The following is a list of expenses normally incurred by a Buyer when completing the purchase of a Residential property within Toronto.

1.  Legal Fees

The tariff rate for residential properties is between .25% and .5% of the purchase price, normally not to exceed $1,450.00.  Lawyers may negotiate their fees and will provide individual quotes when requested.

2. Land Transfer Tax - Provincial and Municipal

Provincial Land Transfer Tax

Purchase Price                          Land Transfer Tax

• $55,000 to $250,000       (purchase price x 1%) minus $275
• $250,000 to $400,000     (purchase price x 1.5%) minus $1,525.
• $400,000 and up            (purchase price x 2%) minus $3,525.

Municipal Land Transfer Tax (City of Toronto only)

       Purchase Price                       Land Transfer Tax

• $000 to $55,000                    (Purchase Price x 0.5%)
• $56,000 to $400,000              (Purchase Price x 1%)
• $401,000 and up                    (Purchase Price x 2%)

3. Survey

A new survey may be necessary if the Seller does not have an "acceptable" survey and one is required by the first Mortgagee. Cost: $750.00 - $1100.00

4. Disbursements - A typical list of disbursements is as follows:

Law Society Transaction Levy     $50.00

Tax Certificates                       $65.00

Building Clearance                   $105.00

Sheriff's Certificates                 $50.00 to $100.00 (avg.)

Deed Registration                    $70.50

Mortgage Registration              $70.50

Registry Office Searches           $80.00

Water Status Reports & Consumers Gas   $41.05

Copies, Postage, Fax, ets.        $25.00

5. Title Insurance (Purchase and Mortgage)

$250 - $300 if new home under $500,000

$400 if resale under $500,000

6. Adjustments

On a pro rata basis, the lawyer will apportion the following expenses, as of the date of completion:

Taxes, Oil (usually topped-up by Seller, and Buyer receives a full tank), Water (only flat rate accounts in Toronto), Common expense fees. 

NOTES:

Building clearances -- City of Toronto will not comment on surveys. They give only zoning and work order information, front yard parking, committee of adjustment files, etc.

Toronto Hydro -- They give neither writtern nor verbal information. It is entirely up to the Seller and Buyer to call them.

All adjustments with the exception of registration costs are subject to applicable G.S.T.