Real Estate Lawyer Ottawa, Ontario
The purchase or sale of a property is a major decision and the process is, in general, a significant undertaking. For example, the purchase of a home will be, for most of us, the biggest investment of our lives. As such, if you are buying or selling a home, condominium, rental property, commercial property, farm or cottage, it is important to be aware of all the legal implications involved in a real estate transaction to ensure you both minimize the occurrence of any post-closing issues and maximize the enjoyment of your new property or return on investment.
Expert Real Estate Lawyers in Ottawa for Seamless Transactions
Our team is made up of experienced lawyers and a dedicated group of clerks who can help you during your real estate transaction. Our firm is well known for its Ottawa real estate lawyer practise and our client service oriented approach. We know our craft well and will work with you from the onset of negotiations, to reviewing the Agreement of Purchase or Sale, all the way to the final closing of the transaction, and even beyond closing in the event minor post-closing issue arises.
Our clients are:
- Individuals or families – purchase or sale of new build and resale homes, condominiums, cottages, as well as mortgage financing
- Farmers – purchase or sale of farms, farmlands, and farming operations along with associated livestock and equipment
- Military Members - for years we have proudly served military members and are registered with Brookfield Global Relocation Services
- Estates – sale of estate property, often in conjunction with assisting Executors with the administration of an estate
- Lenders and Borrowers – whether it be private lenders lending to others or borrowers obtaining funds from a lender
- Business owners – purchase or sale of commercial property by individuals or corporations
- Investors – individuals, partnerships and joint venturers buying or selling investment property such as lands, homes, and multi-family dwellings
Get Hassle-Free Real Estate Transactions with Ottawa Real Estate Lawyers
We would be pleased to assist you with your real estate transaction. Don’t hesitate to get us involved early in the process, we review agreements of purchase and sale as well as condominium disclosure documents (Status Certificate) fee of charge. For a quote tailored to your specific transaction, give us a call or send us an email!
Provincial Land Transfer Tax
Although only one component of the acquisition of property, it is important to be aware of the land transfer tax (LTT) that is applicable in Ontario at the time you acquire property. Barring a few exceptions, the Ontario Government applies LTT to all properties purchased or transferred. Properties purchased within the “Greater Golden Horse Shoe” surrounding the City of Toronto are subject to an additional municipal land transfer tax. Only the buyer is required to pay the LTT and not the seller. The purchaser’s lawyer pays such tax on behalf of the purchaser on the closing date.
In Ontario, the tax rates calculated on the value of the consideration are base on a sliding scale as follows:
0.5% on the first $55,000 of the purchase price, plus
1.0% on the amount exceeding $ 55,000 up to and including $250,000, plus
1.5% on the amount exceeding $250,000 up to and including $400,000, plus
2.0% on the amount exceeding $400,000 up to and including $2,000,000, plus
2.5% above $2,000,000
To calculate the anticipated and approximate LTT applicable on your transaction, use the below land transfer tax calculator:
Land Transfer Tax Calculator
Contact us today to arrange for a free 30 minute consultation to meet with our lawyers so that we can get working for you to get the best results possible.