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Your lawyer will be one of the most important facilitators of your Real Estate transaction. They are responsible for researching and assuring that the deed to your house is in good order in the exchange of ownership. Your lawyer will assess the title and past title, look into and remove liens and make financial adjustments for taxes and utilities. They will also oversee your Land Transfer tax which is a one-time purchase tax the buyer is responsible for.
Here is how you can expect your Land Transfer tax to be calculated. The tax rates on the value of the consideration are as follows:
- 0.5% for amounts up to and including $55,000
- 1.0% for amounts exceeding $55,000 up to and including $250,000
- 1.5% for amounts exceeding $250,000
- 2.0% for amounts exceeding $400,000 where the land contains one or two single family residences
Real Estate law is a specialization. Below is a list of Ottawa Lawyers who practice Real Estate Law: