ERAN GEVANTSCHNITER, Barrister & Solicitor
Toronto, Ontario, Canada

The Law Office provides full legal services in Real Estate Law ranging from : Purchase of New Residential Condominium/Housing, Purchase of Resale Condominium/Housing, Purchase and Sale Commercial Properties, Residential Sale Condominium/Housing, Title Searches, Mortgages, Private Mortgages, Re-Financing, Title Insurance and many more.

Our legal fees are reasonalbe and competitive with the market standards.  Fixed legal fees can also be arranged.  To receive a quote or discuss your real estate transaction in further detail please call the office at 416.777.6788 or send an email to eran@eranlaw.com.  We will reply promptly and provide you with the best legal services that suit your legal needs.

GENERAL INFORMATION:

LAND TRANSFER TAX

Current land transfer tax rates (effective from June 1, 1989)

" 0.5% of the value of consideration for the transfer up to and including $ 55,000.00

" 1% of the value of the consideration which exceeds $ 55,000.00 up to and including $ 250,000.00    and

" 1.5% of the value of the consideration which exceeds $ 250,000.00; and

" 2% of the amount by which the value of the consideration exceeds $ 400,000.00 for land that contains at least one and not more than two single family residences.

Land Transfer Tax Refund for First-Time Home Buyers

First-time homebuyers may be eligible for a refund of all or part of the tax.

• For agreements of purchase and sale entered into before December 14, 2007, the refund only applies on the purchase of a newly constructed home.
• For agreements of purchase and sale entered into after December 13, 2007, the refund applies to all homes, whether newly constructed or resale.

How much is the Refund?

The maximum amount of the refund is $2,000. If the refund is claimed at time of registration, it may offset the land transfer tax ordinarily payable. If not claimed at registration, the refund may be claimed directly from the Ministry of Revenue. No interest is paid on this refund.

Who Qualifies?

To claim a refund, you:

• must be at least 18 years of age;
• must occupy the home as your principal residence within 9 months after the date of transfer; and
• cannot have owned a home, or an interest in a home, anywhere in the world.

In addition:

• your spouse cannot have owned a home, or an interest in a home, anywhere in the world while being your spouse; and
• in the case of a newly constructed home, you must be entitled to a Tarion New Home Warranty.

MUNICIPAL LAND TRANSFER TAX - CITY OF TORONTO

For property containing at least one, and not more than two, single family residences with a consideration value of:

Up to and including $55,000.00      0.5% plus

$55,000.01 to $400,000.00            1.0% plus

Over $400,000.00                           2.0%

 For all other property with a consideration value:

 Up to and including $55,000.00      0.5% plus

 $55,000.01 to $400,000.00            1.0% plus

 $400,000.01 to $40,000,000.00     1.5% plus

 Over $40,000,000.00                      1.0%

The City of Toronto will offer MLTT rebates for grandfathering and for first-time home purchasers.

REGISTRATION COSTS

Registration fee for Transfer/Title Deed ..............................$ 70.50

Registration fee for Mortgage............................................. $ 70.50

Delayed or problematic transactions may incur extra legal fees and disbursements.

All legal fees are subject to GST.