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Do it right the first time, call Eric today! * * * Interview your REALTOR® . Ensure that you know all your costs. * * *
B U Y E R  Information
Have you ever made a purchase you regretted?   If the purchase is a small one, that's not so bad.    But a house! Think of the consequences if you make a mistake. That's why it pays big personal and financial dividends to place your transaction in the hands of a trusted experienced REALTOR®. The following is how Eric can help make your dreams into a reality. Not reality into a nightmare.
When you're buying a home, Eric will help you identify what you want in your new residence. It could be a pool, garage, three washrooms. Maybe a specific floor plan or style. How about the neighbourhood? Proximity to transit, schools, special services.
Eric will compare your requirements, wish list, and budget with what is available on the market. Eric will accompany you as you view properties. Provide you with information and history regarding the property and it’s location.
After knowing your requirements Eric can help you with financing choices available. Eric can direct you to professional financial services that can often be confusing. At your request, Eric will assist in evaluating mortgage options and obtaining financing at the most attractive prevailing rates and terms.
Multiple Listing Service (MLS©) is an exclusive service accessible only through a REALTOR®. MLS can be a valuable tool. Through MLS, the details of a wide variety of listed properties are made available. This can save you a tremendous amount of time and effort in your hunt for the right home.
Buying a home is one of the largest business transactions most of us will ever make. Canadians buy homes for any number of reasons. Children, a new beginning, job transfer, .... But no matter how emotional or rational your buying decision is, the purchase of a home can be very complex with additional hidden costs that you may not be aware of. (Check out costs.)

Before receiving the designation of “REALTOR®”, sales representatives must successfully complete an extensive course of study developed by the Ontario Real Estate Association (OREA). All REALTOR’s® are required to obtain 24 continuing education units (CEU) every two years. The courses focus on continuing professional development. Completion of the 24 CEU are required for the designation of REALTOR® .

TREB REALTORS® are professionals. Does it not pay to seek the advice of a professional when making one of the largest purchases of your life? 

Eric has invested in additional education and has numerous designations and certifications including ABR = Accredited Buyer's Representative Designation, CSR = Certified Residential Specialist Designation among numerous others.    


Eric provides all his clients with the 
“How to BUY Your Home” book.  
This book is a step-by-step guide for someone who is about to buy a home. It describes in detail the many steps in purchasing a home such as making an offer, arranging financing and working with a REALTOR® .

Do it right the first time, call Eric today! * * * Interview your REALTOR®. Ensure that you know all your costs before signing. * * *

Land Transfer Tax is a tax imposed on real property.  Calculated on the value of the property being registered in a land registration office. 
 NOTE:  This example is for the PROVINCE of ONTARIO outside of TORONTO. Toronto has a second Land Transfer Tax.
TAX RATE TABLE
0.5% on the first $55,000
1.0% on portion between $55,000 - $250,000
1.5% on balance over $250,000
If the land falls under the definition of single-family and duplex residences, an additional tax of 0.5% applies to consideration over $400,000.
Example:    
A single-family home is purchased for $450,000.  
The following calculation applies:
$0-$55,000                     .005 x $55,000   =    275
$55,000-$250,000             .01 x $195,000   = 1,950
$250,000-$400,000         .015 x $150,000 = 2,250
$400,000 plus        (.015 + .005) x $50,000 = 1,000

 Total Land Transfer Tax Payable     $5,475
YES! First Time Homebuyers may receive a rebate of up to $2,000.00
To qualify for the instant first time homebuyer rebates for the Ontario/Toronto Land Transfer Tax the following must apply:
The purchaser must be at least 18 years of age.
Application for the refund must be made within 18 months after the date of the conveyance or disposition. Please speak with your Solicitor first to ensure you qualify. A good practice is to always let your Solicitor review any documents before signing them.
The purchaser must occupy the home as his or her principal residence within 9 months of the date of closing.
The purchaser cannot have owned a home or had any ownership interest in a home, anywhere in the world.
A spouse of the purchaser cannot have owned a home or had any ownership interest in a home, anywhere in the world while he or she was the purchaser’s spouse.

The information provided within this site is not to be relied upon or construed as legal and/or Real Estate advice.  Consumers/Public are urged to seek expert advice on specific issues affecting them.
| Land Transfer Tax Calculator |

Land Transfer Tax Calculator


Calculate Land Transfer Tax (Residential)

Enter the purchase price: $ 
(no commas or decimals)

Provincial Land Transfer Tax (PLTT) Amount $

Toronto Land Transfer Tax (TLTT) Amount $

Total Land Transfer Tax (PLTT + TLTT) Amount $


(Applies to all Ontario properties including Toronto)


(Applies to Toronto properties only)

