By Rhonda Massad
www.thesuburban.com
A financial discount has been made available for eligible Laval families on the real estate transfer tax, more commonly known as the welcome tax. The city of Laval wants to encourage home purchases of both new and existing homes in older neighborhoods of the city.
To qualify for financial aid, you must meet certain conditions. The owner must occupy the home with a child under 18 who is related to her or him or his spouse related by blood or adoption or if it is their first property purchase for residential purposes.
The property must be located in one of the older areas of the city. The building must be residential use only and include one, two, three or four units. Each condominium is also eligible. All owners must occupy the building.
Buyers of an existing home can enjoy a reduction of up to $1,000 at time of purchase.
First time buyers of a brand new construction of three or four units, triplex or quadruplex, will benefit from a tax break spread over five years based on property evaluation.
A funding request must be made to the Urban Planning department by the homeowner on the forms provided for this purpose. A resident can only be eligible once under this program.
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