#REbiz HST Transition Q&A with Tony Spagnuolo

This weeks #REbiz Twitter Chat topic was a Q&A with Tony Spagnuolo, President of Spagnuolo & Company Real Estate Lawyers.

#REbiz is a weekly Twitter chat designed to bring together Real Estate professionals for a dynamic conversation about technology, marketing and the Real Estate Industry. Our hope is that #REbiz will provide opportunities for learning, networking and relationships.

Weekly Twitter Chats are held Tuesdays from 9:00am – 10:00am PST using the hashtag #REbiz and are open to everyone who wants to follow along and join in on the conversation.

Thank you to Tony Spagnuolo for joining us this week and answering all of the questions on HST. With offices throughout the Lower Mainland, Okanagan and the Moon (If you can get there). Tony Spagnuolo’s company mission is to ensure a stress-free home buying, selling or refinancing experience through continuous innovation and intensive customer focus. If you had any further questions on the HST or any real estate legal matter don’t hesitate to contact one of their offices.

If you missed out on the chat this week the transcript is embedded below:


#REBiz June 19th, 2012

HST Q&A with Tony Spagnuolo

Storified by Scott Dawson · Wed, Jun 20 2012 09:27:01

#REbiz chat coming up at 9am. Topic today is Q&A on HST Transition rules w/ @tonyspagnuolo Follow along here: http://sdd.bz/KBngzhScott Dawson
RT @sdd: #REbiz chat coming up at 9am. Topic today is Q&A on HST Transition rules w/ @tonyspagnuolo Follow along here: http://sdd.bz/KBngzhAshley Smith
RT @sdd: #REbiz chat coming up at 9am. Topic today is Q&A on HST Transition rules w/ @Tonyspagnuolo Follow along here: http://sdd.bz/KBngzhAgentWorks
Join us in under 30 minutes for the #REbiz chat with @sdd where we’ll be answering your questions about the #HST transition.Spagnuolo & Company
Questions about the HST transition? Join @spagnuololaw, @debachle & me for #REbiz TweetChat from 9-10am at : http://tweetchat.com/room/REbizScott Dawson
Howdy Scott! Got your coffee? 6 minutes to lift off. #REbizLeah Bach
@debachle Tis’ Brewing. #REbizScott Dawson
almost ready, just making an espresso (the only kind of coffee to drink) #REbizTony Spagnuolo
@sdd BRB – need more coffee #REbizCalgary Real Estate
@CalgaryRealtor Good morning! #REbizScott Dawson
Good morning everyone! Thanks @Tonyspagnuolo for joining us today. #REbizScott Dawson
Good morning everyone, glad to be hear #REbizTony Spagnuolo
@Tonyspagnuolo @sdd Can you give us Albertan’s a quick update on what Christy Clark intends to do with HST? #REbizCalgary Real Estate
1st Question for you @TonySpagnuolo : What’s are some of the most common questions you get from clients regarding the HST? #REbizScott Dawson
Most common is: do investors qualify for the rebate, and answer is yes, provided certain conditions are met #REbizTony Spagnuolo
as for christy clark, prov govt announed trans rules, check out http://www.bcrealestatelawyers.com/hst/transitionalrules.php #REbizTony Spagnuolo
@sdd Morning! #REbiz☁ Serious Li ☁
@Tonyspagnuolo How long are the transitional #HST rules in place for? What are the key dates purchasers should be aware of? #REbizScott Dawson
@Liamer Thanks for joining! Any questions for @tonyspagnuolo regarding the HST transition? #REbizScott Dawson
RT @debachle: One of the Qs we received. Bare land water strata. Any rules in place for transitioning that? #REbizSpagnuolo & Company
@sdd rules in place until April 1, 2012 (April Fools Day!!!); at that time HST goes away #REbizTony Spagnuolo
@SpagnuoloLaw aaaah… you got it :) #REbizLeah Bach
@Tonyspagnuolo oooops, April 1, 2013, not 2012 #REbizTony Spagnuolo
ha! I snorted coffee on my laptop! RT @Tonyspagnuolo: @sdd rules in place ’til (April Fools Day!!!); at that time HST goes away #REbizLeah Bach
@SpagnuoloLaw there are no diff rules for strata (water, air or land) and non strata; the trans rules are the same for both #REbizTony Spagnuolo
@Tonyspagnuolo are the transitional rules http://www.bcrealestatelawyers.com/hst/transitionalrules.php law or would an NDP gov’t, if elected, nix them? #REbizCalgary Real Estate
@CalgaryRealtor they are law, but any govt can change law; but i believe next election is after April 1, 2013 so too late too change #REbizTony Spagnuolo
@Tonyspagnuolo With the return to GST will the exemption threshold of $850,000 stay in place or is that up the air? #REbizScott Dawson
@CalgaryRealtor AND most people here want it gone….so no way NDP would mess with that; u must be glad for all that oil revenue #REbizTony Spagnuolo
@sdd when GST comes back old rules come back as well; thresholds will drop to old levels ($450,000???? i think is the number) #REbizTony Spagnuolo
@Tonyspagnuolo liking the http://www.bcrealestatelawyers.com/hst/transitionalrules.php great info! #REbiz #rebizJason Krist
@Tonyspagnuolo the calculators have been helpful as well. #rebizJason Krist
@MortgageNurse thank you…..we are almost done our app as well which will have our mobile website, and HST and PTT calculators #REbizTony Spagnuolo
