A real estate agent representing a buyer. A buyer agent is legally obligated to protect and promote the interests of the buyer in the transaction.
What is Land Transfer Tax?
This one time tax is collected by the Ontario Government and is paid by the purchaser, when an Agreement of Purchase and Sale is registered at the Registry office. The amount of the tax is based on the purchase price of the property.
Your Realtor would be able to calculate land transfer tax for you.
How much does a Home Inspection Cost?
Home inspections generally cost between $200 and $300.
What is a lien?
When there is a debt owing against the property, a lien may be filed against the title. The money owing must be paid off before the title to the property can be transferred. Liens can be discovered by doing a title search.
Examples of liens: Liens could be applied to a property for: unpaid workers who have worked on the property, for suppliers who have supplied materials for the property and not been paid.
What is a vendor take back?
This means the seller lends you the money to purchase the home. The seller may be able to offer this loan at less than bank fees. Your Realtor would be able to explain this further.
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