Invest in PEIGuide
Understanding PEI property transfer costs
By Jodi Bernard, PEI REALTOR®, CENTURY 21 Northumberland Realty. Updated .
Budget the cash to close separately from the down payment. On Prince Edward Island that usually includes transfer tax, legal fees, and adjustments.
Transfer tax
The province’s real property transfer tax is 1% of the greater of the purchase price or the assessed value, paid when the deed is registered. Some transfers are exempt, including certain family and first-time buyer situations. Read the current exemption list before you assume you qualify.
Other cash
Legal fees and disbursements, an inspection, a survey if you need one, and adjustments for tax or fuel. Non-resident land approval, if required, can also affect timing.
Source
The rate and exemptions are set by the province, not by a listing. Check the Government of Prince Edward Island’s real property transfer tax pages, and have your lawyer confirm the figure for your deed.
This is educational, not legal, tax, or lending advice. Ask Jodi Bernard about a specific property.