A blog cannot deal with all aspects of a subject and is not intended to replace professional advice. It's purpose is to highlight information and identify areas of possible interest. Anyone wishing to discuss this blog or to make any comments or suggestions about this blog is invited to do so by either posting comments or emailing me directly.

 

Pending Land Transfer Fee Increase

Last week's Alberta Provincial budget announced a pending increase to the Alberta Land Title Office's registration fees for both transfer of land and mortgage registrations.


Currently, the fees are:

For mortgage registrations – $50 + $1 for every $5,000 in mortgage amount, plus

for land transfer registrations – $50 + $1 for every $5,000 in the purchase amount.


While the fixed component of the fee remains the same, the variable portion is merely doubled. So, the new amounts are:

For mortgage registrations – $50 + $2 for every $5,000 in mortgage amount, plus

for land transfer registrations – $50 + $2 for every $5,000 in the purchase amount.


So, for a typical purchase of, say, $500,000 with a $400,000 mortgage, the amounts are slated to go from:

$280 (i.e. [$50 + $400,000 / $5,000] + [$50 + $500,000 / $5,000]), to

$460 (i.e. [$50 + 2 x $400,000 / $5,000] + [$50 + 2 x $500,000 / $5,000]).


In the grand scheme of things, this is a pretty insignificant amount given the thousands and tens of thousands of dollars in fees charged by other Provinces for land and mortgage registrations.


It is not yet clear when the fee increase will take effect.


These fees are collected by the buyers' lawyer as part of the conveyance process.

Comments:
No comments

Post Your Comment:

Blogs
Posts By Date
Categories
Data supplied by CREB®’s MLS® System. CREB® is the owner of the copyright in its MLS® System. The Listing data is deemed reliable but is not guaranteed accurate by CREB®.
The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.
The trademarks REALTOR®, REALTORS®, and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. Used under license.