Asked by Francis
In relation to an earlier query, I have 2 more questions with regards to private property transactions.
1) For agent commission, is GST payable on top of the 2% commission to the agent (seller) or is it included in the 2% commission?
2) In the event of a sale, if the buyer withdraws from the deal at any point after the OTP is signed by the seller OR OTP is exercised by the buyer, he has to forfeit the 1% option fee. Is this correct? In this case, is any commission payable to the agent?
3) How about rental transactions with LOI signed and 1st cheque equal to 1 month's rent is issued prior to TA is signed? If the tenant pulls out before the TA is signed,
i) Is agent commission payable by the seller to the agent?
ii)Can the tenant claim the 1st cheque deposit back? Can the landlord hold back anything for holding back the unit for the prospective tenant?
Appreciate all answers.
Thanks.
1) For agent commission, is GST payable on top of the 2% commission to the agent (seller) or is it included in the 2% commission?
2) In the event of a sale, if the buyer withdraws from the deal at any point after the OTP is signed by the seller OR OTP is exercised by the buyer, he has to forfeit the 1% option fee. Is this correct? In this case, is any commission payable to the agent?
3) How about rental transactions with LOI signed and 1st cheque equal to 1 month's rent is issued prior to TA is signed? If the tenant pulls out before the TA is signed,
i) Is agent commission payable by the seller to the agent?
ii)Can the tenant claim the 1st cheque deposit back? Can the landlord hold back anything for holding back the unit for the prospective tenant?
Appreciate all answers.
Thanks.
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