Property Transfer Tax

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What is Property Transfer Tax?

Property Transfer Tax (PTT) is charged at the time of closing and the transfer of title from the seller to the buyer. Financial institutions will not include PTT as part of your mortgage.

You are charged property transfer tax when you make changes to a property’s title, including but not limited to:

  1. acquiring a registered interest in the property
  2. gaining an additional registered interest in the property
  3. becoming the registered holder of a lease, life estate, or right to purchase for the property

The property transfer tax rate is:

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Representation

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Disclosure of Representation in Trading Services

This post is about Representation and the benefit of signing the Disclosure of Representation in Trading Services (DORTS) form. In summary, by signing the DORTS form, you are binding the real estate agent to honor four legal obligations:

  1. Loyalty
  2. Avoid conflicts of interest
  3. Fully disclose any relevant information
  4. Protect your confidentiality (indefinitely)

A 5th element was added to this form on January 1, 2023. It was an explanation of the Home Buyer Rescission Period.

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