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
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.
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Tina Myrvang