As circumstances in your life change, you may need to transfer the title to land or other real estate properties to someone else. For example, families may want to pass land down to a new generation or add a new spouse to a title. People also need to transfer land in cases involving divorce, or if someone passes away. A trusted Mississauga real estate lawyer can help you through the required steps for successfully completing a land transfer.
Steps for Everyone Involved
Each land transfer is unique and may have its own complications. That being said, the steps generally are as follows:
- Hire a Real Estate Lawyer that you can trust to do your property title transfer correctly.
- Explain every detail of the transfer and what you hope to accomplish to your Mississauga real estate lawyer.
- The Real Estate Lawyer will draw up all the documents your transfer will need.
- All involved parties will review the documents to ensure accuracy.
- The involved parties will sign the appropriate documents.
- The lawyer will register the title change documents.
- The involved parties must inform the appropriate authorities of the title change, including the property tax department.
These steps may change due to differences in your case.
Steps for the Person Receiving the Title
The person who is receiving the title must be sure that doing so will not hurt their financial security. As such, these individuals should perform a title search to check for claims or liens against the property. Furthermore, most title receivers should purchase title insurance. You should get a consent from existing mortgagee before you transfer title otherwise the mortgagee can consider the title transfer as a default under the mortgage.
When a title is transferred, there are other parties who will need to be notified of the transaction. The person who is newly on the title should inform the following organizations:
- Utility companies that service the property
- The mortgage lender
- The insurance company that provides home and fire insurance
Perhaps the most important step that someone should take in this situation is to hire a dedicated Mississauga real estate lawyer to ensure that all of the correct steps are taken.
Do Not Forget About the Land Transfer Tax
In Ontario, most real estate transfers are subject to a land transfer tax, but there are some exceptions. For example, you do not need to pay this tax in order to receive property from your spouse. However, children who receive property from their parents must pay this tax at the time of closing if any consideration is exchanged. If the property is gifted, then the land transfer is to be paid on any encumbrance. Mortgage registered on property. Be sure to consult a real estate lawyer about your tax responsibility before you transfer a title. The transfer will be land transfer exempt if it is free and clear.
Hire a Top Mississauga Real Estate Lawyer
As you can see, even the most basic land transfer transactions can be complicated. If your case has extenuating circumstances, it can make the transaction much more difficult. It is essential to have on your side a reputable lawyer who knows the local laws.
The professionals at Nanda & Associate Lawyers are trusted throughout the community. We are ready to serve, and speak 15 different languages, including English, French, Chinese, Tamil, Punjabi, Gujarati, Bangla, Italian, Telugu, and Hindi. If you’re ready to hire a Mississauga real estate lawyer, Contact Us today.