(i) A lot of investors who signed builder agreements prior to December 31, 2007 are now selling assignments. An assignment is where a property's original buyer sells the purchase contract to another buyer before the closing on the property. If the builder agreement was signed PRIOR to December 31, 2007 there is NO Toronto Land Transfer Tax for the assignee. The assignee is buyer #2 who buys the purchase contract from the original buyer who bought the property from the builder.
(ii) Builder deals signed PRIOR to June 19, 2009 were NOT subject to HST (only GST).
(iii) GST transitional rebates of 2% (if builder deal was signed prior to May 2, 2006) or 1% (if builder deal was signed prior to October 30, 2007) are available to buyer #2 since GST in the builder price was reduced from 7% to 6% and then reduced from 6% to the current 5%.
(iv) Most often the assignee (buyer #2) will receive the credit for the interest on deposits from the builder on final closing. The amount of accumulated interest is often substantial.
(v) Some builders provided sizable final closing credit incentives to the buyers who originally bought from the builders and these are typically inherited by the assignee, buyer #2.
(vi) Prices for parking and lockers have increased considerably in the last few years and were much less expensive when included in builder deals signed before December 31, 2007.
BOTTOM LINE: Encourage condo buyers in Toronto to look for a flip/assignment condo where great bargains can be found for buyers.
Stephen H. Shub Professional Corporation - Barrister, Solicitor, Notary - (Head Office)
5799 Yonge St. #803 Toronto, Ontario Canada M2M 3V3
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BUY THIS ASSIGNMENT!
I thought I'd show a couple of listings as proof so those savvy Investors or Buyers who want to buy for their personal use can get an EXCEPTIONAL DEAL! Move in June 2011!! Condo Assignment for $317,500K.
This is a luxury condo by Tridel at Yonge & 401, with POOL
Contact Jas Jagpal, RE/MAX Dynasty for details on this Assignment. 1BR + D, and you get 1 PARKING!!!!!
jasjagpal@rogers.com
A maximum of 2 draw tickets for every trade in real estate. (Referral ticket & Seller ticket ; Referral ticket & Buyer ticket). 1 draw ticket for every trade in real estate where there is no referrals. (Seller ticket or Buyer ticket). You have 1 in 4 chance of winning an ipad2. Draw tickets to be given to all Buyers, Sellers, Leasers, Assigners, Referrers that result in a trade of real estate starting March 21st, 2011 to Aug 31st, 2011. Draws will be held on Sept 4th, 2011. Winners will be notified by Newsletter, E-mail and by phone and agree to have their name published on Jas's print and web marketing material.
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© 2011 Jas Jagpal, Sales Representative, BSc. York University
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