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So the builder bought the land in 2018, took deposits on the order of 7M (150k x 45), held them for four years, returned the deposits plus interest (about 8.5 back) and sold the property for 38M. With a little trickery at the beginning, this builder may have turned almost no money into 15M in four years without building anything.
Deposits are very rarely 20% (maybe never?). Something like 5% or less is typical.
I’d be insane to lose 200k deposit on a house I didn’t end up buying. 30-50k sure I’ll bite…200k? You can GFY Mr Seller.
This happens on resales not just with new dwellings. Lots of recent examples of buyers walking away and house selling for hundreds of thousands less. Pretty easy court case. Buyer agreed to pay x and failed to complete the transaction. New buyer was found and agreed to pay y and the deal closed. Sue the buyer for x-y and win. You have a documented loss, seller did what they could to mitigate damages (relisted quickly, kept maintaining property, etc). Buyer doesnt have many good arguments. Buyer will try to argue that the appraisal came in lower and the bank wouldnt advance enough money but the buyer signed a contract without those conditions in it. Buyers real estate agent will probably sue and win for their commission too as most engagement contracts draw the finish line at an accepted offer. Deal doesnt have to close for them to collect their percentage.
The sanctity of a contract. Some people can't see that breaking a contract can go two ways. What if there was a sudden price surge after the deal was made and the seller decided to cancel and go for a higher price?
globalnews.ca
Saw that. Very misleading title. Should be "most expensive shed in gta sells for 45,000". It has three benches in it, no plumbing, on commercially zoned lot (to be rented at $500/mo). Plumbing alone will kill this idea. She has publicized her plan and needs a building permit for the plumbing/sewer hookup. I highly doubt they will grant that permit.110-year-old train caboose sells for $45,000, becomes Ontario home for retiree | Globalnews.ca
A retired English teacher bought a train caboose with no kitchen or running water and plans to convert it into her full-time living space after getting priced out of the market.
Wow idiot110-year-old train caboose sells for $45,000, becomes Ontario home for retiree | Globalnews.ca
A retired English teacher bought a train caboose with no kitchen or running water and plans to convert it into her full-time living space after getting priced out of the market.
wtf. That was the biggest waste of money she would have been better buying a camper at least you could live in it.
A camper also comes with a shitter and you can move it easily. This thing will require an expensive relocation with specialized transport. I dont even know where she can put it legally. Very few places let you live year round in a trailer. For those that do allow year round in a trailer, they may not allow the caboose.Wow idiotwtf. That was the biggest waste of money she would have been better buying a camper at least you could live in it.
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AFAIK pre-cons are closer to 20% than 5%.
I was mainly referring to resale. I've never been involved with pre-cons but your numbers seem reasonable.
Easy answer to that. Do not permit alcohol consumption but don't enforce a ban. Reverting to heirs is interesting. It just keeps getting diluted and it can be complicated to consider who is in or out unless it was clearly spelled out (adopted kids, ex-spouses, how do you deal with kids with parents alive, etc). There are probably many thousands of heirs unless they made a very narrow definition (eg oldest surviving male with howard bloodline is the heir).
Cottage prices went nuts as well. Are they seeing a decline in price?
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