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What is property transfer tax?

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When buying a home you need to change the name on the title to the property. You can do so at a Land Title Office, it will cost you 1% of the first $200,000, 2% on the portion of the fair market value up to $200,000, and 3% on the portion greater than $200,000. This tax is a one time only fee that is paid by the buyer directly to the government.

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