Land Transfer Tax
Is a company: no
Is a proper noun: no
- property transfer tax
Definition of Land Transfer Tax
- A tax imposed by some provincial governments ranging from 0.5 to 4.0 per cent and paid by the purchaser of a property at closing. It is based on the selling price of the house and is applied whenever a property is transferred from one owner to another. Some provinces may have rebates available if you are a first time homebuyer.
Related Terms and Acronyms
- Property Tax — Definition,
- A levy by a city on real estate and personal property whose amount varies depending on the property's value.
- Conveyance Tax — Definition,
- A tax on the transfer of real property.
- Title — Definition,
- Evidence of a person's right to possession ownership of a property.
- Land Transfer Tax Act (LTTA) — Acronym, Canada,
- Tax (TX) — Bank,
➥ Bank account transaction code.
- A levy paid by an individual or entity that is collected by a government.
- Agreement of Sale (AOS) — Acronym,
- A document in which a property's buyer and seller approve the price and other terms of the transfer of title.
- Sales Tax — Bank,
- Federal and / or provincial taxes that are applied to purchases.
- Real Estate Attorney — Definition,
- A lawyer who specializes in the transfer of land and buildings and property tax issues.
- Real Estate (RE) — Bank, Very Important,
- A section of land including all the natural resources (above and below the surface) and any permanent buildings or structures located on it. Also known as "realty."
- Land Transfer Tax Affidavit (LTTA) — Acronym, Canada,
- Land Title — Definition,
- The legal document conveying title to a property.