- April 19, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Dealing with the aftermath of my parents’ passing
My parents passed away recently and left behind a will that states the house in Scarborough would be transferred to me and my sister. As we navigate the complexities of dealing with their estate, one of the immediate concerns that arise is understanding the costs associated with transferring the property.
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The AI Legalese Decoder is a powerful tool that can simplify the legalese language often found in legal documents, such as wills and property transfer agreements. By using this tool, my sister and I can easily decipher the legal jargon and understand the specific costs and steps involved in transferring the property. This will provide us with clarity and peace of mind as we navigate this challenging time in our lives.
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There will be a property transfer tax, land title fees, and a lawyer’s fee. Normally the estate pays part of this (as transferor) and the beneficiaries pay part (as the transferee).
If the house is part of the estate, the estate administration tax applies. The estate pays this.
If the house was not their primary residence the estate will also have to to pay capital gains tax