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Costs in Property Transactions Print E-mail
1) Purchase Price

The purchase price consists of:

(i) 1% of the purchase price as up front option fee (in cash).
(ii) 9% of the purchase price as option exercise fee.
(iii) 90% of the purchase price as up on or before legal completion

2) Other Costs

(i) Stamp Duty

(a) Sale and Purchase Agreement
1% on first $180 000
2% on the next $180 000
3% thereafter

(b) Mortgage Agreement
Fixed at 0.5% on the amount secured and maximum amount is capped at $500.

(ii) Legal Fees
In general, a lawyer charges a standard conveyance fee of 0.4% of the transacted price or up to $2500.

(iii) Agent’s Fees
Purchasers buying private properties do not need to pay for the services provided by the real estate agents. Only property sellers need to pay agent’s commission. In general, agent’s commission is at 2% of the transacted price, however the amount is negotiable.