The Ontario Government mandates every buyer of real property to pay a Land Transfer Tax on registration of the transfer or deed. The amount that you are liable to pay is calculated on a sliding scale, i.e.
- 0.5% of the first $55,000 of the price tag, in addition to
- 1.0% of the sum surpassing $55,000 up to and including $250,000, notwithstanding
- 1.5% of the sum surpassing $250,000 up to and including $400.000, notwithstanding
- 2.0% on the sum over $400,000.
In the case of a transfer involving private property, the calculation depends on the value of the property. For first time homebuyers, you may be eligible for a discounted Ontario Land Transfer Tax. Non-private estates are not liable to the 2% tax charge. The tax is charged at the 1.5% rate regardless of the aggregate cost of the property.
Before you append your signature to any Sale or Purchase Agreement, you have to ensure that you are in an amiable financing position. It is advisable, to ensure that the agreement is conditional on the confirmation of terms and conditions of the lender.
If you go for Pre-Approval, opt for a written terms and conditions that will provide you with a guarantee. Grewal Law offers a fixed rate on mortgage refinancing and Title transfer deal, of $699 plus tax.
You may need Title Transfers services to refinance a property due to various reasons. Depending on your case, the service may incur a Land Transfer Tax. Feel free to contact us to get an accurate cost depending on your situation.
If you are planning on breaking your current mortgage contract, Grewal Law provides guidance on understanding the terms of your existing agreement. A breach of the terms could lead to extra charges as the contract is legally binding.
For efficient and speedy service delivery, you will need to provide your lawyer with the required details.
On completion of the purchase of the property, as the buyer, you will need your lawyer to help you with your Title Insurance search in Vaughan. It is a policy that will provide the title of the property with security for many issues that will relate it. It assures the property of defaults.
As per the stipulation of the Law Society of Ontario, your lawyer is tasked with the duty of enlightening you on title insurance and how it may benefit you. You lawyer will inform you of the various Title Insurance products that are available. Providing you with insight on the options that offer you the best deal by protecting the property before and after purchase.
Once you get Title Insurance, you will still need the services of legal counsel to provide you with access to relevant documents that only he or she can obtain. You won’t incur additional charges for this service as the cost is included in the legal and disbursement fees that your lawyer will charge you.
However, since this is an insurance policy, you will need to buy it. It is usually a reasonable amount and may vary from one municipality to another. The charge you will incur is calculated when you add the property value and mortgage details.
If you already own a home, you can still get a Title Insurance policy that will be based on the value your property at the time of purchase. Owning a Title Insurance Policy in Mississauga will protect from any possible purchase fraud and issues related to the title.?
The process of buying & selling property is not simply finding the ideal home or promising client. It involves several legal transactions that require the aid and guidance of a real estate lawyer. It is advisable to find a Real Estate lawyer who practices in the area where your property of interest is located.
Grewal Law offers Real Estate Law services in the areas of Brampton, Mississauga, Vaughan, Woodbridge, and Caledon. During the house hunting process, the buyer may receive advice from many people who serve different interests. Having a real estate lawyer guide you through the purchase is ideal as he or she serves your interest.
The first step in buying a property is consenting to an Agreement of Purchase or Sale. It is a document that outlines all that should happen before the closing date. The clauses included giving detail of the rights and commitments of the parties involved, changes, charges, and fees that one may incur. It is usually a lengthy document, and many may not have the time to go through and understand what signing the material, may imply.
When you get the services of a Real Estate lawyer in Woodbridge, he or she will review the document, inform you of any discrepancies, and also help you make necessary changes that will benefit you as the buyer. Whatever property you are considering to purchase, it is recommended to get a lawyer to review the Purchase and Sale Agreement, even if it is a resale home.
When selling your property, an attorney will help you with handling the funds from the buyer. It is his or her duty to ensure that the funds are appropriately received before releasing the deed to the property. If you are planning on both buying & selling the property, depending on what comes first, your lawyer will guide you through the process by ensuring the funds from the sale of property are transferred to the purchase or handling the requirements for a bridge loan.