Legal Descriptions
What does the abbreviation "PIN" stand for
Property Identification Number
What is a status certificate?
A document provided by condominium corporations that provides essential information, such as the financial status of the unit, as well as the condominium corporation
Name three different types of "taxes" associated with buying or selling property in Ontario.
Property Taxes (including Supplemental taxes & Vacant Home Tax), Land Transfer Taxes, Municipal Land Transfer Taxes, HST, Capital Gains, Non-resident speculation tax, Non-Resident Withholding tax
What is a legal description used for?
It describes the location of a property within lots or concessions within townships or municipalities
What is a reserve fund?
A separate fund maintained by the condo corporation that is used for the purpose of major repair and replacement of the common elements and assets of the corporation
What are supplemental taxes?
A tax bill issued by a City/Township/Municipality that reflects any additions or improvements made to a property. Owners of new construction, residential or commercial, will receive a land only tax bill until the value of buildings are assessed
What does "S/T" & "T/W" stand for in a legal description?
Subject to & together with
What is a special assessment?
A extra one-time charge added to the owners’ common expenses fees that condo corporations may use to cover shortfalls in their yearly budgets
How much of the sale price is generally held as non-resident withholding tax when selling property? (%)
25%
How would the following legal description be said?
"PT BLK 253 PL 51M682, DESIGNATED AS PT 3 ON 51R30980; CITY OF BARRIE"
Part Block 253 on Plan 51M682, designated as Part 3 on Reference Plan 51R30980 in the City of Barrie
What does the phrase "standard unit" describe when referring to a condominium?
The components of a unit that are to be treated as "standard", often meaning insured by the condominium corporation and subject of the obligation to repair the unit after damage. (Compared to betterments or improvements)
How long can your property taxes go unpaid before a municipality can sell your land in a tax sale?
3/4.
After 3 years of unpaid, they can issue/register a certificate of tax arrears on your property. After 1 year, if taxes remain unpaid, they can public auction the property.