Occupancy date also known as interim closing date is a date on which the purchaser takes possession of the new condo from builder, prior to final closing and transfer of title. The buyer pays an occupancy fee from this date until the unit transfer date.
Archive for February 9th, 2017
Interest Adjustment Date
It is a date on which an adjustment is made for interest that accumulates between the date the loan/mortgage was advanced and the first charge payment date for the following month.
Ontario Land Transfer Tax
Every person who has acquired a beneficial interest in the land by completing a registration of conveyance is liable to pay Land Transfer Tax under the Land Transfer Tax Act. Land Transfer Tax is payable on each transfer/conveyance of land in Ontario unless exempt under the Act. It is usually calculated based on the value of consideration. According to the Act, any conveyance completed on or after January 1 2017, tax will be calculated in the following manner at the rate of:
0.5% of a total consideration of the conveyance upto $55,000.00
1% of a total consideration of the conveyance that exceeds $55,000.0 upto and including $250,000.00
1.5% of a total consideration that exceeds $250,000.00 upto and including $400,000.00
2% of a total consideration that $400,000.00
2.5% of a total consideration that exceeds $2,000,000.00 and the conveyance of the land that consists of one and not more than two single family residences.