We are selling our assignable purchase contract.

Closing is April 4th, 2023
*As per our APS, the Seller shall have the right to enter into a 2-year lease of the subject property with the Buyer, commencing as of the closing of this transaction, provided the Seller gives written notice to the Buyer of his intent to rent no later than 14 days before closing. The monthly rent shall be $3500 + utilities. The Buyer agrees to provide the Seller with a discount of $2500 on the monthly rental rate for the first 2 years of their tenancy, rendering the monthly rental payment $1000 + utilities. The Seller acknowledges the sum of $24,000 shall be adjusted on closing from the sales funds, in favour of the Buyer, representing payment in full of the base rent on the 2 year lease.*

**As per our APS, After the initial 2 year term, the above discount will expire, and the rent shall return to $3500 + utilities. The Seller agrees to keep all utilities and water in his name until such a time as he vacates the property. The Seller also agrees to maintain valid Tenant insurance and provide proof of same upon request. Should the Seller wish to exercise this rental option, he agrees to sign a Rental Agreement with the Buyer, no later than 5 days before closing, outlining all of the conditions herein.**

• Raised bungalow
• 1+2 bedrooms
  • 1st bedroom in the basement is 11.9 ft x 19.7 ft and is currently divided into an office and a small workout room (Buyer to verify)
  • 2nd bedroom in the basement is ~11 ft x 11 ft (Buyer to verify)
• 2 full bathrooms
  • 4-piece bathroom located on the main floor
  • 4-piece bathroom located in the basement
    • Basement bathroom is currently being used as a smoking room, and will require cleaning and updating once rental agreement ends
• UPDATED INFORMATION: Rebuilt in 2005 (as per MPAC)
  • The MPAC states there was a major renovation but in comparison to the 2004 listing, you can see the house has completely changed. We believe the previous Seller noted it as a major renovation for tax purposes — see HERE for the old listing
• Above grade: 844 sq ft (as per MPAC)
• Fully finished basement: 831 sq ft (as per MPAC)
  • Basement ceilings are ~8 ft high (Buyer to verify)
  • Laundry area located in the basement
• Separate entrances:
  • Front door opens to the main entranceway
  • Double door in the kitchen leads out to the porch 
• All appliances will be included
• Main floor is an open concept cottage finish with pine floors
• 100 AMP breaker panel
• Gas furnace is owned, and is serviced yearly with 2 filter changes per year (as per seller)
• HWT is rented and is a newer high efficiency (as per Seller)
• No central AC
  • Seller says its not needed with the lake breeze 
• High speed internet and cellphone reception (Buyer to verify)
• Windows were all replaced in 2006 (as per Seller)
• Roof was replaced in 2006 (as per Seller)
  • There are no issues with the roof (as per Seller)
• Enclosed porch with access to the kitchen and access outside
• Shed located in the backyard is ~10 ft x 10 ft and has power (as per Seller)
  • The shed is heated with a small space heater in the winter and has large back window for loads of sunlight
• Driveway can accommodate ~2 cars (Buyer to verify)
• Shared well is 200 ft deep (as per Seller, Buyer to verify)
  •  Seller has not had any problems with the water since 2006 when he moved in and the tap water taste great (as per Seller)
  • Well is shared with the Neighbour across the street (as per Seller)
• UPDATED INFORMATION: Holding tank
  • Holding tank is 1250 gallons (as per Seller)
  • Seller cleans the holding tank twice a year, once at the beginning of the warm season and one more time before everything freezes (as per Seller)
    • Seller uses the company Ron Lee, and they charge ~$225 each time (as per Seller)
• Property tax: $2400 (2022) (Buyer to verify)
• Lot size: 40 ft x 90 ft (as per MPAC)
  • Lot next to this property is empty with a garage owned by person across the street
• Zoning: SR (as per THIS zoning map, Buyer to verify)

PROPERTY NEEDS

• Cosmetic updating 

Please Note: The Seller is a very kind 88-year-old man who is paying $1000/month + all insurance and utilities and he is giving the Buyer $24,000 upfront for 2 years rent. If he passes sooner then the Buyer will still collect the full $24,000.