Terms for Cash deals

[Andy Welmers]

I am putting in my first offer on an investment property. (in Ontario, Canada) I think the numbers work well, however it will be a major renovation. (I'll put the numbers and property up if I am successful on the offer).

I am looking at terms for the home, which I should include on the contract.

This is something I am thinking of taking on myself, but would be willing to assign the contract to an other party or to partner with them to do the deal.

where is - as is,

for $200k, Cash,

30 day closing,

14 day due diligence,

contingent on inspection,

with a clause that I would be able to assign the contract to an other party,

minimum of 3 additional visits outside the due diligence timeframe,

Anything else I should be including? anything to be aware of specific to Ontario?

Thanks, Andy

[Matt Geerts]

Be aware that dividing a lot into three or more triggers HST making your lots worth 13% less. I just recently passed on a land deal because of this. It squeezed the margins.