Welcome!

By registering with us, you'll be able to discuss, share and private message with other members of our community.

SignUp Now!

Buying a vacant lot with a dwelling on it?

Luc

New Forum Member
Registered
Joined
Mar 19, 2017
Messages
1
I inquired about a lot for sale, and the owner is telling me he is selling it as vacant land even though there is a small cottage on it. I asked the owner why he is selling it as vacant land and he stated its because the cottage is run down. I told him I would prefer he sell it as a seasonal recreational lot, to obtain a better financing with the bank and save on HST. Can he even legally sell it as a vacant lot? If he doesnt change his mind, would I be able to hire an appraiser who could confirm and inform the bank there is an existing dwelling and therefore secure a better deal with financing and save on HST? Thanks
 

Thomas Beyer

0
REIN Member
Joined
Aug 30, 2007
Messages
13,881
He can sell the house/cottage as is, where is without any warranties. Then you can decide to renovate it or tear it down. Explain that to him.
 

Thomas Beyer

0
REIN Member
Joined
Aug 30, 2007
Messages
13,881
He can sell the house/cottage as is, where is without any warranties. Then you can decide to renovate it or tear it down. Explain that to him.
 
Top Bottom