Posted on: 13-01-06 05:05:32
Mr Kanjis story shows the extent of mistrust between the Realtor and the client...if she was really a client, not a customer. Sadly, some Realtors do exaggerate and put their interests above the clients'.
Hopefully, clients recourse would have taught this Realtor a lesson!
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Rajeev Narula, Broker, REALTOR®
ACE TEAM REALTY INC., Brokerage
10 Kingsbridge Garden Circle, Suite 704
(Opp Square One - HWY10/403)
Mississauga, ON L5R 3K6
Bus: 1-888-355-3155 Ext. 300
Fax: 1-888-443-3155
Email:
Web: http://www.RAJEEV.ca" rel="nofollow">LINK
Quote:
I dont know. If one is a first time home buyer in Canada you dont have to pay the property transfer tax. Also, transfer fees if any (to move to a new home) for utilities the owner generally does have to pay. I dont think the lawyers office would collect these fees.
Purchasers in Ontario add Land Transfer Taxes to their list of closing costs.
Land transfer taxes are levied on properties that are changing hands, are the responsibility of the purchaser.
Many provinces have multi-tiered taxation systems that can prove complicated. If you purchase a property for $260,000 in Ontario, for example, .5 per cent is charged on the first $55,000, 1 per cent is charged on $55,000 - $250,000, while the $250,000 - $400,000 range is taxed at 1.5 per cent. Your total tax bill? $2,375.00
Land Transfer Tax Rebate for first time buyer:
Land transfer Tax rebate is a permanent program allowing a rebate of provincial land transfer tax otherwise payable up to $2000 for all agreement of purchase and sale entered into after March 31, 1999 (being the land transfer tax on a $227,500 home, using above calculation)
Eligibility of the buyer:
1. must be at least 18 years old
2. must be first time home buyer and occupy the home as a principle residence no later than 9 months after the date of the conveyance
3. must never have owned, or had any ownership interest in, an eligible home anywhere in the world while he/she was a purchaser's spouse or same sex partner
Eligibility of the property
1. must be newly constructed home (resale homes do not qualify)
2. builder must be registered by TARION warranty corporation
Restrictions on amount claimed:
1. between non-spouses: refund is reduced for the proportionate interest of the co-owner who is not eligible
2. between spouses: If one spouse is first time home buyer and the other owned a home before, but not since becoming a spouse of the first time home buyer, then the spouse who is the first time home buyer would claim the whole rebate
Other conditions
1. Rebate received on day of registration at land registry office
2. 18 month deadline (from the date that the conveyance is registered) if applying for refund directly from Land Transfer Tax office
Qualifying tax payer or their solicitors may claim an immediate refund at the time of registration.
Other home buying expenses /closing costs, read more:
http://www.realestate-ontario.com/homebuyingexpenses.htm
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Amit Kalia, Broker, REALTOR®
RE/MAX Real Estate Centre., Brokerage
independently owned & operated
100 City Centre Dr, Unit 1-702
Mississauga, ON L5B 2C9
Phone No.: 905-339-5111
Website: https://www.realestate-ontario.com/
Condo Blog: https://condopundit.com/blog/
Quote:
Orginally posted by kanjis
As a mortgage broker with HLC (Div of CIBC) I suggest you or other readers call me to find out what questions to ask before placing your trust in any salesman in Ontario. (416 444 1470)
Hi Mr. Kanjis,
I would request you to please post this 'valuable advice' on the forum for the benefit of every one.
Thanks.
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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
Can anyone please suggest what should be the ideal range for the lawyer fee for closing. My condo closing is coming near and I need to hire a lawyer. When I spk with someone, I need to have some idea what figure I should expect. I am first time buyer and condo value is around $225K. Appreciate your repsonses. Thanks...TD
Quote:
Originally posted by torontodesi
Can anyone please suggest what should be the ideal range for the lawyer fee for closing. My condo closing is coming near and I need to hire a lawyer. When I spk with someone, I need to have some idea what figure I should expect. I am first time buyer and condo value is around $225K. Appreciate your repsonses. Thanks...TD
The lawyer's fees including all the disbursments and title insurance etc. could be any where between $ 1000 to $1200. The land transfer tax, if any, is not included in this fee.
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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
Thanks Pramod...appreciate the response.
