Who has to pay the land transfer fees on a real estate transaction and how do you calculate it?

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Asked by Admin on January 19, 2013
Category: Realtors
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Jan 19, 2013
It’s the home buyer who pays land transfer tax. Moneyville.ca just touched on closing costs/land transfer fees and budgeting carefully! http://goo.gl/cMswc
Example: a $559,900 purchase = $18,200 in additional costs on closing.
Home buyers should budget the equivalent of 1.5 to 4 per cent of the purchase price for closing costs. Canada Mortgage and Housing Corp. have a useful budgeting sheet that can help:
http://www.cmhc-schl.gc.ca/en/co/buho/hostst/wosh_007.cfm?renderforprint=1
Mortgage comparison site Ratehub.ca has a LTT calculator:
http://www.ratehub.ca/land-transfer-tax
that can help estimate the Land Transfer Tax.