unit 24 negotiating

Question 1

Red flags in contracts include

Answer 1

trust, in trust or in trust for a corp

Question 2

Section 1- The property of the contract includes

Answer 2

Defines the property as the land, buildings, attached/unattached goods

Question 3

condo properties will have

Answer 3

condo plan number, unit number, parking stalls/storage units.

Question 4

Section 2 completion day/purchase price of the contract includes

Answer 4

total purchase price is determined

Question 5

Parties agree to a number of terms regarding the completion day

Answer 5

-purchase price will be fully paid on specified date
- possession will be vacant
- property will be in same condition as when contracted was accepted

Question 6

section 4 deposits

Answer 6

-initial deposit is the buyers pledge for fulfillment of the contract .
-Deposit is usually 10% of the purchase price

Question 7

section 5 land titles includes

Answer 7

states that the title will be free of all encumbrances, registrations, and obligations

Question 8

Non-residents who plan to dispose of Canadian property are required to report details of the intended sale and to pay

Answer 8

33% of the estimated capital gain