As the co-owner living in the property, it is your responsibility to cover all closing costs when you purchase and sell the home. The exception to this is Ourboro’s share of the land transfer tax at the time of purchase. Since land transfer taxes typically make up the largest share of closing costs, this allows our co-buyers, to put more of their hard-earned savings toward their home, rather than toward transaction costs, making the economics of co-buying with Ourboro even more of a no-brainer, starting on day one.
When the property is purchased both you and Ourboro will pay land transfer tax proportionate to your equity interest. For example, if we have a 50-50 equity split in the home, we would each pay 50% of the land transfer tax.
Please note, if you qualify for the first-time homebuyer land transfer tax rebate, the rebate can only be claimed on the amount of tax you pay, not on the property’s total tax.