Purchasing or Selling a Cottage
June 25th, 2018
Is your dream to purchase a cottage property or has the dream faded and it is time to sell that cherished family cottage? Whether a purchase or sale, legal advice is important and our lawyers can assist you in the process whether the cottage is in Manitoba or Ontario, on titled or on leased land, either in a Provincial Park or on Indian Land.
Cottage sellers should obtain advice with respect to potential tax consequences from the sale of a cottage. Often there are fairly significant gains in the value of a cottage from the time it was purchased to the time it is sold. Additionally, sellers of cottages will require the assistance of a lawyer to prepare and register the necessary transfers of title or assignments of lease.
Purchasers similarly should discuss with their advisor, whether legal or accounting, how best to take ownership of a cottage considering the potential tax implications and succession planning issues…
We would look forward to meeting with you to discuss any future purchase or sale of a vacation home.
Notice: The articles on our website are provided for general information purposes only and should not be relied upon as legal advice or opinion. They reflect the current state of the law as at the date of posting on the website, and are subject to change without notice. If you require legal advice or opinion, we would be pleased to provide you with our assistance on any of the issues raised in these articles.
