If you ever purchased a home you know that Title Transfer is an important part of the process. This is an official exchange of ownership to ensure that your property is protected from any claims.
Buying a home however is not the only time you would have to deal with this. If you got married, you would probably want to add your spouse as a part owner and if you were unfortunate enough to go through a divorce, you would probably make this change as well.
Another example, would be if you wanted to “give” your house to your children.
So what is the process?
Your Real Estate lawyer is the answer to this question. They can guide you through the process and ensure you have done everything properly. There are a few things that are required to start. They are: Title Transfer form, a recent property tax bill, proof of ownership and a bank statement showing you are responsible for the financials of owning the property. If you are dealing with a Title Transfer due to a divorce or separation, you would also be required to show the separation agreement. Your Real Estate lawyer would also be able to do title searches, talk to you about title insurance and talk about implications that might happen due to this transfer.
It also important to note that there are different types of Title Ownership. There is a “freehold ownership” which means you own the property and have the right to live there if you are paying the lender. This could be a detached house with a mortgage. There is also a “leasehold ownership” which applies typically to condos or townhouses. You basically have the right to use the property but you do not own the land. Another type of ownership is a “life estate ownership” which means the property and its use is yours for the rest of your life. Once you pass away, the ownership goes to the original owner or another person if stated. This is not very common.
There are a few other things to notes about Title Transfers. If the title is held by two or more people, it would either be a “joint tenant” or “tenant in common.” With joint tenancy, if one owner dies, the ownership goes to the surviving person, while under “tenancy in common” the property goes to the beneficiary.
The transfer of ownership usually takes about 5-10 business days. You should also be aware of the land transfer tax.
This is a tax that is payable by the buyer when the ownership is transferred.
At Eshel Law Firm, we have the expertise and experience to help you make informed choices when it comes to your Real Estate decisions. Whether you are buying, selling or making mortgage evaluations, we are happy to provide you with a consultation and answer any questions you might have.
Contact us at: [email protected] or visit our website to make an appointment: www.eshellaw.ca.