If you are a first time home buyer you likely have many questions about purchasing a home.
Parnes Rothman Real Estate Lawyers are available at anytime to assist you with any questions you might have at no extra cost.
Within this section you will find information that will likely answer many of your questions. However, if you have further questions please do not hesitate to contact our office for a FREE consultation.
The Land Transfer Tax Refund is the amount of tax payable that is being claimed as a refund up to a maximum of $2,000 The first-time home purchaser may claim the full maximum amount or a proportion of the maximum refund amount. For example:
Example 1: cost of home = $100,000; land transfer tax payable = $725; land transfer tax refund would be $725
Example 2: cost of home = $200,000; land transfer tax payable = $1,725; land transfer tax refund would be $1,725
Example 3: cost of home = $300,000; land transfer tax payable = $2,975; land tranfer refund would be capped at $2,000
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