(Applies to Toronto properties only)
All information on this site is copyright © 2015 Eric McCartney. All rights reserved. Although I try to enure the accuracy and timeliness of information, it is not guaranteed. Eric McCartney accepts no responsibility for any loss arising from any use or reliance on the information contained herein.
B U Y E R   E x p e n s e s  for  Re-Sale & Newly Constructed Homes
Possible Re-Sale Expenses
The purpose of this section is for consumer awareness of possible additional costs that my be incurred when purchasing a residential Re-Sale home.  NOTE: Listed are the most common costs and expenses. Keep in mind, each property is unique, thus there is a possibility that some costs and expenses may NOT be listed within the web page.
Please do NOT rely on this web page for all your costs pertaining to your possible Re-Sale purchase.
Land Transfer Tax (For more information on calculating Land Transfer Tax scroll to the bottom of this page.)  
Example: 250K home would be approx. $2,225
Harmonized Sales Tax (HST) (i.e. Purchases included, home office, all services …)
Home Insurance / Mortgage Insurance
Home Inspector I would like to recommend that you have a reputable Home Inspector go through your possible home purchase. Give me a call for more information and OFFER Clauses. An inspection protects you the buyer by revealing any problems in the property that you’d want to know before you move in.
Mortgage Broker’s Fee Example: Processing fees, registration, … Note: If you currently have a mortgage on your current property find out if it is transferable. A mortgage broker may charge a fee to arrange a mortgage on your behalf.
Mortgage Loan Insurance If you are putting less then 25% of the house value down, you are going to need mortgage loan insurance. A CMHC loan will require to pay the insurance up front. There will also be PST charged on the insurance.
Appraisal Fee Lenders usually give a loan on the percentage of the home’s purchase price or the market appraisal of the property. Cost depends on the size and complexity of the property.
Deposit A deposit normally goes with the formal offer to purchase. Usually five percent.
Land Survey The lender who provides you with a mortgage may ask for a current survey or certificate of location before signing off on a loan. There can be a substantial cost for having a new survey done on the property.
Commission Is most often paid by the SELLER but be careful.
Closing Cost Adjustments – Example: Pre-Paid Taxes / Fuel
Solicitor Fees / Legal Expenses and disbursements
Title Search and registration of documents.
Cost of a survey, zoning memorandum, tax certificate.
Title Insurance Most lawyers insist you purchase title insurance through the Title Insurance company they deal with. Title insurance provides coverage in case of problems with the property title among other things. The cost is usually a few hundred dollars.
On Going Fees Example: The seller has had a contract with a security company. On going maintenance fees with a condo it will be your condo fees. Don’t forget your monthly utility costs. Water, Gas, Electricity, Cable, Internet, Phone, Cell, Rental items such as hot water heater, water softener, security, grounds keeping, snow removal, ...
Utility Company Connections Example: Cable / Internet / Gas / Hydro / Water …
Rentals Example: Hot Water Tank / Softener / Alarm System /… Item NOT fully paid for. Pool, Landscaping, ...
Appliances / Furniture / Window Treatments
Cleaning. You may be left with a surprise. Also, if you are moving into a home during a rainy/snowy day ensure the carpets are covered. If the home has a wood stove or fireplace you may have to clean the chimney. Also, any furnace, gas fireplace, or air conditioner should be cleaned. Refer to the manufacturers instruction for optimum performance and safety.
Moving Expenses / Storage
Maintenance Lawn / Snow Removal / Paint / Landscaping …
If the property has a WELL, request to see the latest FLOW and Water Tests. If the tests are not current, it is recommended that a NEW flow and water tests be conducted. Give me a call for more information.
If the property has a SEPTIC tank, request documentation regarding the last time the tank was cleaned. Request a septic survey.
P O O L If the property has a pool there are additional expenses. Give me a call for more information. If you are purchasing the property during the winter months I can help you to create specific clauses for this feature to protect you.

Possible Newly Constructed Home Purchase Expenses Below
The purpose of this section is for consumer awareness of possible additional costs that my be incurred when purchasing a Newly Constructed Home.
NOTE: Listed are the most common costs and expenses. Keep in mind, each builder / home site property is unique, thus there is a possibility that some costs and expenses may NOT be listed within this web page.
Please do NOT rely on this web page for all your costs pertaining to your possible Newly Constructed Home Purchase.
Land Transfer Tax (LTT)  (For more information on calculating Land Transfer Tax scroll down to the left of this page.) Example: The LTT for a 250K home would be approx. $2,225
Meters
Example: Water Meter, Hydro Meter, (Gas Meter)
Subdivision Improvement Fees
Town Tree Planting
Driveway Paving
Grading Deposit
Educational Lot Levies
Harmonization Sales Tax (HST)
Home Insurance Example: Fire Mortgage Insurance
The Tarion New Home Warranty Program TNHWP
Mortgage Expenses Example: Arranging costs( some institutions send a third party then charge those expenses back to you), registration, Land Registry or Land Titles Office
Commission (Most often paid by Seller) Did you sign a Buyer Agency agreement with a Realtor?
Extras and/or features that may only have been included in model. Obtain builders schedule “A”
Closing Cost Adjustments – Example: Pre-Paid Taxes / Fuel
Solicitor Fees / Legal Expenses and disbursements
Title Search and registration of documents.
Cost of a survey, zoning memorandum, tax certificate.
Utility Company Connections Example: Cable / Internet / Gas / Hydro / Water …
Rentals Example: Water Softener, Alarm System ...
Appliances / Furniture / Window Treatments / Garage Door Openers / Central Vacuum
Moving Expenses / Storage
Fences / Landscaping /Air Conditioning/Humidifier/Air Cleaner/Security System
Maintenance: Lawn/Snow Removal / Paint / Furnace …
Rental agreements that the builder may have made with Sub-trades. Example: Alarm System and Hot Water Tank. Do some comparisons. How long are the agreements for? What does it cover? Is there a buy out? If so, how much and when?







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