ALBERTA LAND TITLE CHANGES – What Do These Changes Mean for You?
You may or may not have already heard that there are some new changes to Alberta Land Titles Registration.
First let’s start with Land Title Registration and what it is. Alberta Land Titles is a system that manages and records ownership and interests in land in the province of Alberta (Canada). It provides a public registry that ensures clarity and security in land ownership, making it easier to buy, sell, or transfer property. This helps everyone know who the rightful owner of a property is.
The previous fee for a land title transfer was a $50 flat fee, plus $2.00 for every $5,000 of property value.
The new fee for transferring land title is a $50 flat rate, plus $5.00 for every $5,000 of property value.
These changes took effect in the province of Alberta on October 20th, 2024.
What does this mean for you? Depending on which lawyer you use, they will likely build the cost of the land title transfer over into your final closing costs. The Land Title Registration will more than double in cost from previous. At this time, you will also have your mortgage registered on title, which will be another added fee, meaning you will see approximately triple the cost than you once did.
The previous fee for a land title mortgage registration was a $50 flat fee, plus $1.50 for every $5,000 of property value.
The new fee for registering land title mortgages is a $50 flat rate, plus $5.00 for every $5,000 of property value.
The new fees can significantly impact closing costs. For example, the total fee for a $600,000 home with a $480,000 mortgage would increase from $434 to $1,130.
Thinking of buying or selling and want to chat more about fees involved? Have more questions? CONTACT US
Contact Tanya and Kelly with Urban Haven Real Estate Group at CIR Realty
587-415-1705 or urbanhavengroup@gmail.com