DIVORCE & BUYING OR SELLING YOUR DOWNTOWN CONDO
Details About Toronto Real Estate To Consider When Splitting Up
Divorce And Buying A Condo
If you are looking to buy a Toronto condo as a result of splitting with your spouse it is best to wait until the matrimonial home is sold and your separation agreement is completed before buying. That way you will have an accurate picture of your finances and you won’t purchase a condo that is beyond your financial means.
Renting a Toronto condo in the interim can be a good option as it gives you the opportunity to test out the condo building to see if you like it before buying.
Keep in mind that buying means you will have some up-front and closing costs that you may want to plan for. If you make an offer to purchase a condo and it is accepted, you will need to provide a cash deposit in the amount of 5% of the purchase price.
On closing, you will have to pay both the provincial land transfer tax as well as a second land transfer tax to the City of Toronto. For example, on the purchase of an $800K Yorkville condo this double land transfer tax amounts to almost $25K.
Divorce And Selling Your Condo
If you are thinking about selling your Toronto condo due to divorce consider retaining a single real estate brokerage to represent both you and your spouse in the sale.
In terms of external appearances, you want to put the condo in the best light possible and not give any clues to potential buyers that could result in them taking advantage of the situation. If it is too problematic to work this closely with your spouse, consider having two real estate agents from the same real estate firm with one representing each of you.
Moving On? Find out more about having your own representation: Contact Victoria
Victoria Boscariol is a real estate agent in Toronto Canada with Chestnut Park Real Estate Limited Brokerage. With over 20 years experience, Victoria has been helping people successfully buy and sell condos and houses in downtown Toronto.
Toronto Condo Checklist What you need to ask BEFORE you buy
The Truth About Downsizing To A Downtown Toronto Condo
Buying A Toronto Condo? Find out how much Land Transfer Tax you will have to pay
3 Bedroom Condos In Toronto Why There Are So Few Of Them