Provincial and/or Municipal Land Transfer taxes are typically calculated as a percentage of the property value and are payable by the property owner to the relevant authority at the time of the property title transfer. Not all municipalities charge a land transfer tax and some borrowers such as first-time homeowners sometimes qualify for a land transfer tax rebate. The lawyer acting for the borrower at the closing date is usually responsible to calculate accurate land transfer taxes due by the borrower and eligibility for any land transfer tax rebates.

A mortgage lender can be a financial institution, group or person, regulated or non-regulated, that provides financing for the purposes of owning real estate. The mortgage lender uses a mortgage as security for lending the money. The lender provides the funds to the buyer/owner and holds the mortgage on the property. There are many types of lenders; AAA, alternative, private lenders etc.

This is cash on hand or an asset that can be easily be converted into cash itself with little or no impact on its value. Examples of liquid assets are: Stocks, mutual funds, non-registered funds etc. Examples of illiquid assets: real estate, cars, household goods, registered funds etc.