First-Time Homebuyers Rebate Lawyers Beware

Many real estate lawyers doing residential real estate no doubt deal with first time home buyers. First-time homebuyers are entitled to a rebate of land transfer tax.

In order to qualify for the rebate, the owners must never have owned a residential property anywhere in the world.

The rules appear to be as follows:

1. The maximum amount of the refund is $2,000.00. In order to obtain a refund, the purchaser must be at least 18 years of age; must occupy the home as its principal residence within 9 months of the date of transfer; cannot have ever owned an eligible home or an interest in an eligible home anywhere in the world.
2. In addition, if the purchaser has a spouse, the spouse cannot have owned an eligible home or an interest in an eligible home anywhere in the world while being the spouse of the purchaser.