Humber/Ontario Real Estate Course 1 Exam Practice

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A Land Transfer Tax Affidavit:

  1. Is mandated by the Land Transfer Tax Act

  2. Is registered with Land Charge/Mortgage documents

  3. Always lists the transaction's consideration value

  4. Can substitute for a Transfer/Deed of Land in certain cases

The correct answer is: Is mandated by the Land Transfer Tax Act

A Land Transfer Tax Affidavit is mandated by the Land Transfer Tax Act in Ontario. This affidavit is a legal document required to be submitted with the Land Transfer Tax payment to the Ontario Ministry of Finance when transferring ownership of land. It outlines essential details of the transaction, such as the parties involved, the property description, and the value of the consideration. By complying with the Land Transfer Tax Act, individuals ensure legal compliance in the transfer of land and the payment of the associated taxes.

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