Real Estate

Residential and Commercial Real Estate

Real estate is typically the most significant investment a person will make in their lifetime.

At Cook Law Firm we specialize in the following areas;

  • Purchases, sales and mortgages of residential property, commercial property, business property, vacant land and farm land.
  • Business/Franchise purchases and sales.
  • Inter-Family transfers.
  • Estate transfers.
  • Title insurance.
  • Severances.
  • Resolving title issues

Land Transfer Tax

Land Transfer Tax (LTT) is payable to the Ontario government at the time you close your real estate purchase transaction. For properties located in Toronto, there is an additional Municipal Land Transfer Tax (MLTT) payable to the City of Toronto.

The Ontario LTT rates are;

Property Value

$55,000.00-$250,000.00 

$250,000.00-$400,000.00 

Over $400,000.00

Calculation

Purchase Price x 1%, less $275.00

Purchase Price x 1.5%, less $1,525.00

Purchase Price x 2%, less $3,525.00

The Toronto MLTT rates are;

Property Value

$55,000.00-$400,000.00

Over $400,000.00

Calculation

Purchase Price x 1%, less $275.00

Purchase Price x 2%, less $3,725.00

First Time Home Buyers

First time home buyers may be eligible for a Land Transfer Tax rebate. Both Ontario and The City of Toronto offer Land Transfer Tax rebates to first time home buyers in order to offset the tax. 

To see if you qualify please visit the website of the Ontario Ministry of Finance. If your property is located in Toronto please view the website of The City of Toronto for eligibility of the MLTT.

To claim the rebates you must;

  • Be at least 18 years of age.
  • Occupy the home as your principal residence within 9 months of the date of transfer.
  • Cannot have ever owned, or had an interest in a home anywhere in the world.
  • Your spouse cannot have owned or had interest in a home anywhere in the world.

Rebate - Fist time home buyers

  1. Provincial Land Transfer Tax - exemption up to $4,000.00.
  2. Municipal Land Transfer Tax - exemption up to $4,475.00.
     

Cook Law Firm in Markham serves all areas of Central Toronto and GTA: York, Halton, Durham and Peel; including Vaughan, Richmond Hill, Thornhill, Whitchurch-Stouffville, Unionville, Newmarket, Aurora, Woodbridge, North York, Etobicoke, Ajax, Oshawa, Brampton, Pickering, Whitby, and Mississauga.

Consult Our Real Estate Lawyer in Markham >>