Michael Pettle Professional Corporation ensures that the buyer and seller will be provided with the agreed terms before any funds and deeds are released. We will also pay any outstanding mortgages, realtor commissions, key delivery and notify all utility vendors of the deal closing.
Pettle Law has relied on its vast knowledge with all the ins and outs of the buying process. At Pettle Law we will be able to help you through the Agreement of Purchase and Sale, including the rights and obligations before final closing. We will also walk you through your rights and obligations.
The following is intended to be only a brief review of the Land Transfer Tax in Ontario. The intended readers are primarily real estate and mortgage professionals.
For complex inquiries or questions please contact us.
Land transfer tax is paid in Ontario when a person purchases an interest in Land. Land includes buildings for the purpose of calculating the tax, for example, a high rise condominium. Land transfer tax is based on the amount paid for the land and any amount remaining on any mortgage or debt assumed to buy the land.
The higher the amount paid to buy the land or value of any mortgages assumed, the higher the land transfer tax. Without going into the formula used to calculate the tax here are some examples of land transfer taxes payable based on different home purchase prices.
Purchase Price-Land Transfer Tax Payable
$150,000.00 - $1225.00 $250,000.00 - $1975.00 $350,000.00 - $3725.00 $450,000.00 - $5475.00
An Orea Agreement of Purchase and Sale is a legal contract between a buyer and a seller.
It is usually initiated by an interested buyer who wants to buy property.
The buyer initiates the first step by submitting an offer to purchase in writing to the seller.
Although potential buyers can write their own offers, it is advisable to have an experienced realtor or lawyer draft the sales agreement so make sure every essential detail is in the offer.
Once the buyer has put in their/ offer to purchase a property, the seller has a certain amount of time to either accept or reject the offer.
During this time, the seller can negotiate their own terms and conditions of the sale. Once the purchase and sale agreement has been accepted and signed by the seller, the agreement becomes legally binding and cannot be broken unless both parties mutually agree.
In addition to buying and selling new homes, re-sale residential properties, and condominiums, we also offer the following services: