A real estate lawyer makes sure all of your paperwork and transactions are filed accordingly. This is a thorough task that includes everything from reviewing your offer to purchase, to conducting a title search for you, registering the home in your name and making sure all of your payments are made in full and on time.
Knowing the complexity of the transaction, it’s crucial to find a lawyer who specializes in real estate.
Land Transfer Tax
When you acquire a property or land, you pay land transfer tax to the province when the transaction closes. Land transfer tax is normally based on the amount paid for the land, in addition to the amount remaining on any mortgage or debt assumed as part of the arrangement to buy the land.
First Time Home Buyers
If you are a first-time home buyer, you may be eligible for a refund of all or part of the land transfer tax.
The maximum amount of the refund you can recieve is $2,000. Example:
|Cost of Home
||Net Tax Payable
To qualify you must have be:
- at least 18 years old
- must occupy the home as your principal residence within nine months of the date of transfer
- cannot have ever owned an eligible home, or an interest in an eligible home, anywhere in the world, and
- if you entered into an agreement of purchase and sale before December 14, 2007, the eligible home must be newly constructed and you must be eligible for the Tarion New Home Warranty.
If you have a spouse, your spouse cannot have owned an eligible home, or an interest in an eligible home, anywhere in the world while being your spouse. You must apply for a refund within 18 months after the date of the transfer.
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