The purchase or sale of a home is often the biggest financial transaction of one’s life. It can be exciting and scary all at the same time. At Ronning Law Office, we are here to support you throughout this process, from the preparation of the offer to answering any of your post-closing follow up questions.
Have questions about the process? Concerned about the fees involved? Unsure of what your rights or obligations are? It’s never too early to come in to talk to us, we’ll be happy to answer any questions you have. please click on the Book an Appointment page to make an appointment.
Please find some of the commonly asked questions below.
No. You would liable for the difference between what you offered for the home, and what it actually sold for. As an example, if your offer was for $350,000, and the home ended up selling for $300,000, you would be liable for the $50,000 difference. In inflated markets like Vancouver, this has meant that prospective purchasers have been on the hook for close to a million dollars. However, there are many legally valid reasons for not going through with a purchase, such as the vendors not being able to provide clear title, or the purchaser being able to rely upon a condition (such as financing or inspection), in which case the deposit would be returned to the purchaser, and there would be no liability whatsoever.
You don't have to be present in Kenora on the date of closing, or in order to sign the documents required to close. Just inform us of your circumstances, and make arrangements to meet with a Notary Public in your current location. We will prepare all the documents, and the Notary Public will witness their execution to ensure the deals closes on time
Please call us to discuss the particulars of your case. Generally, if there are no conditions on the offer, we are able to close within 10 - 14 days.
Just give us a call and we can help you prepare an offer. When making the offer, you will want to consider the following terms:
1) purchase price
2) closing date
3) what chattels are included in purchase
4) whether hot water tank or other equipment are rentals
5) whether you want conditions for financing, sale of your home
6) any other special circumstances
7) what you want to use the property for?
Please call us for an immediate quote on fees for the purchase or sale of real property
Land Transfer Tax is calculated as 0.5% of the value of the property up to and including $55,000, 1% of the value which exceeds $55,000 up to and including $250,000.
An LTT calculator can be found below
Provincial Land Transfer Tax Calculator
Enter in the purchase price of your new residential purchase, and then hit "Enter"
*Note that an exemption to Land Transfer Tax is usually available for first time home buyers