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The offer to purchase will include a few financial figures in addition to the sale price of the property you hope to acquire Keeping track of these figures
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12: Closing the Deal
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could play an important role in structuring the deal We discuss the figures of interest in the following sections
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Paying down the purchase
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The cash deposit required to secure the property for you while the purchase completes is an important element of the contract It usually takes the form of a cash deposit equal to 5 to 10 percent of the purchase price The deposit makes the sale agreement binding, and in competitive situations may be increased to demonstrate sincere interest Alternatively, it may be a token amount we ve heard of deposits of as little as 1 percent being made Make sure your deposit money goes into a lawyer s or real estate agent s trust account, where it is protected by provincial legislation Never give your deposit funds to an individual or company that is not a lawyer or licensed real estate agent Also, make sure your deposit is in an interest-bearing trust account with interest to your credit between the deposit date and closing date or when the funds are returned to you Make any purchase offer conditional on various requirements being met to your satisfaction For example, subject to your financing, home inspection satisfactory to you, review of the condo corporation s financial statements and minutes over the previous two years, and whatever other conditions you care to impose If your conditions are not met, and a deal isn t reached, you automatically get all your deposit monies back If you place a deposit and remove all conditions and then change your mind and don t complete the deal, you could lose your deposit monies, plus be sued for any financial shortfall the vendor could suffer if they can t sell the property for the same price or more to someone else Obtain legal advice on your rights in advance if you are considering trying to get out of a deal in this type of situation Though it is in your interest to offer the smallest possible deposit so that you don t tie up any more money than needed, it is sometimes worth laying down a bit extra to make it clear that you re serious about closing the deal Consult a lawyer if you opt to withdraw an offer or proceed with rescission of a signed contract Several provinces have a rescission period that allows the parties to back out of a deal without penalty, but you may wish to incorporate such a clause in your offer to purchase This could help avoid litigation regarding non-performance of an agreement to purchase or actions seeking damages for your failure to buy the property Court action is costly, however Costs are currently between 25 and 40 percent of the damages awarded, meaning you need to take a good look at what you re actually going to gain from the time and stress involved in launching a lawsuit (We discuss liability and court action in 5)
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Part III: Selecting Properties: Where to Look, What to Watch For Chatting about chattels
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Chattels include the moveable elements of a property Occasionally, however, doorknobs and chandeliers also feature in the list of a property s chattels Because tax implications are associated with the value of the property attributed to the land, the property, and the chattels, clearly stating what the chattels include is important Defining what each of these categories comprises is also a good idea Chattels can be particularly contentious A chattel is moveable, but items such as doorknobs and chandeliers that you might assume to be fixtures can be treated as chattels Generally, fixtures aren t named in the agreement and are considered part of the purchase price But to avoid future legal difficulties, it s worth stating that all fixtures are included except those specifically excluded in the agreement You should also include a clause listing chattels Some properties have a history, a location, or a reputation that deserves a value in its own right This is particularly true of commercial properties, less usually of residential properties The value of this component, known as goodwill, should also feature in the offer to purchase This relates specifically to the allocation of value when buying a property for tax purposes For example, you could allocate W amount for the market value of the land, X amount for the depreciated value of the building, Y amount for any chattels (such as furniture) included in the building, and Z amount for goodwill the long history of being leased to good, long-term tenants that make the revenue stream more attractive (and valuable to you as an investor) The purchaser and vendor can enjoy tax benefits depending on the allocation of values to W, X, Y, and Z For example, based on tax advice you could negotiate a lower overall sale price for the commercial building to the purchaser, in exchange for a higher value on the land, because the land could have capital gains tax savings Scott, an investor Doug knows, has a professional accountant review his purchase offer One of the accountant s strengths is analyzing the tax implications of real estate investments He usually encourages Scott to negotiate chattels separately from the property itself, to allow for extra leeway when it comes to calculating profits
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