Transfers of Property – Dealing with Mortgages and Taxes

This is a complementary post to Patrick Shing’s 2011 post entitled ‘Adding Your Child to Title as Joint Tenants Not Without Risks.’ Sometimes, owners of property seek out the assistance of a real estate lawyer in order to add a third party on title.  Certain owners will retain a lawyer to add their child or children on title. This is usually done for estate planning purposes, so that the child or children can remove the deceased parent from title by registering a survivorship application and therefore, avoid or reduce the payment of probate fees. This process, however, is not without its complications. The Lender If an owner of a property seeks to add a third party to title, one of the first inquiries that will need to be made is if there is a mortgage registered on title. Depending on the mortgage, any transfer or change to the legal ownership of the property may be prohibited under the terms of the secured loan. An owner is well advised to seek the…

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