2 – We need a copy of your agreement.
3 – If you are buying a condo, we would need a copy of the Status Certificate as well.
4 – We need to know who is providing the mortgage for your purchase.
5 – We would need the name of the lawyer for the seller so we can communicate with them to facilitate the transaction.
When you buy land or an interest in land in Ontario, you pay land transfer tax. First-time homebuyers of an Read more…eligible home may be eligible for a refund of all or part of the tax.
The amount of the refund claimed will, if granted, offset the land transfer tax payable. The maximum amount refundable is $2,000.
|Cost of Home||Tax Payable||Tax Refund||Net Tax Payable|
There is no interest paid on this refund.
The refund will be reduced if one or more of the purchasers are not a first-time home purchaser. The refund will be proportionate to the interest acquired by the individuals who qualify for the refund.
For example, where a parent who is not a first-time purchaser and a child who is a first-time purchaser, purchase a home with equal 50/50 interests, the child may claim a refund of 50% of the land transfer tax payable. The child’s claim cannot exceed 50% of the maximum allowable refund (i.e. 50% of $2,000).
A qualifying purchaser may also claim a refund in proportion to his or her spouse’s interest if that purchaser’s spouse has owned a home before becoming the purchaser’s spouse, but not while that purchaser’s spouse.
For more information, please visit: http://www.fin.gov.on.ca/en/bulletins/ltt/1_2008.html
First-Time Purchaser – Toronto
You are a first-time purchaser of a newly constructed or re-sale residential property, it the following criteria is met.
The definition of a first-time purchaser is:
The purchaser is at least 18 years of age.
The purchaser must occupy the home as his/her principal residence no later than nine months after the date of the conveyance or disposition.
The purchaser cannot have previously owned a home, or had any ownership interest in a home, anywhere in the world, at any time.
If the purchaser has a spouse, the spouse cannot have owned a home, nor had any ownership interest in a home, anywhere in the world while he/she was the purchaser’s spouse. If this is not the case, no rebate is available to either spouse.
The rebate for first-time home purchasers is up to a maximum of $3,725.00. If you are eligible for a rebate of all or a portion of the MLTT you owe, your lawyer will be able to claim the rebate electronically through Teraview software when he/she registers your transfer/deed
For more information, please visit:
Title insurance is an insurance policy that protects residential or commercial property owners and their lenders against losses related to the property’s title or ownership
There are a lot of resources available to understanding Title Insurance and the links below can provide a good read for you to understand and compare different title insurers.
https://www.fsco.gov.on.ca/en/insurance/brochures/Documents/undstitins.pdf https://www.fct.ca/file/1191E_CS_RS_Brochure_Final%20(1).pdf/421 http://www.stewart.ca/Purchasers.html http://www.titleplus.ca/files/HBbrochure112012.pdf http://www.thestar.com/life/homes/2013/05/24/some_title_insurance_is_better_than_others.html http://www.chicagotitle.ca/residential/property-owner-buyer
• a resale of an individual’s personal residence; and
• a resale of rental housing (residential complexes held for the purpose of earning rental income) by a person other than a builder (see meaning of builder in Section 19.2, Residential Real Property of this chapter, as well as paragraphs 5 to 7). Note, however, this exemption from tax does not apply if the vendor has claimed ITCs with respect to the last acquisition of the residential complex or improvements thereto.
Please visit the link for more in depth information: