London on the Esplanade Condos (Cityzen) - Real Estate -

I received my statement of adjustments today aside from the education levy there is a art levy but all else is pretty standard. Big gains on this one if you bought in 2005.:D I have a studio there will be for sale in January ;)
 
Condo George said:
I received my statement of adjustments today aside from the education levy there is a art levy but all else is pretty standard. Big gains on this one if you bought in 2005.:D I have a studio there will be for sale in January ;)
Click to expand...

whats an art levy, did you have them sign something that closing cost could only be a certian maximum (thats what my lawyer suggested) when I purchased. I have to follow up with the lawyer later in the week to check out if he has the outstanding balance.

George, how come you are waiting to sell? would you have made more if you sold now.
 
Condo George said:
In the assignment market you only get a fraction of the exposure as you would on MLS therefore less demand, buyers usually discount the closing costs and more because they know they are to absorb them, assignments buyers usually have to come up with all the funds - deposit and profit to be held in the sellers trust account could be 6 figures, so the buyer would less would not be interested eg 5% dp etc....to name a few hope this helps.:)
Click to expand...


i can't imagine there would be a great difference in price from an assignment vs. resale after registration?

if you have an assignment buyer that can pay out the 6 figures, what's the difference?
 
I had someone who was interested in purchasing from me during registration but I was not looking on selling.

Dumb question but do you know what you are paying for in monthly hydro, is it just electric or does it include water and heating?
 
UrbanVigor said:
So how much do all these fees and levys amount to?
Click to expand...

I signed the closing last night, it wasnt that bad.

1 - 1 land transfer tax
2 - get a portion of the gst back as when we signed it was 7% and now dropped to 5%
3 - I wasnt expecting and interest on the money in deposit but I got that... nice suprise

I had my lawyer cap the levys but only the education and development... wish he would have capped the art levys then I would come out more ahead but I guess you learn for next time.
 
For ne

I think they were 2400 and 40 art levies were like 1100... not sure if this divided evenly or based on purchase price.
 
genx said:
I signed the closing last night, it wasnt that bad.

1 - 1 land transfer tax
2 - get a portion of the gst back as when we signed it was 7% and now dropped to 5%
3 - I wasnt expecting and interest on the money in deposit but I got that... nice suprise

I had my lawyer cap the levys but only the education and development... wish he would have capped the art levys then I would come out more ahead but I guess you learn for next time.
Click to expand...

First off...congrats everyone! Gen X.... why did you only have to pay ONE Land transfer tax? I had to pay TWO...total was close to $5000.
 
My lawyer did a great job on this from beginning to end, so there were no surprises.:)
I was surprised though, when he wasn't sure how I would go after the GST rebate. He suggested my accountant would know. They kind of hemmed and hawed a little on this one too. Something about needing to get a form to fill out..duh..:rolleyes:
Any of you guys know the process on this one. This represents a tidy little pile of cash and I certainly want to get the ball rolling.
 
Ash... I purchased before the second land transfer came into place.

Including everything levies, lawyer fee, land transfer tax closing cost were almost 7k.

Granny... there are 2 tax rebates I think.... only was given back on close (gst rebate) and the second was due the taxes changes in gst going from 7% to 5% (that they need to fill out form)
 
genx said:
Ash... I purchased before the second land transfer came into place.

Including everything levies, lawyer fee, land transfer tax closing cost were almost 7k.

Granny... there are 2 tax rebates I think.... only was given back on close (gst rebate) and the second was due the taxes changes in gst going from 7% to 5% (that they need to fill out form)
Click to expand...

Hiya,

thanks for the reply...when did you purchase if you don't mind me asking?
 
You must log in or register to post here.

Back
Top