Especially in the times we are in right now, it is extremely important to know who you are hiring to represent your interests.
When I’m meeting with new clients who are looking to purchase I go through the entire process from start to finish before we enter our first home. I want all questions answered up front so the process is much smoother. I also review all the documents that will need to be signed upon submitting an offer and again answer any questions you may have.
One of the least fun parts of buying a home in Ontario, and especially in Toronto, is paying Land Transfer Tax.
Who pays land transfer tax?
Buyers of houses and condos in Ontario pay land transfer tax when they purchase a property – Sellers never pay. Your lawyer will arrange for land transfer taxes to be paid when the deed to the new home is transferred in your name (on closing day). Buyers in Toronto are especially unlucky – we also get to pay the Toronto Land Transfer Tax.
Some good news for first-time buyers is that they may be eligible to receive a refund for land-transfer tax.