RESIDENTIAL REAL ESTATE

The purchase or sale of a new home is often a life altering decision for many families. It is a major investment and should be handled with the utmost care and by professionals who understand the legal issues attendant to conveying property.

Whether you are purchasing or selling your home, we will ensure that your transfer of property is legally binding. At A.Z. CLARKE LAW we review your Agreement of Purchase and Sale, liaise with the other party’s lawyer, the bank, real estate agent in ensuring that all requisite matters surrounding your transaction is dealt with in a timely and efficient manner.

We conduct all title and execution searches, registrations, discharges and title transfer. We prepare all necessary correspondence throughout the transaction up to the closing date and we will also assist you in obtaining title insurance if you are purchasing property.

At A.Z. CLARKE LAW all client files are dealt with in the most professional manner. Client confidentiality and solicitor client privilege are highly valued, hence our clients can rest assured of the utmost due diligence in attending to their legal needs.

Ontario Land Transfer Tax

The Government of Ontario applies a Land Transfer tax for land that is being transferred from one owner to another.

Tax rates

Effective January 1, 2017, the tax rates for land transfer tax will depend on the date of the agreement of purchase and sale. If an agreement of purchase and sale was entered into after November 14, 2016, and registration or the disposition occurred on or after January 1, 2017, the tax rates on the value of the consideration are as follows:

– amounts up to and including $55,000: 0.5%

– amounts exceeding $55,000, up to and including $250,000: 1.0%

– amounts exceeding $250,000, up to and including $400,000: 1.5%

– amounts exceeding $400,000: 2.0%

– amounts exceeding $2,000,000, where the land contains one or two single family residences: 2.5%.

For the definition of single family residence, consult a lawyer or Canada Revenue Agency.

Transitional tax rates

The following rates of land transfer tax apply to all registrations and dispositions that occurred prior to January 1, 2017. Tax is calculated on the value of the consideration at the following rates:

– amounts up to and including $55,000: 0.5%

– amounts exceeding $55,000, up to and including $250,000: 1.0%

– amounts exceeding $250,000: 1.5%

– amounts exceeding $400,000, where the land contains one or two single family residences: 2.0%.

For transfers with agreements of purchase and sale that were entered into on or before November 14, 2016, the above rates will apply regardless of the date of registration or disposition.

A.Z. CLARKE Professional Corporation

Law Firm in the Community

NOTICE: The information and links contained on this website are intended only to be merely informative and are NOT intended to provide legal advice to any person/entity. Never rely solely on the information contained on this web site or on any third-party web site. Information and/or links may not apply or be appropriate to your situation and/or may be out of date. Any person with a specific legal question or legal problem should always consult with and seek the advice of a qualified lawyer. E.&O.E.

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