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Frank Salvatore

Frank Salvatore

RE/MAX Escarpment

Profile
Posts
Listings
https://franksalvatoreteam.ca/

Languages

  • English

Specialties

Buyers, Sellers

Locations

Glanbrook, Hamilton Mountain, Stoney Creek, Central Hamilton, East Hamilton

Will I have to pay back the HST portion on a newly built home or property that has been completely/ partially renovated?

Many buyers purchase new properties without any representation, often just walking in to the presentation centre on their own when a new development is being built. They often get so excited with the presentation centre’s latest designs, features and fashions that they sometim...

Dec 07, 2023


Many buyers purchase new properties without any representation, often just walking in to the presentation centre on their own when a new development is being built. They often get so excited with the presentation centre’s latest designs, features and fashions that they sometimes forget a few important details during the buying process. One of those important details isthe H.S.T. factor. In most cases, the builder will absorb the H.S.T portion and build it into the purchase price provided the buyer signs an agreement assigning the H.S.T. rebate back to the builder which would normally go to the buyer. More often than not what buyers may not have been properly informed by the builder’s representative is that should they try to flip, sell, lose their job or wish to transfer the property to a third party, they will be required to pay back the entire amount of the H.S.T rebate that was assigned to the builder, should that sale occur within 18 months of the original closing date.

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