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Janice Rumley
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The Information contained within this page is intended to give a brief overview for First Time Buyers and Questions You may have when Buying Your Home.  Answers to the frequently asked questions will start You on Your way to making an Educated and Informed  decision when Buying Your Home.  Your Real Estate Agent will help to provide you with the tools to make a decision but only You, the Buyer, will know if the home is the right one!  For more Information please click here.

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  • What is the Ontario Land Transfer Tax?

Upon the purchase of a Residential Property in Ontario the Ontario Land Transfer Tax (LTT) will be calculated on the Purchase Price and is payable on closing based on the following:

-         0.5% on the first $55,000 of the purchase price plus;

-         1.0% on the amount exceeding $55,000 up to and including $250,000 plus;

-         1.5% on the amount exceeding $250,000 up to and including $400,000 plus;

-         2.0% on the amount over $400,000

  •  As a First Time Home Buyer am I eligible for a LTT rebate?

First Time Home Buyers can receive a credit of up to $4,000 from the Ontario Government.  The purchaser must be 18 yrs of age or older; the application must be made within 18 months of purchase; the purchaser must occupy the home as a principal residence within 9 months of closing; the purchaser cannot have previously owned a home anywhere in the world; a spouse of the purchaser cannot have owned a home while they were the spouse of the purchaser; if the spouse sold the property before you were married, than you are a first time buyer and you would qualify for a 50% rebate; if you buy the home in your name only, you are eligible for a 100% rebate.

The increased rebate will take effect January 1, 2017 and will mean that eligible homebuyers in Ontario would pay no Land Transfer Tax (LTT) on the first $368,000 of their home’s purchase price.

  •  When is the Land Transfer Tax Paid?

The Purchaser’s solicitor will pay the LTT on behalf of the purchaser on closing date and the purchaser will be required to provide these funds.

  • What it the First Time Buyer's Tax Credit?

Homebuyers who have not owned a home within the last four years may be eligible for the first-time homebuyer’s tax credit (HBTC) through the Government of Canada’s Economic Action plan. The credit is based on $5,000 multiplied by the lowest federal income tax rate for that year. For example, the lowest federal income tax rate for 2014 is 15%, so the value of the credit would be $750

  •  Besides the Purchase Price of My Home are there any additional costs?

Yes there are.  These include Lawyers  fees, Land Transfer Tax, Mover’s Costs, Costs of Setting up Utilities (ie Hydro, Gas),  Mortgage Application Fee may be charged by some lenders,  CMHC costs if you have less than 20% down, Home insurance will be required by your lender, Title Insurance, Home Inspection, Adjustments.

  •  What is Title Insurance?

Title Insurance will cost a few hundred dollars and remains in effect for the property as long as the mortgage remains on title.  Title insurance gives the Buyer peace of mind and assurance that title is 100% yours, with no liens or claims against the property

  •  What are Adjustments?

These may include ie if your home has an oil or propane tank the seller will fill the tank prior to closing and your lawyer will determine the dollar amount owed to the seller; the seller may have paid their property taxes for months past closing and your lawyer will determine the dollar amount owed to the seller

  •  Do I need a Home Inspection?

A Home Inspection is usually included in Your Agreement of Purchase and Sale and is often a condition for the purchase of the home.  A qualified Home Inspector will walk you through the home and explain the condition of the home as well as any suggestions regarding maintenance & upkeep of your home.  Prices will vary depending in the services offered, between $300 and $600.

  •  Are there any other Rebates for First Time Home Buyers?

Yes, there is the Ontario Home Buyers’ Tax Credit and it must be claimed with your Personal Tax Refund, within the year of purchase.  For the year 2012, the rebate works out to be $750.

  •  How can a Realtor/ Real Estate Sales Representative help me in the process of Buying my Home?

Your Real Estate Agent will be working on Your behalf to find you a home that suits your needs and requirements.  Your local Realtor will be knowledgeable of homes in the area including pricing and comparables, will be able to explain the home buying process and all paperwork involved, will be able to negotiate on your behalf and will be able to provide references for home inspectors, mortgage brokers, movers, handymen and so on.


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