Hi all, just preparing the draft Offer to Settle and meeting with the lawyer in a few hours so I'm stumped on one thing and really looking for some quick guidance.
For the Matrimionial home I'm putting in a option for her to buy the house from me.
I guess I'm suppose to say that my proceeds will be 50% of the price minus commission, land transfer, HST, etc.
But not sure this is the best thing for me since she is not actually selling the house so will not incur these costs until she ACTUALLY sells who knows when.
So if the house is say worth $500K, minus 5% commission, costs, etc. That makes the net proceeds $475K and I would get half that???
But then for me to buy another place I would incur closing costs, moving costs, etc. That would be 100% covered by me???
Just not sure if this is how it works since I think I would be getting screwed. Bearing 50% of unrealized disposition costs and then having to bear 100% of costs to purchase my own place??
Can someone please help clarify that this is how it works? Or is there a better way to phrase in the offer so I'm not getting the short end of the stick?
Thank you all in advance and look forward to some quick replies / thoughts from the group!
For the Matrimionial home I'm putting in a option for her to buy the house from me.
I guess I'm suppose to say that my proceeds will be 50% of the price minus commission, land transfer, HST, etc.
But not sure this is the best thing for me since she is not actually selling the house so will not incur these costs until she ACTUALLY sells who knows when.
So if the house is say worth $500K, minus 5% commission, costs, etc. That makes the net proceeds $475K and I would get half that???
But then for me to buy another place I would incur closing costs, moving costs, etc. That would be 100% covered by me???
Just not sure if this is how it works since I think I would be getting screwed. Bearing 50% of unrealized disposition costs and then having to bear 100% of costs to purchase my own place??
Can someone please help clarify that this is how it works? Or is there a better way to phrase in the offer so I'm not getting the short end of the stick?
Thank you all in advance and look forward to some quick replies / thoughts from the group!
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