Including Movables in Property Sales Complicates Matters
Category Industry News
SELLERS sometimes include a number of movables, furniture, curtains or white goods in sale agreements as part of the purchase price, but this can complicate matters.
"No transfer duty is payable on movable items so any items of material value should be excluded from sale agreements and a private sale of these items should be arranged between buyer and seller. If the price of these were added to the price of the home, the transfer duty would increase."
"In any event, whether movable items are sold separately or as part of the agreement, it's important to identify them.
"Be as specific as possible and take digital photos of items that are meant to remain in the home. There have been instances where certain kitchen equipment was meant to be included and when the buyer moved in, found that the original stove, microwave, fridge and washing machine had been replaced by cheaper models that the buyers would not have chosen. There have also been instances where plastic patio furniture was substituted for the teak table and chairs the buyer had agreed to pay for."
"A property sale is usually complicated enough without adding lists of movable property." It is always best to keep each transaction separate and clear, as well as in writing, therefore eliminating the additional legal costs and time wasted."
Author: Argus
