As a first time buyer, you're likely to have many questions about selecting, financing and buying your first home. How do we start looking for a home? How much money will we require to purchase the home? How much will the mortgage payments be each month and can we afford it? How does the home buying process work and what can we expect along the way? These are just a few of the questions you're bound to have at the beginning of your exciting journey to buying your very first home!
A RE/MAX Sales Associate can provide the answers to your questions and walk you through the entire process, from viewing potential homes to making an offer to setting up mortgage financing. Although buying your first home can be overwhelming, you can be confident that your RE/MAX Sales Associate will be available to help you every step of the way. RE/MAX can make buying your first home simple and straightforward, eliminating any confusion and doubt and allowing you the opportunity to enjoy your first home, worry-free.
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First time homeowners have a generous exemption they are able to take advantage of. If you are a first time buyer and purchase an apartment, townhouse or house under $425,000, you will not have to pay the property purchase tax. The property purchase tax is calculated as follows: 1% on the first $200,000 and 2% on the balance.
If registration of title is to be as joint tenants and only one of you is eligible to apply for the exemption then you would only have to pay one half of the tax.