In addition, it is important to note that when purchasing a newly built home or a home purchased for the first time, a GST tax (currently) 5% (of the purchase price) must be paid to the owner. This GST tax is not payable when buying a resale house or property. Relevant to those who sell their second property; the sale of homes or real estate that is not considered a principal residence is subject to capital gains tax. This is calculated on the added value of the property. Nevertheless, the sale of a principal residence (as is the case for most homeowners) is exempt from capital gains tax. The purchase price of a home depends on a number of factors. It can be quite difficult for a layperson to calculate the fair value of a home. The services of the real estate agent and/or real estate agent are recommended for pricing. You advise the buyer or seller of real estate to place a monetary value on the property based on: Enter the date on which the property in question was looked at by the buyer: Legal issues may also be reasons for the failure of the agreement. Legal reasons for not concluding the agreement may include misrepresentation of the property. This may be prior land use, future land use or what is included with the sale of the property.

As noted above, the agreement may also expire if the seller does not meet any of the agreed terms. Another example of legal reasons for the sale is that the results of an environmental assessment are not disclosed prior to the sale. The results of such a report can weigh heavily on the sale of a property, as it covers all previous pollutants and land use. A sales and sale contract is a written contract between a seller and a buyer for the purchase and sale of a particular property. In the agreement, the buyer agrees to purchase the property at a specified price, provided a number of conditions are met. The process begins when the buyer makes an irrevocable offer for a certain period of time. In the absence of counter-offers, the contract becomes a legally binding agreement if the offer is accepted by the seller within the time allotted by the buyer. On that date, the contract cannot be terminated unless the buyer and seller agree. There are many reasons why a purchase and sale contract can fail, but there are things that can be memorized both as a buyer and as a seller. An important factor with regard to the surety for the specified property.

If the seller of the property does not enter into the agreement, he is not entitled to the buyer`s down payment.