June 2018

Home sale paperwork will depend heavily on the province of the home, but it doesn't hurt to become familiar with the general rules before gathering up the documents in preparation of selling a home. Home sale paperwork used to be fairly minimal. However, the number of disputes and confusion that stemmed from a lack of data triggered a more rigorous process for organizing the information. The perk of taking the time to understand the principles behind paperwork is that it can make the escrow period fly by if sellers take the time to do the legwork.

Documents for the Buyer

A thorough buyer is going to want to know what the seller paid in property taxes last year, the expiration date of the warranty, and how much was spent on electricity.

There are significant differences between buying a vacation home and buying a primary residence. For homeowners who want to buy a vacation home, it's important to understand these differences. Knowing what to expect can help the home buyer prepare for the experience.

What You Need to Know About Taxes

Taxes become expensive for people who own vacation homes when they try to sell the property to someone else. Selling the vacation property to another person results in capital gains tax for the seller. Generally, vacation homeowners who sell their property are taxed on the difference between the amount that is received and the tax cost of the property.

Making improvements and additions to the vacation home can help with this, however.