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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. A.Z.
CLARKE Professional Corporation Barrister & Solicitor
will 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 Professional
Corporation Barrister & Solicitor
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 residential purchases are subject to the full tax
amount.
Calculations for the
Ontario Land
Transfer Tax
are based on the following:
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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 residential properties 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)
Below is an example of this calculation:
|
Purchase Price |
800,000 |
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Brackets |
Bracket Amount $ |
Tax Rate % |
Actual_Amt_Calc |
Transfer Tax $ |
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1st |
55,000 |
0.50% |
55,000 |
275.0 |
|
|
|
next |
195,000 |
1.00% |
195,000 |
1,950.0 |
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|
next |
150,000 |
1.50% |
150,000 |
2,250.0 |
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|
next |
Remaining |
2.00% |
400,000 |
8,000.0 |
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Land Trf Tax |
$12,475.0 |
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Calculations for the
City of
Toronto
Land
Transfer Tax
are based on the following:
-
Purchase price x 0.5 % on the first $55,000
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Purchase price x 1.0 % on the next $345,000
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Purchase price x 2% on the entire portion over $400,000
Below
is an example of this calculation:
|
A.Z.
CLARKE 
