The following text may have been generated by Optical Character Recognition, with varying degrees of accuracy. Reader beware!

"Scugog's Community Newspaper of Choice" ¥ : so» i x % & ~, wl" Son Three people, including a 10-year-old boy, were killed in a horrible crash Sunday evening on Hwy. 12 near Saintfield. Ontario Provincial Police say alcohol was a factor in the crash, which saw a pick-up truck collide head-on into a southbound van carrying an Oshawa family. Two people in the van, a father and son, died, as did the driver of the truck. Above, rescue crews work frantically to free occupants of the van. At right, shocked Scugog firefight- ers survey the accident scene. NATURAL GAS INFORMATION FORUM PL 4 i hail Please [ON US Normans. Gas A 1 "Peace TER CTT TaN I ' ! -- Real Estate Law for Over 25 Years for an information Forum LW "RIK DAVIE/PORT PERRY STAR on Real Estate Real Estate & Taxes - Part 11 the following locations, JULY 27, 2000 Greenbank United Church Hwy 12 & Cragg Rd. 2:00 p.m. until 7:00 p.m. "GREENBANK & SAINTFIELD SEAGRAVE JULY 28, 2000 Seagrave United Church 15 Coryell St. 2:00 p.m. until 7:00 p.m. Consumers Gas personnel will be available to ReloalnalP halls! Events GHEY Mele [Nel ls)%1 SIA Ue 11)% IGIOIGIR ER will be serving free hot dogs, ining bs]1le ele)o) Home purchasers trying to budget their closing costs need to take into account the effects of adjustments for realty taxes at closing. Depending upon the time of year, purchasers may be required to pay substantial adjustments to vendors for taxes which the vendor has paid for the weeks or months after closing. In addition, mortgage companies who are collecting taxes as part of the mortgage payments, need to accumulate enough money in the mortgagor's tax account to be able to pay tax installments as they fall due. Often this means that purchasers have to have money available to go into the tax account at closing. In addition to realty taxes, other taxes also have a significant impact on real estate purchases and sales. The Provincial Government charges a "Land Transfer Tax" to purchasers on all real estate Jurchases. This tax is at the rate of one- alf (12) of one percent (1%) on the first $55,000.00 of value, one percent (1%) on the value between $55,000.00 and $250,000.00 and onc and a half percent (1'2% on any value between $250,000.00 and $400,000.00. Luxury homes of more than $400,000.00 attract an even higher rate 226 Queen Street, Port Perry, Ont. 1.91 of tax. First-time buyers of new homes get a break from Land Transfer Tax. Subject to certain restrictions, most first-time home- buyers of new homes do not pay Land Transfer Tax. In addition to Land Transfer Tax many purchasers are also required to pay some amount of Retail Sales Tax at closing. Where so called chattels are included in the purchase price, if the value of all chattels exceeds $200.00, then eight percent (8%) Provincial Sales Tax is payable on the value of those chattels. The term "chattels" refers to things like appliances, draperies, or tools. Basically anything which the vendor agrees to include in the purchase price which would not stay with the house otherwise, is a chattél. Another definition for chattels 1s that chattels are anything which is not affixed to the property in some way. Anything which is attached to the property such that it would take a tool to remove it, automatically goes with the property and is a fixture not subject to any additional taxation. Next column, more on taxes and closing costs. IBY 7: (905) Y85-8465 Fax: Y85-3758