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Surveys
A survey of your home
consists of a birds eye view drawing of your home and yard. It
should show a Plan Number and lot description. It requires a date and a signature of the Ontario Surveying Company who surveyed it. Your purchaser will probably request a copy of your survey in their offer, as they require it for mortgage purposes.
If you can't find your survey,
try checking in:
- Your safety deposit box
- Your Bank who holds or held
your mortgage
- The lawyer who helped you buy
the house
- Your neighbours (often old surveys
show 4 -5 houses on it - your property could be on theirs)
The cost of a new survey ranges
in price from $600.00 - over $1000.00 for ravines and difficult
lots.
Talk to your lawyer about title
insurance as a possible alternative ($250.00).
You always have the option of
selling your home without a survey and letting the buyer figure
it out.
Canceling
a Mortgage
A mortgage is often set
up for a length of time or a 'term'. If you are selling your
home before the end of it's term, and not planning to take it
with you to a new place, your bank will charge you a discharge penalty. Most commonly, the discharge penalty is 3 months interest.
Note: Each lending
institution is different and should be consulted on this matter.
GST
GST is not payable on
resale homes.
GST is payable on new homes that have not been occupied for at
least 1 year.
GST is payable on any commissions paid.
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