Camp for Sale.....eventually

[sawbill]

I have a camp on a local lake and as of late, I've been getting a number of enquiries from locals about me selling the place. They're banging on my door, not the other way around. While I haven't decided yet when I want to sell but realize I will have to sell in maybe a year or so that gives me a chance to do some homework as to what steps need be taken.
Because buyers are coming to me, does this mean I can probably get away without using a realtor? I assume I would still need a lawyer....even though it would be nice to bypass these characters too.
And anyone know with what I'm expected to fork out ie capital gains, taxes, etc????

[js4fn]

I have a camp on a local lake and as of late, I've been getting a number of enquiries from locals about me selling the place. They're banging on my door, not the other way around. While I haven't decided yet when I want to sell but realize I will have to sell in maybe a year or so that gives me a chance to do some homework as to what steps need be taken.
Because buyers are coming to me, does this mean I can probably get away without using a realtor? I assume I would still need a lawyer....even though it would be nice to bypass these characters too.
And anyone know with what I'm expected to fork out ie capital gains, taxes, etc????

No need for realtor unless you think one would pull in more money
Get a lawyer a good one. Don’t share him with buyer
Capital gains what was purchase price. Selling price good luck.

[impact]

It is actually quite easy to do. A lawyer does everything for you. No middle man.
Once you agree on the price and details get the other party to draft up an agreement. Forms are available online.
Present it to your lawyer and he will finalize the deal.
I sold my last 2 homes this way.

Only half the capital gain is taxable and is added to your tax return.

[rick_iles]

It is actually quite easy to do. A lawyer does everything for you. No middle man.
Once you agree on the price and details get the other party to draft up an agreement. Forms are available online.
Present it to your lawyer and he will finalize the deal.
I sold my last 2 homes this way.

Only half the capital gain is taxable and is added to your tax return.

Capitol gains can be decreased by any receipts for money spent on upgrading the property. I know someone who recently sold a cottage.

[greatwhite]

Sawbill, Your going to sell your Camp?

Wow it's a really nice Camp.

[js4fn]

Capitol gains can be decreased by any receipts for money spent on upgrading the property. I know someone who recently sold a cottage.

Cottages are different why because people in government made it so cause they own cottages

[sawbill]

I built the place from scratch so on paper there is only the cost of the purchase of the lot. Most of the lumber and insulation came from a couple of portables that we dismantled from the local university. I bought new windows and shingles, stuff like that. Soooo, how do I base capital gains on that or is that a lawyers job?

[trimmer21]

I built the place from scratch so on paper there is only the cost of the purchase of the lot. Most of the lumber and insulation came from a couple of portables that we dismantled from the local university. I bought new windows and shingles, stuff like that. Soooo, how do I base capital gains on that or is that a lawyers job?

You really don't need a realtor because there's already interested buyers although a real estate pro will know what the price should be. The lawyer will handle it all and don't worry,the government will let you know what the CGT's will be. LOL

[js4fn]

I built the place from scratch so on paper there is only the cost of the purchase of the lot. Most of the lumber and insulation came from a couple of portables that we dismantled from the local university. I bought new windows and shingles, stuff like that. Soooo, how do I base capital gains on that or is that a lawyers job?

Your accountant should advise your lawyer

I don’t know what your selling. I don’t want to know. But if you pay 50,000 selling for 100,000. Don’t sweat it

If you paid 200,000 and selling for a mil. Get a Jewish accountant. And a good shady lawyer account will charge u 900 lawyer around half percent of selling price. Realtor is what 7 - 10%. Why they have fancy clothes

Enjoy

[canadaman30]

Do you know the value of your place? It doesn't cost anything to call a sales agents out and tell him or her you might be interested in selling. They will give you an idea of value.
If you already have a price, you just need a buyer and your lawyer.