London Ontario Real Estate

Want to keep you home’s purchase price a secret ?
You can do this yourself in Ontario but you’re better off using your lawyer ,in my opinion. If you’re  lawyer is going to charge you extra for this find another lawyer ! In London Ontario, and surrounding Middlesex County including such areas as  Ilderton,Komoka,St Thomas, Kilworth home buyers go through the same procedures unlike Toronto home buyers  who have an extra tax.
  How to keep your home’s purchase price secret  ? You pay
 the land transfer tax in advance or simply instruct your lawyer to do so.
 If you want to do this yourself, you will need  the following.
1.A cover letter from the lawyer
2.A copy of the original agreement of purchase and sale
3.The draft deed to be registered on closing
4.A copy of the statement of adjustments
5.Three signed land transfer tax affidavits; and  a certified check payable to the Ministry of finance for the amount of land transfer tax owing

 

The  good news is that  the land transfer tax rate has not changed since June 1, 1989

0.5% of the value of the consideration up to and including $55,000,
1% of the value of the consideration which exceeds $55,000 up to and including $250,000, and
1.5% of the value of the consideration which exceeds $250,000, and
2% of the amount by which the value of the consideration exceeds $400,000 for land that contains at least one and not more than two single family residences.
For more Land Transfer tax information  > (http://www.fin.gov.on.ca/en/tax/ltt/)
The  friendly Ministry  staff will then provide your lawyer with a special code to be entered on closing, to confirm that the land transfer tax has already been paid.   The Lawyer  I use  for the London real estate market is Lawrence Blokker who suggests that all material be sent three weeks in advance of closing to make sure it is completed in time.   Some people have found that if you go in person to the Ministry office, you may be able to obtain the code that same day.( I would not leave that to chance personally)
 A word of caution, Ministry of finance representatives in London are available by appointment only. You can try calling 1 866 668-8297 or the following address for London Ontario is
Ministry of Finance