Agreed RT @MortgageNurse: @Tonyspagnuolo the calculators have been helpful as well. #rebizMark Delleman
@Tonyspagnuolo @MortgageNurse Can’t wait for that app! #REbizScott Dawson
@sdd me neither, it has taken way too long already #REbizTony Spagnuolo
don’t forget the First Time Home Buyer Bonus also goes away April 1, 2013; this kind of goes with HST as it is for new homes only #REbizTony Spagnuolo
@Tonyspagnuolo Unfortunately AB will soon reach takeaway capacity of existing pipelines. Doesn’t look good for adding more #REbizCalgary Real Estate
@CalgaryRealtor do your buyers pay any taxes on closing #REbizTony Spagnuolo
@Tonyspagnuolo Wonder how many 1st time buyers will take advantage of this? Most I work with purchase resale property. #REbizScott Dawson
same.RT @sdd: @Tonyspagnuolo Wonder how many 1st time buyers will take advantage of this? Most I work with purchase resale property. #REbizLeah Bach
@Tonyspagnuolo Looks like we are going to need that app to track all the costs #REbizLeah Bach
@sdd every 1st time buyer should….it is free money.crazy if they do not,there must be lots of buyers, think of all those new condos #REbizTony Spagnuolo
@Tonyspagnuolo No taxes paid on real estate transactions in AB #REbizCalgary Real Estate
@debachle @TonySpagnuolo most go resale to avoid HST in the first place. Rebates or not. #REbizScott Dawson
@debachle i am sure Polygon, Rennie and others are pushing 1st Time Home Buyers Bonus as much as they can #REbizTony Spagnuolo
@CalgaryRealtor wow, what are registration costs at Land Title Office; do they vary based on purchase price #REbizTony Spagnuolo
@Tonyspagnuolo I should qualify that – no tax (GST) on resale transactions #REbizCalgary Real Estate
Title transfer fees are negligible – usually about $150.00 on properties up to $1mil #REbizCalgary Real Estate
@CalgaryRealtor HST isn’t charged on resale in BC. #REbizScott Dawson
Q from a follower about the rebate: If the buyer is not a bc resident and are purchasing a rec property, do they still qualify? #REbizSpagnuolo & Company
RT @Tonyspagnuolo: don’t forget: First Time Home Buyer Bonus also goes away April 1, 2013; goes with HST as it is for new homes only #rebizJason Krist
@SpagnuoloLaw Anne, u made this up…..I’m not aware of any diff between BC and non BC residents, normal rules apply for rebates #REbizTony Spagnuolo
@CalgaryRealtor on $1 mil purchase here, PTT alone is $18,000 #REbizTony Spagnuolo
@TonySpagnuolo I assume most would apply for HST rebate at closing w/ lawyer. If not, how long do they have to apply after closing? #REbizScott Dawson
@sdd dont assume rebate given on closing, review K; no rule as to how long to apply after closing but within a yr is rule of thumb #REbizTony Spagnuolo
@sdd @Tonyspagnuolo I am not seeing much in terms of first timers taking advantage of the rebates either #REbizConrad De Jong AMP
@Conrad_DeJong I think ind brokers will not see much, as most do not work projects with new homes something to do with rate caps #REbizTony Spagnuolo
@Tonyspagnuolo Is there any areas in the province where the rebates won’t apply? Recreation properties for example. #REbizScott Dawson
@Conrad_DeJong we see quite a few in here, but that is from the developers #REbizTony Spagnuolo
@Tonyspagnuolo @Conrad_DeJong That makes sense. #REbizScott Dawson
@sdd rebate rules r prov wide, no geographic limits; rec prop’s now get rebates, which is one reason that mkt picked up a bit lately #REbizTony Spagnuolo
@Tonyspagnuolo curious what would you say the ave sale price is for people using rebates? #REbizConrad De Jong AMP
@Conrad_DeJong great q..we don’t track that; we track referral source (I know how many files you send us LOL); same for other brokers #REbizTony Spagnuolo
@Tonyspagnuolo sent one yesterday! #REbizConrad De Jong AMP
Getting close to the end here. Big thanks to @TonySpagnuolo for joining in the chat today. #REbizScott Dawson
@tonyspagnuolo are you going to have a live info session about this anywhere soon? #REBizKatrina Amurao
@Conrad_DeJong awesome, thanks (BTW your whole team sends us lots, thanks #REbizTony Spagnuolo
Yes, BIG thx. Lot’s of great info and resources! RT @sdd:close to the end here. Big thx 2 TonySpagnuolo for joining in the chat. #REbizLeah Bach
@Tonyspagnuolo welcome and thanks, you guys do a great job! #REbizConrad De Jong AMP
Thanks for all the great info @Tonyspagnuolo and to @sdd for hosting. #rebizMark Delleman
@debachle thanks everyone, have a great day. I am doing a webinar with the MBABC this aft on HST as well, tune in there if you like #REbizTony Spagnuolo
I’ll get the transcript to the chat online later today & include contact info for @TonySpagnuolo should anyone have more questions. #REbizScott Dawson
@Tonyspagnuolo Thanks Tony & Scott – great show #REbizCalgary Real Estate
@KatrinaAndTeam Tony is doing a webinar for MBABC later today. They usually post on their website after. If I find the link I’ll post #REbizScott Dawson
Thanks for joining Mark! RT @markdelleman: Thanks for all the great info @Tonyspagnuolo and to @sdd for hosting. #rebizScott Dawson