Transfer of title happens when a person is added or removed from the property ownership or title by the owner of the property. In this transfer of title process, many documents are needed such as ownership documents, property tax bills, bank confirmation, property insurance and much more.
In general circumstances of title transfer, a homeowner can add another family member, remove a family member, or get new unrelated persons on the title. The steps in title transfer will include:
In all cases of transfer of title, the onus will be on the person receiving the transfer or the homeowner to make sure that the necessary steps are carried out to:
For all ownership transfers of residential property, all parties in the title transfer process need to send their request with all supporting documents like property tax bills, current transfer deed to the Real Estate Lawyer. They attend the office of the real estate lawyer to sign all the required title transfer documents.
When the transfer documents are about to be signed, all the signees need to give their photo identification. The Law office then retains it for their records.
All fees related to the title transfer such as legal fees, land transfer tax, legal disbursements, land registry sub-searches and registration costs are to be paid at this time. Two separate lawyers are needed if transfers happen between two unrelated persons.
Your Real Estate Lawyer prepares the necessary documentation once all the required documents have been received. In cases of common law breakup and matrimonial circumstances, a separation agreement or court order will be required. The separation agreement or court order will be needed where the present owners are married to each other or are common-law partners in the process of separating from each other or already separated.
The transfer is Land Transfers Tax exempt if the conveyance of transfer is a direct consequence of a written agreement or court order as per which the parties are living apart and separate. In this case, the value of the consideration is the total of the given consideration including amount outstanding due to encumbrances.
In divorce and separation cases where a court order exists, land transfer is waived off. Gifting of land from one spouse to another can take place without any payment of land transfer tax.
Any land transfer amongst former spouses is subject to land transfer tax in the absence of specific exemptions. Any transfer where both spouses are living together is exempt if it is done out of love and affection.
Land transfer tax can be saved if the trustees transfer the land to the beneficiaries. There are certain transactions where there is no consideration for the land transactions which has taken place:
In the above circumstances, a supplementary affidavit needs to be submitted, signed by the transferee and the transferor. The affidavit also mentions that the consideration value of the transfer is nil and market value should not be determined. Registered transfer in the above situations needs the completion of specific Teraview statements.
Right of survivorship in Ontario is a legal principle as per which the surviving partner or spouse becomes the sole owner of the house upon the death of the other partner, where both were joint owners of the home.
This principle is applicable in joint tenancy cases as well. So, if one joint tenant dies, the surviving joint tenant becomes the sole owner. This rule is applicable unless the deceased was using it as a matrimonial home with another person.
It is vital that the name of the deceased partner is removed from the title to ensure smooth dealings with the property in future.
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