Real Estate
FEES & EXPENSES TO BUY, SELL OR MORTGAGE YOUR HOME
You pay the legal fees, expenses and GST. If you are buying, in most cases you pay Land Transfer Tax.
LEGAL FEES*
| Purchase | $700.00 |
| Mortgage | $150.00 per mortgage |
| Sale | $600.00 |
| Mortgage Discharge | $150.00 per mortgage |
| Remortgage | $450.00 |
| Transfer of Interest in House | $450.00 |
*May vary depending on complexity
ESTIMATED PURCHASE EXPENSES IN BRAMPTON*
| Building & Zoning Cert | $75.00 |
| Hydro Certificate per mortgage | $15.00 |
| Gas Certificate | $16.05 |
| Subdivision Certificate | $75.00 |
| Tax Certificate | $35.00 |
| Registration of deed, mortgage or mortgage discharge | $70.70 each |
| Title search and closing (approx) | $150.00 |
| Law Society Insurance Levy | $50.00 |
| courier, copying,fax, etc. (approx) | $30.00 |
*expenses may vary depending upon transaction and whether title insurance is obtained E & O. E.
LAND TRANSFER TAX
This is payable by you when you purchase your home. You may qualify for an exemption of all or most of the tax as a first time buyer purchasing from a builder. The tax is based on the purchase price of the house.
Here is the formula to calculate it:
- Up to $250,000.00: 1% of Purchase price minus $275.00
- Over $250,000.00: 1.5% of Purchase price minus $1,525.00
- Over $400,000.00: 2% of Purchase price minus $3,525.00