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The amount of stamp duty payable on the contract is determined by the purchase price of the property. The higher the price the higher the stamp duty. Stamp duty is paid after exchange of contracts and usually before settlement.
You actually have three months to pay stamp duty on a contract without penalty. Having said that though, the banks will not settle unless the stamp duty has been paid because they cannot register there documents without the duty having been paid.
If you are paying cash you can take the benefit of the waiting the 3 months but once again the transfer cannot be registered at the Land Titles Office until the duty is paid.
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