REAL ESTATE - Frequently Asked Questions
1. What are the fees for a real estate transaction? Real Estate fees usually range from $495.00 - $795.00 plus GST. Disbursements and land transfer tax are additional expenses to take into consideration when estimating your real estate transaction costs.
2. What is Land Transfer Tax? This is a tax charged by the Province of Ontario for the transfer of land and buildings based upon the purchase price. The tax is paid by the purchaser and the formula is as follows:
.005 x the first $55,000.00,
plus" .01 x amount from $55,000.00 to $250,000.00,
"plus" .015 x remainder of purchase price,
"plus" .005 surcharge on single family homes and duplexes over $400,000.00
e.g. purchase price = $150,000.00, land transfer tax = $55,000.00 x .005 = $275.00
plus $95,000.00 x 0.01 = $ 950.00,
Total land transfer tax payable = $ 1,225.00
3. How do we retain your legal services? You can call our office or forward your agreement by facsimile (613-830-7998). Please ensure that you receive confirmation in writing that we have agreed to represent you in the real estate transaction.
4. What is Title Insurance? Title Insurance is protection beyond that provided by the Solicitor’s Opinion and is useful in many situations. You will be given a choice prior to closing whether you wish to obtain this coverage.
5. When should I hire a lawyer? The earlier the better. The sooner you retain your lawyer, the earlier you will have your own trained experienced professional to help you protect your interests.
