Lulu and Tihana

This provincial property transfer tax is calculated at :

- 1% of the purchase price up to and including $200,000

 - 2% on the value above $200,000 and up to and including $2,000,000.  

- 3% on the value greater than $2,000,000

If you are a first time homebuyer and your purchase price is less than $500,000, then you will be exempt from this tax.

The taxes and utilities will be adjusted in the Statement of Adjustments.  Taxes are based on the calendar year between January 1 and December 31 and are usually due the first business day in July.  Utilities can be billed yearly, quarterly or monthly and sometimes a special metre reading is required.  If the due date is before the completion date the Seller will be responsible for paying the tax bill.  If the due date is after the completion date then the purchaser will be responsible for remitting the payment.  Whoever pays the bill will be credited for the number of days that they do not have ownership of the property in that calendar year.

The taxes and utilities will be adjusted in the Statement of Adjustments.  Taxes are based on the calendar year between January 1 and December 31 and are usually due the first business day in July.  Utilities can be billed yearly, quarterly or monthly and sometimes a special metre reading is required.  If the due date is before the completion date the Seller will be responsible for paying the tax bill.  If the due date is after the completion date then the purchaser will be responsible for remitting the payment.  Whoever pays the bill will be credited for the number of days that they do not have ownership of the property in that calendar year.

This is usually done at the discretion of the purchaser, although this is something that Lulu highly recommends.  An inspection is a thorough evaluation of the structure, systems and components of the home.  The inspection report is usually multi-paged and comments on the condition of, but not limited to foundations, electrical, plumbing, heating, water heaters, appliances, fireplaces, drainage, roof, walls, floors, attic, crawl spaces and patios.  The inspection is preformed while a conditional offer is in place which gives the Buyer the tools and necessary information to decide as to whether or not they would like to proceed with buying the home.

By using electronic registration, Lawyers and Notary's are able to extend the hours of possible registration of the property after 3 pmand gives them greater flexibility to complete the transaction.

If you are Selling your home, you will be responsible for paying Real Estate Sales Commissions.  If you are a buyer, you do not have to pay real estate sales commissions.