a) $55,000 to $250,000 multiply by .01 and subtract $275.00
b) $250,000 to $400,000 multiply by .015 and subtract $1,525.
*Denotes that if Title Insurance is purchased, these disbursements are not required.
All disbursements are approximate only and many vary from one municipality to another. This is an estimate only; the actual charges may vary. Some of the disbursements are subject to GST.
Land Transfer Tax
In addition to fees and disbursements on a purchase, the client must pay land Transfer Tax on the value of the consideration, to the Provincial Government as follows:
Value of Consideration
0 to $55,000.00
$55,000.00 to $250,000.00
$250,000.01 and up
Single Family Residences over $400,000.00
In order to certify title to the client and the mortgage company, it is necessary to have a building location survey showing the location of the buildings in relation to the boundary lines. If such a survey is stamped by the surveyor and there have been no building additions after the survey was drawn, it should be acceptable to the mortgage institution. (Some banks insist the survey be less than 20 years old.)
Should no survey be available, most financial institutions are accepting Title Insurance. This covers the lender for any unforeseen deficiencies due to lack of survey at a cost $270.00
Title Insurance can also be an option when purchasing a new home as no tax certificate, building compliance or utility searches is required, thus saving the cost of such services.
Note - when Title Insurance is purchased *disbursements are waived.