Saturday, 31 August 2013

Tax auditors target condo sellers in hunt for ‘flippers’


A Toronto tax lawyer is warning realtors — and people who’ve bought and sold new condos over the past seven years — that they could become unwitting victims of what he calls “abusive audit practices” by the Canada Revenue Agency.
Tax auditors have been targeting the once red-hot Toronto and Vancouver real estate markets, looking primarily for people who bought condos before they were built, intending to flip them for a profit as soon as the project is complete...
Click here to read full article.

Source: Toronto Star 

Friday, 9 August 2013

WHO OWNS WHAT: PARTS OF A CONDOMINIUM (UNITS AND COMMON ELEMENTS)

    It is generally understood that a condominium purchaser will own his or her unit. But what comprises the unit and who owns the rest of condominium and buildings? The basic concepts are simple: the property is divided into units and common elements; everything which is not a unit is part of the common elements. The boundaries of the units are detailed in both the declaration and the description registered at the time the condominium is created.

   Common elements are not owned by the condominium corporation, as some believe, but by all of the unit owners. The word "condominium" comes from the Latin and means to have control (dominion) jointly with (con) one or more other persons. The declaration contains a schedule listing the percentage of the common elements attached to each unit, the total being 100 percent. The owner of a unit will also own a percentage of all of the common elements.

   A schedule to the declaration will describe the unit boundaries. Typically, for a high-rise condominium, the boundaries of the unit are the unfinished surfaces of the floor and ceiling slabs and the back side surfaces of the drywall for outside walls and the centre of the area between the walls separating the unit from other portions of the building. The unit consists primarily of the space within those boundaries. Interior partitions and doors, cabinets, interior staircases and any other components within the unit boundaries will be part of the unit unless excluded by the declaration or by a standard unit by-law or schedule.

   Usually, wiring, conduits, ducts and other such items located within the unit boundaries and which service more than one unit are excluded from the description of the unit and, therefore, are part of the common elements. Windows and entrance doors in high-rise condominiums are almost always common elements.

   A balcony is not usually within the description of the unit to which it is appended and , therefore, is part of the common elements. However, while all of the unit owners will share ownership of each balcony, the declaration will almost always provide that a unit owner has exclusive use of the balcony attached to his or her unit. The same may be true of parking spaces and storage lockers. The declaration will contain a schedule identifying the balconies, parking spaces or lockers to be used exclusively by the owners of the various units. In newer buildings each parking space or locker is usually not part of the common elements but is a separate unit. In that situation a purchaser of a residential unit could also purchase and own one or more parking or locker units.


 (Source: Canadian Condominium Institute)






Tuesday, 6 August 2013

WHAT IS A CONDOMINIUM?

"Condominium"  is a legal framework for the subdivision and ownership of real property (including buildings).

A condominium is not a thing: it is legal concept that permits the subdivision and title separation of:
  1. land and buildings; and
  2. the areas within the buildings.
Any real property can made subject to condominium provided the person registering condominium (called the "declarant") either owns the land on which the condominium is proposed or has leasehold interest in such lands.

The nature of the declarant's holding either freehold or leasehold determines whether the condominium created on the land will be freehold or leasehold.

                                       (Source: Canadian Condominium Institute)





Thursday, 1 August 2013

Real Estate Blog by Katia Melnikova: 27 Quick & Easy Fix Ups to Sell Your Home Fast and...

Real Estate Blog by Katia Melnikova: 27 Quick & Easy Fix Ups to Sell Your Home Fast and...: 27 Quick & Easy Fix Ups to Sell Your Home Fast and for Top Dollar Get FREE Instant Access Because your home may well be your larg...

27 Quick & Easy Fix Ups to Sell Your Home Fast and for Top Dollar

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In this report you'll discover how to avoid financial disappointment or worse, a financial disaster when selling your home. Using a common-sense approach, you get the straight facts about what can make or break the sale of your home.

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Katia Melnikova