The following is a list of expenses normally incurred by a buyer when completeing the purchase of a residential property within Toronto.
1. Legal Fees
The tariff rate for residential properties is between .25% and .5% of the purchase price, normally not to exceed $1,450.00. Lawyers may negotiate their fees and will provide individual quotes when requested.
2. Land Transfer Tax - Provincial
$ 55,000 - $250,000 (Purchase price x 1%) minus $275.00
$ 250K - $400K (Purchase price x 1.5%) minus $1,525.00
$400K - up (Purchase price x 2%) minus $3,525.00
Land Transfer Tax - Municipal
$ 0 - $ 55K (Purchase price x 0.5%)
$ 56K - $ 400K (Purchase price x 1%)
$ 401K - up (Purchase price x 2%)
3. Survey
A new survey may be necessary if the Seller does not have an "acceptable" survey and one is required by the first Mortgagee. Cost $ 750.00 - $ 1100.00
4. Disbursments - A typical list of dispursments is as follows:
- Law Society Transaction Levy
- Tax Certificates
- Building Clearance
- Sheriff's Certificate
- Deed Registration
- Mortgage Registration
- Registry Office Searches
- Water Status Reports & Consumers Gas
- Copies, Postage, Fax, etc.
5. Title Insurance
$ 250 - $ 300 (if new home is under $500K)
$ 400 (if resale home is under $500K)
6. Adjustments
On a pro rata basis the lawyer will apportion the following expenses, as of the date of completion: Taxes; Oil (usually topped-up by the Seller and the Buyer receives a full tank); Water (only flat rate accounts in Toronto); Common expense fees
Notes:
Building clearances: City of Toronto will not comment on surveys. They give only zoning and work order information, front yard parking, committee of adjustments files, etc.
Toronto Hydro: The give neither written nor verbal informaton. It si entirely up to the Seller and Buyer to call them.
All disbursements with the exception of registration costs are subject to applicable G.S.T.
J. Scott Wilson, Bosley Real Estate Ltd. Brokerage
Cabbagetown and Downtown Toronto Houses & Condos for Sale
Your Home Is My Business!
