Purchaser identifies a property , submits an offer to purchase to the Vendor when an agreement by both parties is reached, the offer is sent to Vendor’s attorney who has the carriage of sale.
The Agreement is then sent to the purchaser’s attorney, if the contract is acceptable by the purchaser, it is signed and the deposit is made.
The attorneys duly checks the title to the property for encumbrances, caveats, etc. and prepares the transaction documents – Agreement for Sale, Transfer etc.
If a transaction is being financed, the financial institution will require a copy of the certificate of title for the property, a copy of the signed agreement for sale, certificate of payment of taxes, valuation report and surveyor’s report.
On signing of all relevant documents by the respective parties, and the documents duly stamped by the Commissioner of Stamp Duty, the Certificate of Title together with the Transfer and Mortgage (if any) are all forwarded to the Registrar of Titles Office for registration.
In a non-financed transaction the above process takes approximately sixty (60) days. A transaction that requires mortgage financing takes approximately one hundred and twenty (120) days.
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Seller's Cost - Estimated costs associated with selling:
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Purchaser’s Estimated Cost
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| Transfer Tax |
4% |
-
|
| Stamp Duty |
1.50%
|
Stamp Duty |
1.50%
|
| Registration Fees |
0.25% |
Registration Fees |
0.25% |
| Attorney's Fee |
3 - 5% |
Attorney's Fee |
3 - 5% |
| Sales Commission |
5% |
-
|
| GCT on Sales Commission & Attorney's Fees |
16.5% |
GCT on Attorney's Fees |
16.5% |
| Preparation of Agreement for Sale |
½ cost pprox. $20,000 - $40,000 |
Preparation of Agreement for Sale |
½ cost approx. $20,000 - $40,000
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| |
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Mortgage Costs approx. % of loan amount |
6% |
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