A title transfer refers to legal changes to the ownership of a property. This can entail the sale of a property or adding or removing the name and rights of interested parties. The property title protects the owner from potential land scams or issues at the time of a sale.
Changes to titles require proper identification documentation, banking confirmation, insurance, and other legal paperwork. The important things to know about title ownership are outlined in this article.
A Title Is Not the Same as a Deed
A property title is not the same as a deed to a house. A deed is the legal documentation transferring the ownership of a title from one person to another. The description of the land and the information of the interested parties are included within the deed.
A Title Proves Ownership
A title transfer in Toronto gives the ownership to the receiver. A land title is the legal ownership of the property once it is filed through the registry system. Titles are used for land, vehicles, and businesses. A title of ownership can also be attached to valuable personal belongings such as jewellery or antiques.
Many People Can Own a Title
A title can have more than one owner. For two owners, a joint tenant ownership can be set wherein the death of one of the owners gives the joint tenant full ownership. In cases where more than two people are involved, the title ownership is divided equally.
Title Insurance Offsets the Risk Associated with Title Transference
Title searches are completed to reduce the risk of uncovered issues arising. Title insurance protects the purchaser when buying property. Having title insurance will protect against dispute legal costs to a capped limit.
Keep Your Title Somewhere Safe
A title is a legal document which should be kept with important papers such as banking information, deeds, and wills. Keeping the original in a fireproof safe or in a safety deposit box is recommended.
Your Local Registry Office Should Have a Copy of Your Title
Your lawyer will also generally give you a copy of this when you complete your transaction with his report. Losing the title paperwork can cause major issues when the time comes it is needed for legal negotiations. Fortunately, the local registry office will have a copy of the title as will a mortgage broker if there is an applicable mortgage.
A Title Can Be Transferred Upon Sale of a Property
When the time comes to sell your property, the title of the house will be transferred to the new owners upon the closing date. A new title document will be sent to the new owners within the first three weeks of the sale, voiding the existing one.
Hire A Title Transfer Lawyer in Toronto
For a smooth and seamless process, consider hiring Zinati Kay – Real Estate Lawyers as your title transfer lawyer in Toronto. As a full-service real estate law firm, our experts have over 50 years’ experience helping with buying, selling, mortgage refinancing, and title transfers. Ensure your biggest asset is well-protected with our legal expertise. Call us today!