An Ontario salesperson is preparing a CMA for a buyer client, who asks how the provincial Land Transfer Tax fits into the analysis. How should the tax be treated?
Correct Answer
D) As a buyer's closing cost, separate from market value
Ontario's Land Transfer Tax is payable when the transfer is registered, and in practice it is paid by the buyer as a closing cost. It is calculated on the purchase price, so it belongs in the buyer's budget, not in the estimate of market value, and comparable sale prices are not adjusted for it.
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Ontario has no statutory regulator for real estate appraisers. Which body sets the professional standards and disciplines most appraisers practising in Ontario?
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An Ontario salesperson is comparing a home in the Land Titles system with a similar home whose title is still under the Registry system. Which statement best describes how the title system bears on value?