Experts Questions and Answers

Aug 23
2011

What is Land Transfer Tax and how much will it be?

posted by Nicholas Draper to Joanne McPhail  ::  Views (7194)
The land transfer tax you pay will depend upon the price of your home.   Here is a great link to do the calculation.  Just enter in the purchase price of your home and it will calculate your land transfer tax.  www.landtransfertaxcalculator.ca    [ more ]
May 5
2011

Hi Kevin, I am seeing the mortgage information for the property at 30 Greenfield stating that there is no money down required for an income of over $92k with a 30 yr term. How accurate is this? Thanks! Stephanie

posted by Stephanie to Kevin Harris  ::  Views (7580)
Hey Stephanie, This program is offered through several lenders and is available and can be used to purchase this property.The ratios needed to qualify work on the calculation of the carrying costs for this property based on the 92k/yr (income maybe combined) and is accurate to... [ more ]
Apr 27
2011

How much do you charge and what would the land transfer fees be on a $320,000 house. I have a client moving in July so I will refer but he wants to know the charge. Will be selling in Barrie and buying in Springwater. Thanks Judy

posted by Judy to Joanne McPhail  ::  Views (9372)
Hi Judy:  Thanks for your questions and for thinking of me!  Land transfer tax would be $3275.00.  Our fee on a purchase with a mortgage is $900 plus HST and the usual disbursements.  We usually tell clients to budget about $1600 plus the land transfer tax on a straight... [ more ]
Mar 18
2011

As a young professional I am looking to buy my first home. With a gross annual income of $69,000 and total monthly debt obligations of $1000, what size of a mortgage should I realistically be looking at? Thank you very much for your time.

posted by to Kevin Harris  ::  Views (7060)
Thank you for your question.... with the recent changes to the mortgage industry in relation to the limiting of the Amortization period to 30 years I ran my calculations based on that and at today's low rates. With an income of 69K and the 1000/mo obligation you are showing you should be... [ more ]
Jul 1
2010

Can I ask a Realtor what the previous home sales were and the amounts they sold for, before I consider an offer?

posted by Valerie Martel to Joanne McPhail  ::  Views (7356)
Hmmm...this is more of a question for a realtor than a lawyer I think...I am fairly sure they can access the last transaction so I believe they can tell you what the Vendors purchased the home for.  I am not sure if they can go back further than that.  If you really want to know, your... [ more ]
Jun 21
2010

what would be the separate schools (both elementary level & high school) for this property on 49 Ridgeway Ave ? thanks

posted by Janice to Joanne McPhail  ::  Views (7244)
Sorry, I do not know the answer to this, however, I believe the school boards have a web site which allows you to do a search by address, to determine what school area you are in.  Try googling the Simcoe County Catholic School Board to find the site!  Good luck! [ more ]
May 15
2010

Hi Joanne, Yes I am another McPhail :) Here's my question, hope you can help. I currently own 2 properties as joint title with my wife. (home and cottage) We are currently going through separation and will be listing both properties. We would like to avoid further loss from the capital gains hit on the cottage. If we changed the title to individual on each of the properties and documented that in the separation agreement, then when we sold the properties we would each be showing a principal residence. Could we then avoid the capital gain on the cottage ? Thank you Mark McPhail Barrie

posted by Mark McPhail to Joanne McPhail  ::  Views (7220)
Hi Mark!  Unfortunately, I think this is more of a question for your accountant.  You will want to be very careful about doing anything until you have obtained tax advice, and also have a separation agreement, so that everyone is clear on tax and family law implications.  If... [ more ]
May 11
2010

Why is HST added to a condo status certificate when the Act says that the fee includes all applicable taxes?

posted by Merv Burgard to Joanne McPhail  ::  Views (7150)
Actually, you are correct, in that Ont. Reg 48/01 does stipulate in section 18(2) that a status certificate cost shall not exceed $100.00, inclusive of all applicable taxes.  However, in my experience, most condo corps have been charging $100 plus GST.  With the advent of the HST, I can... [ more ]
Mar 27
2010

What are your legal fees and what is included in the fees when one is purchasing a first time home?

posted by Rachel Berry to Joanne McPhail  ::  Views (6631)
Thanks for asking!  Our fee for a purchase with one mortgage  is $900.00 plus GST.  Then there are "disbursements" on top of that - these are out-of-pocket expenses incurred by us in order to complete your purchase (like registration fees, title insurance fees,... [ more ]
Feb 16
2010

I have been advised to make my offer conditional upon the approval of my lawyer. Is this necessary? If so, what is the fee for this service and how long would it take for you to approve/disapprove from the time I submit it into your office?

posted by Jeff to Joanne McPhail  ::  Views (6656)
Sorry this has taken me so long - I was away on vacation last week!  You may have already proceeded, but yes, it is typical to make an offer conditional upon solicitor's approval - I can usually review and comment on an offer within 1 business day but it's nice to have 2 just in case. ... [ more ]
Dec 20
2009

Should I have my lawyer review my offer before accepting? If so, why would it be a good idea? Is there an extra cost for this service? I have heard that it is a wise idea. Thank you.

posted by Carolyn to Joanne McPhail  ::  Views (6544)
Hi! It is a good idea to have your lawyer review your offer. There is usually not an additional cost to this, if you are using the lawyer for the transaction, unless he/she is required to get involved with negotiations or major changes to the Agreement. Usually, this is not the case, as the agent... [ more ]
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