Based on Section 33(4) of The Land Titles Regulations, 2001, ISC will generally mitigate fees as follows:
New Parcel
A value must be provided. Fees are based on whether the owner is retaining the parcel or transferring it:
If the owner is retaining the new parcel, a value must be provided. Fees will generally be mitigated since at least one owner remains the same before and after the transaction.
If the owner is not retaining the new parcel, full fees generally apply since the owner does not remain the same before and after the transaction.
Remainder Parcel
A remainder parcel is not a remainder parcel unless it is retained by the original owner. Applicable fees are subject to whether or not the value of the remainder parcel is known:
If the value is not known, ‘N/A’ must be indicated in the appropriate area of the Transform Affidavit of Value. No fees will apply.
If the value is known, the value must be provided. Since the owner remains the same before and after the transaction, fees will generally be mitigated.
For information on whether your transaction will qualify for fee mitigation, please contact us.
