto is about confidence, or you would not commit your hard earned dollars [or future earnings]
THE IMPACT OF HST ON CLOSING COSTS: BUYER BEWARE!
If you are buying a newly constructed or substantially renovated home, you need to consider the impact of the HST, as this new tax and associated transitional rules could have a significant impact on your closing costs.
Even if you are already bound by an agreement of purchase and sale, your lawyer will be able to tell you how the HST will affect your particular purchase transaction. You do not want to find out a few days before closing that you do not qualify for the new housing rebate and that you have to come up with an extra $24,000.00 to close the transaction! The costs associated with consulting a lawyer early in the process pale in comparison to the emotional and psychological costs associated losing your mind two days before the closing of what may turn out to be the single biggest investment you will ever make.
For further information regarding the HST, please click here.
John Moher of Fine & Deo practices in all areas of condominium law, real estate and corporate law.