If you have never owned an eligible home anywhere in the world, and your spouse has not owned an eligible home anywhere in the world while he or she was your spouse (either married or common law spouse), then you may qualify for the Land Transfer Tax Refund for First Time Homebuyers. You must occupy the home as your principal residence no later than nine months after the property is transferred to you.
In a joint tenancy, the share of a joint tenant who passes away goes to the surviving joint tenant.
In a tenancy in common, when one of the property owners dies, his or her share goes to his or her estate.
Our Role in your Purchase
Title Search: Legal Searches and enquiries to ensure you receive title clear of encumbrances or other issues Mortgage: prepare mortgage documents and explain terms of the mortgage Explain the different ways to hold title to property and help you decide which is best for you (joint tenancy versus tenancy in common) Explain and make sure you understand the documents you are signing Carry out the actual transfer on the closing date Provide you with the keys to your new home.Our Role in your Sale
Reply to requisitions made by the Purchaser’s lawyer Prepare the Transfer and Statement of Adjustments Review and meet with the Vendor to sign closing documentation Attend to the transfer on closing date Forwards funds to mortgage company or financial institution to discharge any mortgages registered against the property Provide you with the sale proceeds!
Land Transfer Tax (LTT) is payable by the purchaser on the total purchase price (or other consideration given) of the property on the date of closing. The date of closing is the date that the Transfer/Deed of land is registered with the Land Registry Office. LTT is calculated using a sliding scale based on the value of the property. If you are purchasing a home in Toronto, there is an extra Toronto LTT applicable.
If you are a first-time home buyer, you may be entitled to a Land Transfer Tax Refund. The maximum amount of the refund is $2,000 in Ontario and upwards of $3725 available in Toronto as well. These refunds may be claimed at time of registration and can offset the amount of Land Transfer Tax Payable on closing.