I just wanted to share with you all a little tidbit of information about property transfer tax. (PTT) This tax is paid by the buyers upon completion of their purchase. This cost would fall under one of the "closing costs" associated with buying yourself a home. How it's calculated is this:
1% of the first $200,000 of the purchase price &
2% of the balance remaining of the purchase price.
Aside from your lawyer fees and the deposit, this is the largest cost you'll have to worry about when you decide to purchase a home. However, if you're a first time buyer - you're exempt from paying this tax up to an amount of $450,000. If you have any questions surrounding this topic, you know how to get a hold of me!
Happy Holidays!
Brad.
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