Residential Real Estate
The purchase or sale of a new home is often a life altering decision for many families. It is a major investment and should be handled with the utmost care and by professionals who understand the legal issues attendant to conveying property.
Whether you are purchasing or selling your home, we will ensure that your transfer of property is legally binding. At A.Z. CLARKE we review your Agreement of Purchase and Sale, liaise with the other party's lawyer, the bank, real estate agent in ensuring that all requisite matters surrounding your transaction is dealt with in a timely and efficient manner.
We conduct all title and execution searches, registrations, discharges and title transfer. We prepare all necessary correspondence throughout the transaction up to the closing date and we will also assist you in obtaining title insurance if you are purchasing property.
At A.Z. CLARKE all client files are dealt with in the most professional manner. Client confidentiality and solicitor client privilege are highly valued, hence our clients can rest assured of the utmost due diligence in attending to their legal needs.
Ontario Land Transfer Tax
The Government of Ontario applies a Land Transfer tax for land that is being transferred from one owner to another . This amount is payable by the purchaser upon registration of the Transfer/Deed. If a first-time purchaser is buying a new home from a registered builder, the first $2,000 in provincial Land Transfer tax is waived.
All other residentialpurchases are subject to the full tax amount.
Calculations for the Ontario Land Transfer Tax are based on the following:
- The first $55,000 of the purchase price is taxed at a rate of 0.5%,
- $ 55,000 up to and including $250,000 is taxed at an additional rate of 1.0%
- $250,000 up to and including $400,000 is taxed at an additional rate of 1.5%
over $400,000 on one- or two-family residentialproperties is taxed at an additional rate of 2%.
(This amount is not applicable to industrial or commercial properties. The tax rate is 1.5% for a purchase price above $250,000)
Calculations for the City of Toronto Land Transfer Tax are based on the following:
- Purchase price x 0.5 % on the first $55,000
- Purchase price x 1.0 % on the next $345,000
- Purchase price x 2% on the entire portion over $400,000
The new Toronto Land Transfer Tax takes effect on purchases that are signed after Dec. 31, 2007 and closed after Feb. 1, 2008.