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What is an escape clause?

Sunday Jan 22nd, 2023

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In the hot real estate market we almost never hear of an escape clause because the properties are often sold in multiple offers situation and without conditions, in the slower markets the escape clause happens more often. The escape clause in not limited to real estate and can happen in any type of contract.  Essentially the escape clause means that a party to a contract can escape or get out of the contract without a penalty. The clause can be used be either buyer or... [read more]

City of Toronto – Vacant Home Tax (VHT) reporting and filing deadline.

Saturday Dec 10th, 2022

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By now every homeowner of a residential property in Toronto should have received a letter notification from the City of Toronto about filling out the questionnaire regarding the status of their property for the purpose of the Vacant Home Tax reporting. If you have not received the notice, you will still need to file the declaration or face fines. The filing is mandatory for every residential property owner in Toronto!! Background. In December 2021 the City of Toronto approved the... [read more]

Assignments Explained In Simple Terms

Sunday Apr 12th, 2020

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In this blog I will try to explain basics of assignments, the general terms apply to any region in Canada, some specifics will be related to Ontario and more specifically GTA. What is an assignment. Assignment is when the seller sells the interest in the property (contract with the builder) before they actually own the property (before the seller’s name is on the title). In real estate transaction the assignments can happen for preconstruction and resale, in practise it is very rare... [read more]

Residential Property Flipping Rules – January 1, 2023.

Sunday Dec 4th, 2022

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Residential Property Flipping Rules – January 1, 2023. As of  January 1, 2023 new rules are being implemented to ensure profits form residential properties flipping are subject to full taxation as business income.   The old rules. Under the old rules there was a lot of room for interpretation and there wasn't a specific time of ownership of 12 month required of owing the property (many people thought this was the requirement, but that’s not the case). The... [read more]

POTL - What is that?

Friday Oct 7th, 2022

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What is POTL. The term is associated with certain types of properties, in this short blog we will explain what it means as well as how it affects some properties. POTL is short for A Parcel of Tied Land. The most common forms of ownership of properties are freehold (detached or semi-detached homes, freehold townhomes) and Standard Condominium Corporation (your typical condo apartment, condo townhomes). POTL in the context of GTA residential real estate ownership refers to a... [read more]

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